PTSB transfers to Raisin & Trade Republic "lost"
- Thread starter Cooler_box
- Start date
@cotty34 - Glad your issue is sorted. Please do let us know if you figure out how it got sorted. My issue is still not sorted.
Trade Republic (after I contacted their CEO and Co-Founder) have finally sent me an email with some substance.
Trade Republic say the issue is NOT on their side - Trade Republic say the issue is on the Citi side.
Concerning - Trade Republic say they too don't know what the issue is on the Citi side. They have been trying to engage with Citi on this and have escalated this with Citi.
Their email implies that the issue is effecting many.
They call the issue a "delay" and say they will compensate me when the money arrives.
Next step for me - back to PTSB - PTSB are the responsible bank with this - There is amble evidence that this is not an end user issue but rather a banking issue and PTSB need to reimburse me or issue a Final Response Letter and I will go to the FSPO. I will also contact the Central Bank of Ireland tomorrow and make a complaint against the 3 banks involved if this is not solved by then.
Trade Republic (after I contacted their CEO and Co-Founder) have finally sent me an email with some substance.
Trade Republic say the issue is NOT on their side - Trade Republic say the issue is on the Citi side.
Concerning - Trade Republic say they too don't know what the issue is on the Citi side. They have been trying to engage with Citi on this and have escalated this with Citi.
Their email implies that the issue is effecting many.
They call the issue a "delay" and say they will compensate me when the money arrives.
Next step for me - back to PTSB - PTSB are the responsible bank with this - There is amble evidence that this is not an end user issue but rather a banking issue and PTSB need to reimburse me or issue a Final Response Letter and I will go to the FSPO. I will also contact the Central Bank of Ireland tomorrow and make a complaint against the 3 banks involved if this is not solved by then.
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Brendan Burgess
Founder
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You really are being given the run around. TR saying the issue has nothing to do with them and the problem lies solely with Citi is nonsense. You dont have the relationship with Citi. Trade Republic do. That's where they set up their account to receive funds.
Simply saying not our problem and no idea when it will be fixed is not good enough.
I would contact both Irish and German regulators and include the explanation you got from TR. Include TR on the email.
Cooler_box
Registered User
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To anyone interested, here's an update on my situation. PTSB called me on Wednesday, 17/10, to inform me that Raisin had confirmed receipt of the missing funds. I waited 24 hours before I checked my account. No funds. I emailed Raisin requesting confirmation of PTSB's statement. Raisin reiterated their first response: the funds had not been located. They couldn't confirm what they hadn't received. I asked PTSB for evidence that Raisin had confirmed receipt of the funds. The PTSB Manager told me he would need to ask the investigation team. He didn't know what was going on. I'm back on the rollercoaster ...
Brendan Burgess
Founder
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- 52,117
I lost track of this thread.
1) cooler box transferred from ptsb to Raisin - and the money went missing. No involvement of Trade Republic?
2) Serena transferred from ptsb to Trade Republic - no involvement of Raisin?
3) Cotty transferred from Bank of Ireland to Trade Republic.
So Cooler Box has a separate issue from Serena and Cotty?
1) cooler box transferred from ptsb to Raisin - and the money went missing. No involvement of Trade Republic?
2) Serena transferred from ptsb to Trade Republic - no involvement of Raisin?
3) Cotty transferred from Bank of Ireland to Trade Republic.
So Cooler Box has a separate issue from Serena and Cotty?
Cooler_box
Registered User
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Myself & SerenaZ transferred funds from PTSB. Me to Raisin. SerenaZ to TR. I don’t know about Cotty. In my case it’s 5+weeks and neither PTSB or Raisin can locate the funds. Both are in denial …
@Cooler_box - I really feel for you. You have being treated awfully too.
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Resolved 
(pretty much).
Trade Republic have compensated my account by the value of the transfer plus 50 EUR compensation. The money has come from Trade Republic themselves rather than from Citi.
Trade Republic will then deduct the money from my account if/when the money arrives from Citi.
I think they did that to make me go away
What an experience. Maybe I created too much of a fuss but glad it is resolved.
Banks need much better ways of managing lost SEPA transfers from a consumer perspective.
(pretty much).Trade Republic have compensated my account by the value of the transfer plus 50 EUR compensation. The money has come from Trade Republic themselves rather than from Citi.
Trade Republic will then deduct the money from my account if/when the money arrives from Citi.
I think they did that to make me go away
What an experience. Maybe I created too much of a fuss but glad it is resolved.
Banks need much better ways of managing lost SEPA transfers from a consumer perspective.
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Cooler_box
Registered User
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Glad to hear the issues discussed here have been resolved for some. Am I the only one here left still waiting for a resolution? It won’t look too good for Raisin if they are at fault; I still don’t know who is at fault. PTSB or Raisin. Is this what banking has become? God help us all!
You have being really screwed around by PTSB and Raisin. (And possibly Citi who sit in-between).
Banking should not be like this. There should be way better safegards and consumer protection with SEPA transfers. This should not happen. Period.
I think the only reason I got my issue resolved is I create a huge fuss. You might need to do the same to get your issue fixed. i.e. BaFin complaint, CBI complaint, contact the CEO of Raisin & PTSB and demand reimbursement from PTSB as the legally responsible bank.
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I would certainly wonder why anybody would do that when there are "local" accounts that pay some interest?
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100% agreed on SEPA transfer traceability. Swift give you a reference that can be traced. SEPA cannot. As a newer payment method this is a major downside for me (and a missed opportunity).Resolved
Banks need much better ways of managing lost SEPA transfers from a consumer perspective.
Any update on your lost transfer Cooler_Box?
basilbrush
Registered User
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I made a transfer recently from PTSB (in the branch, as it was larger than the online limit). It was in euros and to within the SEPA area, so it should have qualified for SEPA, but the receipt that they gave me had what it described as a Swift instruction number. I don't know whether they use Swift instead of SEPA for large transfers, or if it was actually some sort of SEPA reference number but the receipt just labelled it as a Swift one.
Yes they do. Which is the reason in-branch transfers arrive faster than SEPA transfers.
Cooler_box
Registered User
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Investigations are still ongoing. Money was lost between CitiBank and Raisin. I’m now questioning the validity of the OBPAY transaction reference codes supplied by CitiBank confirming monies were sent if Raisin Bank can deny receiving it. It’s coming up to 7 weeks and it’s clear to me that no one wants to take responsibility for refunding the lost money. Had I been in a hostage situation and my life depended on the money being paid on time, I would be dead while the Banks play the blame game.