PTSB transfers to Raisin & Trade Republic "lost"

nest egg said:
Yes, it is PTSB's problem. They hired Citi to manage SEPA transactions.
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As an observer to this thread , this is a very important point . My understanding from earlier in the thread was that TR hired Citi , not PSTB but I may have got this wrong . Is this correct ?
 
SEPA handles the transaction between PTSB and Citi.

TR pay Citi to run a virtual account system. This is internal software within Citi and nothing to to do with SEPA or your local bank.

The IBAN TR give you to use for transfers isn't a real Citi account. TR might only have one single real bank account with 1 million virtual IBANs associated with it, or maybe one per country or something.

Money you send to that virtual IBAN needs to show up in the real account, associated with identification of whose TR account it belongs to. That's the bit that seems to sometimes have problems and is a step further I'd expect your local bank being able to chase.

TR stepped in for SerenaZ and funded the missing transfer themselves - they presumably were satisfied the money had been sent. They sorted out their customer but it hints that TR are aware of the Citi system being unreliable.

This is a customer reporting delays withdrawing money:

Reddit - Dive into anything

www.reddit.com www.reddit.com
 
Update: RESOLVED!
I received a message from Raisin this afternoon confirming they had located the missing payment. Profuse apologies for the delay and distress and offer of €150 compensation as "a gesture of our apology” as if that would make up for the 8 weeks of distress, upset and worry they put me through, or the inconvenience, cost and disruption to my life. I believe the reason this took longer to resolve was PTSB's refusal to supply the detailed OBPay information Raisin had requested from them earlier. Owing to GDPR compliance, the Manager had refused to give it to me, and said he would contact Raisin directly. The irony is that Raisin wouldn't communicate with them directly for the same reason. Eventually, PTSB was obliged to give me the information so I could pass it on to Raisin! There has to be a better way for banks to sort out messes they are wholly responsible for without involving the customer or compromising their GDPR. Glad it's over but my trust in the Banking system has gone down several notches.

I wrote to CBI and got a response from them this morning. They will be looking into the issues with all the Banks concerned.

My heartfelt thanks to everyone who took the time to share their own experience and post their comments and suggestions. Your support helped me get through the worst of it.
 
Cooler_box said:
PTSB's refusal to supply the detailed OBPay information Raisin had requested from them earlier. Owing to GDPR compliance, the Manager had refused to give it to me, and said he would contact Raisin directly. The irony is that Raisin wouldn't communicate with them directly for the same reason.
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If that were not ridiculous, it would be very funny.

Brendan
 
Cooler_box said:
Update: RESOLVED!
I received a message from Raisin this afternoon confirming they had located the missing payment. Profuse apologies for the delay and distress and offer of €150 compensation as "a gesture of our apology” as if that would make up for the 8 weeks of distress, upset and worry they put me through, or the inconvenience, cost and disruption to my life. I believe the reason this took longer to resolve was PTSB's refusal to supply the detailed OBPay information Raisin had requested from them earlier. Owing to GDPR compliance, the Manager had refused to give it to me, and said he would contact Raisin directly. The irony is that Raisin wouldn't communicate with them directly for the same reason. Eventually, PTSB was obliged to give me the information so I could pass it on to Raisin! There has to be a better way for banks to sort out messes they are wholly responsible for without involving the customer or compromising their GDPR. Glad it's over but my trust in the Banking system has gone down several notches.

I wrote to CBI and got a response from them this morning. They will be looking into the issues with all the Banks concerned.

My heartfelt thanks to everyone who took the time to share their own experience and post their comments and suggestions. Your support helped me get through the worst of it.
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So essentially PTSB was at fault here ? They didn’t provide the correct information to you for reference? I was going to use PTSB but now I’ll look elsewhere.

And they only gave you 150? Damn. Any follow up with them contacting you more? Or the CBI investigation?

Apologies to hear about the stress you went through. I was chatting with Raisin Ireland on the phone today cause I was thinking of using them for a deposit. Agent seemed nice and was giving me lots of security info. It’s good to keep in mind what you’re saying about making sure the bank I use to transfer to Raisin has a clear process to recall any lost transfers. Hopefully I can also hear back from Raisin fast moving forward, the person today on the phone did my callback request within the day so I’m surprised to hear about the lack of communication. Guess I should sit on it and think
 
It turns out that it was Raisin who were at fault although PTSB were a pain to deal with. The only advice based on my experience is to use SEPA to transfer your money if it’s a large amount. Using the IBAN BIC inter-bank transfer (limited to 10000) can potentially lead to monies going astray and - as in my case- 8 weeks of stress dealing with RAISIN and PTSB to trace the funds. Also don’t expect for any queries addressed to Raisin’s customer services to be dealt with in a timely way. Count on 2-3 days for a response. IMHO Raisin is no better or worse than any other Bank. You just have to take your pick and hope for the best. What I like about Raisin is its user friendly website. I can’t speak for any other as I haven’t used them. If RAISIN’s customer service was more efficient, I would have no complaints. Hope my comments are helpful. Good luck.
 
Sorry. I may have misunderstood your situation. Have your funds been misplaced and which bank are you transferring funds from to Raisin?
 
Yes. You’ll have to go into a bank for a SEPA transfer. Ensure you have all your details ready (Raisin’s address and your Raisin IBAN).
 
Cooler_box said:
Yes. You’ll have to go into a bank for a SEPA transfer. Ensure you have all your details ready (Raisin’s address and your Raisin IBAN).
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Thanks, I have my bank IBAN and Trade Republic's IBAN. The bank account is in our joint names whereas the Trade Republic account is in my name only, could that be the issue? TR have not yet responded to my query.
 
Slim said:
Thanks, I have my bank IBAN and Trade Republic's IBAN. The bank account is in our joint names whereas the Trade Republic account is in my name only, could that be the issue? TR have not yet responded to my query.
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As per TR communication to me, deposits from an account with different recipient name are not accepted.
I made an (initially rejected) transfer online, and received the email below. Check to make sure you have met all these conditions
 

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Slim said:
Thanks, I have my bank IBAN and Trade Republic's IBAN. The bank account is in our joint names whereas the Trade Republic account is in my name only, could that be the issue? TR have not yet responded to my query.
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I shouldn’t think so. It’s your money and you can choose to have a JA with whomever you wish. Just be aware of the rules pertaining to JAs before you commit. You might even be guaranteed up to 200,000 instead of 100,000 if the account is held by two instead of one. This is true for UK banks but you’ll need to check for the EU registered banks.
 
Thanks both. To be clear, our account in PTSB is in joint names and I set up the TR account in my own name. The transfer was from the joint account to the TR account. Perhaps TR will clarify when they get back to me.
 
Cooler_box said:
It turns out that it was Raisin who were at fault although PTSB were a pain to deal with. The only advice based on my experience is to use SEPA to transfer your money if it’s a large amount. Using the IBAN BIC inter-bank transfer (limited to 10000) can potentially lead to monies going astray and - as in my case- 8 weeks of stress dealing with RAISIN and PTSB to trace the funds. Also don’t expect for any queries addressed to Raisin’s customer services to be dealt with in a timely way. Count on 2-3 days for a response. IMHO Raisin is no better or worse than any other Bank. You just have to take your pick and hope for the best. What I like about Raisin is its user friendly website. I can’t speak for any other as I haven’t used them. If RAISIN’s customer service was more efficient, I would have no complaints. Hope my comments are helpful. Good luck.
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Cooler_box said:
Sorry. I may have misunderstood your situation. Have your funds been misplaced and which bank are you transferring funds from to Raisin?
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I set up an On Demand account with Raisin for easier access to my funds. I was asking as in this thread and online I was reading that if it’s stuck pending and was never received by the destination then it actually is PTSB’s job to return this funds to the original account and locate it.

Perhaps I’m a bit biased but PTSB constantly has given me crap customer service and are not able to locate a rejected transfer for me now. They originally said it wasn’t their job and now all of a sudden they’re working on recalling it. They seem to want to take no responsibility.

Sorry to hear about your experience with Raisin. It’s a shame they only gave you €150 euros for all the trouble too. I was only saying that they’d given me a good impression so far. I don’t mind that it’s a 1-2 day wait for a reply as I find the FAQ helpful and like their website layout. Plus their callback service is generally pretty informative. That opinion may change down the line though, guess I’ll be cautious with them
 
SerenaZ said:
Today, PTSB sent me the OBK ID (PTSB say it is not called OBPAY) which I sent to Trade Republic.

PTSB say that the payment was released to TR.

TR have now replied to emails and asked for more information which I have provided but I have not got a solid reply from them.

This is SO FRUSTRATING

Next step is PTSB still need to do a full trace on this. I am waiting on this.

Thereafter, PTSB say they will do a recall if the trace does not work. But the recall did not work for Cooler Box.

If the trace fails? And the recall fails? What next? Do I complain to the CBI or the German regulator?

@Cooler_box - What information did PTSB refuse to supply? What exactly did Raisin ask for that PTSB won't supply?
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Hi SerenaZ, I found this thread and wanted to ask you if you finally received the transfer into your TR account? How was it really in the end? I have similar issue right now (Interpay Transfer to TR (CITI IBAN). Back and forth with BofI and TR (email customer service). No sign of funds in TR.
If not sorted by tomorrow I will be initiating a complaint with CBI and Central Bank in Germany.
Thanks!
 
My issue got sorted - the money bounced back into my PTSB account in the end - despite the fact that I did not ask for a recall.

There are multiple posts on Reddit again this week of Trade Republic transfers going missing. You are not alone. Shocking.

How long is your money missing?

What have TR Customer Service said?

Have you escalated to the TR complaints email address?

Have you asked BoI to do a trace and/or recall?
 
Thanks for your response :)
It's been 2 weeks now :(
I have escalated it to TR email address (3 times now!)

And yep BofI (Interpay) have done a trace. They advised not to do a recall, only as a last resort.

I'm also going to speak to someone in Citibank Europe (Frankfurt) today. That's the location of the IBAN (Escrow account) afterall!

I'm glad you got your € back. How long did your whole saga take?

Thank you!
 
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