PTSB transfers to Raisin & Trade Republic "lost"

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Cooler_box

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I made 10 transfers from PTSB to Raisin Bank between 31/8 and 11/9. The final transfer was made on the 11/9. Except for one transfer made between 6 and 7 September, all reached the destination account. The transactions were sent from the same account to the same IBAN-BIC, so why did ONE go astray? I thought this was done electronically. Is there human involvement in these transactions? I'm not sure where the responsibility lies for the missing money.

I informed the PTSB and they are looking into it. Meanwhile, my Raisin account is showing a shortfall. I was informed by Raisin, that the interest rate on the investment I chose is due to decrease. To avail of the higher interest rate, all the the funds have to be in the Raisin account by noon Friday 15th September. PTSB promised to get back to me this morning but I haven't heard back.

If I cancel the investment and open a new one with the available funds, I will lose all the information on my 'dashboard' showing the full investment amount and the shortfall. The Raisin customer services number for Ireland was no help. When I called, there was a recorded message directing me to their FAQ and BOTS, as if these had the answers to everything. I was informed I could leave a message after the bleep. There was no bleep, after which I was promptly cut off!

Considering the volume of funds moving from account holders to these banks, there is little human interaction between customers and the bank staff, and nowhere to go to get answers to pressing questions. Both banks have been informed. Raisin could only be contacted by email as there is no other working number to call. A response can take anywhere from 3 weeks to a month and more. This experience has left me feeling very uncomfortable and asking a lot of questions about both Bank's customer care.

If anyone has had a similar experience, please let me know how long it took for the issues to be resolved.
 
Can you define what you mean by "transfer". Was this a standing order, direct debit or did you log in on the online portal/app and transfer the funds yourself.?

There are a lot of reasons why the transaction could have been rejected, assuming that the IBAN is indeed correct, one of the banks system could have thought it was a duplicate, it may have triggered a fraud alert given the amount of transfers you were doing or a file at either side may not simply have been run. In the same way banks sometimes process files twice, sometimes they don't process them at all. Regardless, if the money is not in either your PTSB or Raisin account, it will be sitting in a suspense account somewhere in one of the banks awaiting resolution
 
In case it helps next time - or others... If (as I presume) you were doing 10 separate transactions because of the PTSB daily limit then you could have gone to the branch and transferred the full amount in one go.
 
Cooler_box said:
Online Inter-bank transfer from one's personal account directly to a BIC-IBAN.
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Have you checked the transaction history to ensure that on all 10 transactions, you used the exact same details? One number out and it's not going to go to the right place. It's an easy error to make,

Have the funds for the transaction been returned to your PTSB account
 
Yes. Only had to enter the IBAN-BIC once. No errors. PTSB has supplied me with a reference for the missing funds which should allow Raisin to trace it at their end. Hopefully, that will sort it out. I don't know when Raisin will see my email and do something about it. Probably one month down the line by which time the interest rates will have gone down. All said and done, it's not an experience I want to repeat anytime soon!
 
Cooler_box said:
Yes. Only had to enter the IBAN-BIC once. No errors. PTSB has supplied me with a reference for the missing funds which should allow Raisin to trace it at their end. Hopefully, that will sort it out. I don't know when Raisin will see my email and do something about it. Probably one month down the line by which time the interest rates will have gone down. All said and done, it's not an experience I want to repeat anytime soon!
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I wouldn't worry too much. ECB raised interest rates again by 0.25% this afternoon so deposit rates may well follow suit soon. If you miss the current Raisin offer then it could actually be good luck.
 
Brendan Burgess said:
I would imagine that if the error is Raisin's they will honour the higher rate.

Brendan
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Possibly, but Raisin is an intermediary Bank. The Bank I am investing with may not consider the delays caused by Raisin's inefficient customer service and delays in tracing the missing funds to be their problem!
 
thedaddyman said:
Have you checked the transaction history to ensure that on all 10 transactions, you used the exact same details? One number out and it's not going to go to the right place. It's an easy error to make,

Have the funds for the transaction been returned to your PTSB account
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The funds have not been returned yet.
 
Has anyone on this Forum been successful in talking to someone in Raisin Bank besides customer services?
 
Mamamia22 said:
Sounds like a nightmare. Very off putting. Customer service is a thing of the past.
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Not least of all because of the race to the bottom where most of us (myself included) don't want to pay bank charges and want to pay the bare minimum possible for services.
 
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I'll add one word of advice that may assist. On all e-mails I sent to them I put delivery and read receipt requests, and I also cc'd poststelle@bafin.de, enquiries@centralbank.ie and ask@ccpc.ie

I can't say that this did any good, but in my experience doing this can sometimes focus the mind of the recipient.

Another useful tactic if you can find or work out the e-mail addresses for the CEO or board members of the organisation and add those to the e-mail. Again, it may not actually reach these targets, but it can help the actual recipient of the e-mail focus and concentrate. I once added michael.dell@dell.com and nicky.hartery@dell.com to a support email thread with that organisation that was going nowhere and had a phone call from the country manager's PA 45 mins later assuring me that my issue was being taken very seriously. It was resolved to my satisfaction before the close of play that day after an exasperating week of going nowhere.

You could try adding a few of these lads to the e-mail.......

About Us - Raisin Bank

www.raisin.bank www.raisin.bank
 
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Concrete said:
Sorry - I can't help because I thankfully haven't had to query anything yet. Maybe there are ways *within* the Raisin portal to contact them (there's a chatbot thing) in the hope they'd respond sooner - I think people on AAM have mentioned things like that in the last few months. I think in general, they're just very slow/overwhelmed but should sort it out for you in the end.
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The chatbot is useless, there seem to be a set of 10 standard responses with links and thats what it consistently responds with and you never get the option to talk to an agent.
 
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