Rak Bank / fixed deposit accounts - lack of integrity at rak bank

United Arab Emirates Review updated:

Dear sir,

In 2015, I had a rak bank credit card issued to me by rak bank, with a credit limit of aed 15, 000 and I had to have 2 fixed deposit accounts, one for aed [protected]) and another for aed 13, [protected]) as guarantee for the credit card.

Recently (Because I have been a good spender on my credit card), in may 2016, rak bank offered me a titanium credit card with a credit limit of aed 50, 000 and no need for a fixed deposit guarantee.

I was told that I can close my old rak bank red credit card now, and my fixed deposit accounts will be closed 45 days after cancelling my red (Old) rak bank credit card and the funds from my fixed deposit accounts (Aed 18, 000 in total) will be transferred to my current account.

On 30th of june 2016 I went into the ajman branch of rak bank (The worst bank branch service I have ever seen in my life!!) and after a 3 hour wait, I was served by jamila, who helped me cancel my old rak red credit card and she took instructions from me to close down my 2 fixed deposit accounts that were acting as a guarantee for my old credit card.

45 days from 30th june is sunday 14th of july.
However, when I spoke to my relationship manager, mr. Fareed ahmed, I was told that my rak credit card didn't get cancelled until 7th of july 2016 (Even though I had gone to the bank to request closure on 30th june 2016).

This would then mean that my fixed deposit accounts would close on sunday 21st july 2016. Based on that information, I issued post-dated cheques from my current account (With the knowledge that aed 18, 000 will be deposited into my current account after my fixed deposit accounts are closed)

Here is the absoltely shocking part:
Inpite of reassurances from my relationship manager, mr. Fareed ahmed...
This morning (18th august 2016) I received an email from rak bank that my fixed deposit accounts have been renewed for another 12 months!!! What???
That means that my 2 fixed deposit accounts will not close on 21st august 2016 (As promised by rak bank) and aed 18, 000 will not be deposited into my current account - and I have issued post-dated cheques based on the promises by rak bank.

I spoke to my relationship manager this morning, and he said that all he can do is talk to "operations team" - that's all he can do... And he is off on holiday after today.
No matter how many emails you send to "[protected]@rakbank. Ae" - no-one bothers to deal with your requests.

This is not the first time rak bank have lied to the past, mr. Mohamed el ata (Rak bank ajman branch) also lied to me when he said to me that he had already converted all my rak bank accounts to rak elite accounts - that was complete nonsense as my accounts are still not rak elite accounts.

I regret having had anything to do with rak bank.
Rak bank has an appalling customer service and integrity.

M janmohamed

Aug 18, 2016
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  • Ja
      Aug 18, 2016

    Since this complaint, RAK Bank has contacted me and promised me that the matter will be resolved by Monday 22nd of August 2016 and that i will not incur any charges.
    Thank you RAK Bank


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