Rakbank / rak bank - fast saver is & lame loser&

Ras AlKhaimah, United Arab Emirates

If you can have 2% interest for up to AED 500k on a savings account it sounds like a very good deal. Hence, I went to the next branch and opened the Fast Saver account with RAK Bank to put in some savings and to balance the inflation with the interest.
The accountant did not provided me a business card and did also not informed on my account number. All I had in hand was the initial cash deposit receipt with an account number of the bank itself. Okay, I thought, once I receive my welcome kit I will get all the remaining details. - My welcome kit never arrived.
After some weeks of waiting, I called the hotline to get a status of my account opening and they were not able to help, because they could not verify me as they had typing errors in my details. I was told to visit the branch again spending my high value free time.
In my opinion this is a complete failure of RAK Bank: They simply did not performed the agreed task of opening an account and providing related facilities to the customer. I consider this as a breach of agreement.
After researching all the complaints against RAK Bank on and I lost all my initial trust and decided to visit the branch and to close the account:
- How can I enjoy an interest while knowing how bad and incompetent this bank seemingly treats other customers and employees?
- Wouldn't I risk to support unethical business by depositing my savings there?
So I went and closed the account. And of course, I was sucked as all the other customers which complained before, as I had to pay them an account closure fee for their incompetence and non-performance.
However, I am very delighted now, having account closure documentation in hand and knowing not to deal with RAK Bank anymore.
Please be warned and better stay with any other bank. Waiving some tenths of interest is way better than having the haedache to deal with incompetent RAK Bank putting all your savings at risk. ;-)

Dec 31, 2014

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