How long does it take to open a RaboDirect account?

K

Knorp

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Hi,

After registering on their web page, I sent all the documents that they requested about two weeks ago, but I'm still waiting. I sent an email to them and they said that they deal with applications within 5-6 days after receiving them, but obviously it is taking longer than that in my case. How long does it usually take to get one of those accounts open? Someone can share his/her experience?

I am from another EU country where banks have other defects (basically high charges) but are generally quite fast when it comes to bureaucracy compared to Irish banks (at least this is my experience so far). Why is it that banks here are that slow when it comes to simple things like opening an account? I have had accounts in BoI and AIB so far.

Thanks in advance.
 
As far as I recall it took me 1-2 weeks to get everything back. I don't recall it being any hassle.
 
We are currently receiving a high volume of applications which has caused small delays in opening accounts. We have hired a number of termporary staff to help deal with volumes. As you might appreciate it takes a number of days to train staff sufficiently on internal processes and systems. We expect to clear the vast bulk of accounts by the weekend.

Knorp, sincere apologies for the delay. Perhaps you might call the Contact Centre on 1850 88 22 22 (open from 8am - 8pm Mon - Fri) and they will be able to advise on the status of your account.

Kind regards,
RaboDirect
 
Knorp said:
I am from another EU country where banks have other defects (basically high charges) but are generally quite fast when it comes to bureaucracy compared to Irish banks (at least this is my experience so far). .
Click to expand...

Knorp, That maybe true but since moving to France I have found myself saying something I though I never would. Irish banks are not that bad. There, I've said it. French and Italian banks are eye openers.
 
Then perhaps I was dealing with untrained staff who gave me wrong information when I was trying to open a RaboDirect account.
 
What do you mean? When? And what happened - e.g. what wrong information were you given?
 
If this post is too long Please feel free to delete it...Moderators¬


I downloaded RaboDirect completed Application Form.

"Documents to provide
A copy of my passport
A personal cheque - dated 11th January
An original home or car insurance certificate less than 6 months old"
I ticked off these items
"I could not provide proof of my PPSN number." I put a line through this and provided proof. There was no indication anywhere that if this could not be provided I would not be able to open an account - but I provided this and believed at the time that it was surplus to requirements. I understood that the first three documents would suffice as they were the onces specifically asked for.

January 15th I received 3 automated e mails "you have taken the first step".

January 25 I received e mail "there's something missing" - please provide an original document issued by Social Welfare.

I rang RaboDirect and mentioned that as I had already sent the required documents and the 4th document (proof of PPSN) was an add on why was this necessary. I indicated that I don't have social welfare or tax document bearing only my name and address as tax documents etc. are in joint names. I could supply social welfare document with my name, however. The person I spoke to said that what was required was a proof of address and mentioned that a bank statement would suffice. I wasn't happy to send a statement with my bank details to another bank. The assistant said this could be blocked out. On January 25 I duly sent the required Bank Statement, transactions blocked out, with my name and address on it, together with a cover letter.

February lst. I received another e-mail "there's something missing" - identical to the previous one. I again RaboDirect and asked if this was a new request or was it an automated duplication. I was told that that would be checked later but in the meantime a document bearing my name and address and PPSI number is required. I referred to my previous telephone and mentioned the person with whom (name supplied) I had been talking and to the letter which I supplied. As the whole thing was becoming more unsatisfactory I decided not to bother opening a RaboDirect account and requested that all my documents be returned to me. I received a letter dated lst February "we're sending your documents back to you".

Enclosed were:

Car Insurance Policy
My letter of January 26th with afore-mentioned bank statement.

I have not yet received,

My personal cheque for 10,000 euro
Copy of my passport
Copy of PPSN
I have a letter written to RaboDirect, but before I got time to post it I received a telephone call at 5.30pm yesterday from RaboDirect indicating that I was intending to open an account and what document I need to supply. I again explained the situation and my cheque etc had not been returned. Iwas tod this would be dealt with in the matter when there would be somebody in the office!!!!!.

I'm posting my letter to-day
 
JustSally, I don't think you're being fair here at all. You didn't have some of the required documentation...then you refuse to send a normal bank statement?
I'm with Rabo quite a while now. Setting up the account was a breeze and I've never had any problems with them. I'm sure they're snowed under with applications since they went 4.75% on =/<10K but the rep did say they've taken steps and hired temporary staff.
 
Yeah - I can't really see how this can be considered Rabo's fault/problem either.
 
I supplied the documentation required on my initial application. Do you think I should have my cheque returned!!!! I was told that a Bank statement showing my name and adress was required, whereas this was not what they required. They required an original document showing my name and address and PPSN. This was incorrect information. I supplied proof of my PPSN, it contained my name. It did not contain my address!!! When I made my first telephone enquiry I was told that as I had actually supplied to PPSN number I now needed to supply a document with my name and address.

I'm sure I could write Social Welfare and obtain a document bearing my name, address and PPSN number but this is time consuming. No such problem is encountered for single tax payers, or for those on joint assessment, where the main taxpayer wants to open an account. He/she, will have annual tax documentation bearing the relevant information.

I was anxious to open an account ASAP, as I wanted to obtain the maximum interest available. So, in order to avoid any further delay I've increased my savings with Northern Rock!!!!.
 
And I think their recent offer of €20 when you open an account might also have added to the pressure. I am also waiting to open a new account but after my recent experience with my high street bank I am happy to wait. I recently went into my local BoI branch to open a new account and queued for 35 mins to be told I needed to re-submit all my documentation again (even though I already had a current and savings account). When I returned the following day I queued for 40 mins to be told....sorry we don't open new accounts on Mondays .....or Fridays. I am happy to take my business elsewhere and at least with RaboDirect you do feel like they want your business...
 
I recently applied for a Rabodirect account and to be honest I thought their ID requirements were a little excessive. I was asked for 5 different documents to prove ID, I have never previously had to provide more than 2 or 3 when opening an account elsewhere and I'm pretty sure that 5 pieces is more than would be needed to merely satisfy money laundering regulations.

Having said that they do clearly state they want them so its obvious they will not proceed until they get them or what they consider acceptable alternatives so any delays are down to you if you don't send them or call and agree alternative arrangements.
 
Hi again,

I still haven't received any postal feedback whatsoever about my application. I sent them an email three days ago and they answered "Please be assured that your application will be dealt with within 5-6 working days of receipt". It's more than two weeks now and that's really annoying. More than two weeks just to open an account! I'm pretty sure I provided them with everything that they requested. If there is something wrong or missing, that's OK, but I expect some feedback whatsoever.

What I don't understand is why they need such a lot of documents! Why is that? I don't like at all sending all that personal information by post.

Regards.
 
RaboDirect is obliged to request proof of identity and proof of address to comply with the Financial Regulator's Anti-Money Laundering requirements. The Regulator has specific guidance notes on the type of documents that can be accepted as proof. Documents such as utility bills, bank statements must be originals as opposed to photocopies. As a regulated entity you will appreciate that we must comply with the AML rules and we take them very seriously particularly as we operate on a non face-to-face basis. We are also obliged to request an official document with your PPS number.

Clearly the AML rules are there for very good reason as criminals seek to launder the proceeds from illegal drug trafficking for example. Of course the overwhelming majority of people who apply for bank accounts are genuine, honest people and can sometimes find the somewhat lengthy document requirements to be onerous. It can also be difficult for married couples opening joint accounts as our experience is that many utility bills are kept in the husband's name only. Also, some Garda stations refuse to certify documents for customers which they are obliged to do. There have been posts before on AAM about this.

Our experience in RaboDirect is that often between 30-40% of applicants do not send in the correct documentation when seeking to open an account. This causes us a lot of addtional administration work as well as being frustrating to the customer. We totally revamped our online Account Opening application form in 2006 to make the document gathering process more obvious and straightforward. Any suggestions from AAM are very welcome. We believe that the AML regulations need to be revisited to encourage bank account switching particularly as more and more people move to bank online. And as more and more utility companies move away from posting bills to their customers banks should be able to accept online bills as proof of address as long as it doesn't compromise AML needs.

Regards,
RaboDirect
 
Im with Rabo, and can safely say it was a doddle opening up my account!

I got mine set up at the time they gave you a free €20 for opening account (via Pigsback.com) - in July 2006!

Sorry to hear some people are having issues, hope they get resolved!
 
Knorp said:
Hi again,

I still haven't received any postal feedback whatsoever about my application. I sent them an email three days ago and they answered "Please be assured that your application will be dealt with within 5-6 working days of receipt". It's more than two weeks now and that's really annoying. More than two weeks just to open an account! I'm pretty sure I provided them with everything that they requested. If there is something wrong or missing, that's OK, but I expect some feedback whatsoever.

What I don't understand is why they need such a lot of documents! Why is that? I don't like at all sending all that personal information by post.

Regards.
Click to expand...

It's been a month since I sent the application form and the documents and there is no answer from Rabodirect. I can't believe it!!! The fact is that I'm tempted to request them to return all the documents, but if it takes them as long as to process the application... I can't understand this delay. I mean, a couple of weeks is acceptable but a month is not acceptable in any way. So, I'm going to wait a bit more and see what happens but I'm not really confident on the quality of service taking into account this precedent... So I don't know if I'll remain with them when I get my account (if that ever happens)...
 
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