Rakbank / The National Bank Of Ras Al Khaimah Reviews & Complaints

Reported By: AadarshK

Contact information:
Rakbank / The National Bank Of Ras Al Khaimah

I would like to highlight the below problem I have been facing with RAK Bank.

“I had taken a personal loan of AED 440K from RAK Bank on September 2014. I have been paying my EMI’s regularly and the current outstanding amount is AED 155K (Approx). I changed my employer in October 2017 and my End of Service Benefit (Hereafter shall be referred as EOSB) has been deposited by my previous employer at RAK Bank on November 01, 2017. I visited the branch on 05th November providing all my documents (Including Salary Transfer Letter, Offer letter etc) except my Visa and Emirates ID (as it was under issuance process) to release my EOSB. I was told to provide copies of Emirates ID and Visa in order to release the same. Again I visited the branch on 10th December to provide copies of my Visa and Emirates ID. I was advised by the Customer Service agent to wait for 3 working days so that EOSB can be released. During my continuous follow-ups, I was unable to get an appropriate response as all the customer service agents (phone/ Chat) provided me different reasons (No one actually looked into the problem).
I visited Umm Hurair Branch and the customer service representative clearly told me the hold was put by Collections department and I need to speak to RAK Collections team. I visited collections department on 16/12/2017, however the receptionist took my contact details and advised that a collection agent will call you. On 17/12/2017, I received a call from RAK Collections and the Collections officer told my EOSB will be adjusted to my existing liability with RAK Bank as this is a central bank procedure and Bank’s Process. My terms and condition with bank was very clear that In case of my employment change, my EOSB will be transferred to RAK account but no consent has been provided to adjust my EOSB with my liability. When requested for my accepted terms and conditions, the collections officer denied to send. Also to note, there has been no central bank regulations supporting the Collection Officer’s statement!!! It is clear the bank doesn’t want to release my EOSB (even after providing all the necessary documents and a salary from my new employer has been credited to RAK Bank as well) and just providing fake information on their processes. I would also like to highlight, the RAK Bank Loan Executive (When approached me for loan) clearly told me in case I change the job, the EOSB will be released once the Salary Transfer Letter and other documents are submitted. So it means, there seems to be internal communication issues. Having made lot of personal commitments based on my EOSB, RAK bank has given me a shocker!!! Being a loyal customer since 2014 and paying my EMI’s on time, do I deserve such kind of treatment?
Does the bank prioritize Selling its products and not interested in understanding customer concerns?
In case I have signed the Loan agreement which states, my EOSB will be adjusted to outstanding liability; I would like to request the copy of the same.
As the collections officer say if this is a Central bank regulation, I need a copy of this regulation/addendum/circular.
As I have provided all the requested documents and also since my new employer is listed, and not have been defaulted on any payments I would need my entire EOSB to be released