Withdrawal of fixed deposit

I opened an account with RAK Bank in 2009 and had a fixed deposit with them of Dh6,500. Against that they opened a zero balance account and provided me with a credit card.

Recently I requested them to close my account. First they told me to clear the outstanding of the credit card. I cleared it and cancelled the credit card. Now I want my fixed deposit back, as I am in need of the money. They told me that I will get the fixed deposit money after 45 days. People fix the money for saving purposes so they can use it during an emergency. If we have to wait for 45 days to get our investment back, then what is the point of this type of investment?

From Mr Manish Kumar Ludhani

Sharjah

Mr Ian Hodges, Head of Personal Banking, RAKBank, responds:

Thank you for giving us an opportunity to justify our stance on the issues raised by Mr Manish Kumar Ludhani, RAKBank customer.

The concerns raised by the customer have been investigated and we note that he had approached the bank for closure of his secured RAK Bank credit card in June 2012. As per the bank’s process, the credit card is fully closed after 45 calendar days from the date of the customer’s request, to allow for pipeline transactions (if any) to be processed, and the secured fixed deposit is subsequently released based on the customer’s request. Subsequent to receipt of your email, we have contacted the customer and have positively resolved his concerns.

 

 

Undue charges

I am a credit card holder of Abu Dhabi Commercial Bank (ADCB) for years with payments made regularly. However, with reference to my communication with the customer care centre for the past week, I could not get any fair treatment and hence I write this to you. My credit card statement dated February 20, 2012 for a total of Dh3,903 was paid 100 per cent on March 2, 2012.

In the last week of February 2012, I applied for e-statements as per their message that they sent to my mobile phone. I never received any email statements until I complained on May 23, 2012.

On March 23, 2012, I received a message on my mobile that I had an outstanding balance of Dh5.03 although I did not make any purchases since February 15, 2012. I missed out this payment of Dh5.03.

Meanwhile, I had received calls from ADCB about a loan with low interest and I fell for it when the calls were repeated and asked for a loan of Dh14,000 with the understanding that I had to pay my first installment before May 4, 2012. As I had planned my vacation and was leaving on April 14, I made a payment equivalent of the first installment on April 13, 2012. Note that I did not receive any messages or e-statements during the period between March 23 and May 23, 2012. When I was back from vacation after a month, I received a call from ADCB informing me that an amount of Dh3,072.00 is outstanding for May 2012, which has been calculated as follows:

- Dh5.03 carries a fine of Dh199 for April plus another Dh199 for May in addition to the 3.09 per cent interest the total of the above equivalent to Dh12.

- Dh2,474 carries a fine of Dh199 plus 3.09 per cent of the total amount of Dh82.60. (My advance payment of Dh2,500 is not taken into consideration).

I tried informing them that I paid the amount of Dh2,500 in advance, but ADCB informed me that it was my mistake to pay before the month closes.

I do not understand the calculation as I still have no answer to my request for the break up of the charges. But with no proper communication from ADCB, I am obliged to pay an extra amount above Dh500.

There might be others out there who must have gone through such experiences. If this is made known, it will help many people not to fall into such situations.

From Ms Shirly Verghese

Dubai

The management of ADCB responds:

Thank you for your constant cooperation and communication with us in the endeavour to best serve our customers and resolve their issues.

It is important to note that customer satisfaction is at the very top of our agenda, which is why we have an established Service Quality Unit that is dedicated to handling all customer enquiries and complaints.

All ADCB customers can contact this unit 24/7 on 800 2030; or call collect +97126210090 from outside UAE; alternatively they can visit our website (www.adcb.com) from where they will be able to log their complaints, recommendations or suggestions.

Please be advised that we have directly communicated our feedback to the customer and this case has been closed from our end.

Ms Verghese responds:

I received a call from the ADCB complaint department. The man informed me that I need to pay the total amount of Dh3,072 this month, but they will be withdrawing all late payments based on the fact that I made the payment of Dh2,500 on April 13, 2012, which will be projected only in the next statement.

 

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