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Review of the RCI Bank, Fixed Term Savings Account:

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Opening Account Very Slow, Confusing and Cumbersome

This is the third account I've opened this week, the other two with other banks. They all require linked bank accounts. The other two banks were very quick and easy to setup and transfer money. With the RCI Fixed Rate Savings it has so far taken me 5 days to transfer funds across from my linked account. I had to wait 4 days for my user ID and linked account verification code to be sent via mail. Now that I've finally managed to access my account, I've verified my linked account. I have now transferred money into the account yet, unlike all the other banks which was instantaneous, I'm still waiting for the money to appear in my account. What adds to the confusion is that you provide a Reference number after initial application that is needed to transfer funds, but then once the linked account was verified you provided a different Reference number, which incidentally didn't match the format that is mentioned in the Support Section (i.e. Once the account is open, we'll provide you with your 13-digit unique account number which will be three letters, followed by seven numbers, then 3 letters, e.g. ABC 1234567 SMI). I'm hoping the initial Reference number I've used is the correct one (your Support Section says you can use both!). You need to simplify and speed up the process in line with other banks. None of the other banks require a user ID to be sent via mail! p.s spent an hour hanging on the phone waiting to talk to Customer Services - gave up!!!!! Money has now shown up in account so that's a relief! Reviewed on: 9th November 2022

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