RKSV - Questionable support and service

[Delta99]

Just an update as end of day today. Funds are still not credited to my account.....

This inspite of a confirmation message received from RKSV Support of yesterday morning stating : Sorry for the inconvenience caused. We are working on it, kindly check after sometime.

Tomorrow is a holiday. Then it is Sat/Sun, the weekend. Monday is one working day, and Tue again a holiday. I am not hopeful of a resolution to my issue.

Will update in future.

 

[timepass]

Thank you Stoch_guy. I did not know about this. Much appreciated.

............ and there is a "Like" button at the bottom of the post. Doesn't pay anyone anything, doesn't cost anything

 

[mohan.sic]

This is my continuing experience of poor support and service with RKSV. The question is what's happening with RKSV?

Are they fooling the customers? Or is it that they have become too big to really care? Or stalling and using customer's funds under excuse of COVID? Or else are just being incompetent?

I had remitted funds to RKSV on Friday, 3rd April. It was an internal bank transfer HDFC to HDFC account. The debited was made to my HDFC account and transferred to RKSV on the same day.

Considering that it was the weekend, I did not push for the credit, but expected the funds to be reflected into my account by the 7th. atleast, i.e Tuesday. Fair?

Some background to this : My account is with HDFC bank. RKSV too has account with HDFC bank. So when I asked the bank to remit by NEFT, they said it was internal transfer (Mumbai to Mumbai as well) and hence, to deposit the cheque into the customer's account and it would get transferred immediately. I did the same, and informed RKSV. I received an SMS confirmation on my mobile the same day stating the funds were debited/remitted. But RKSV has not been able to credit my account from the 3rd till today 8th - April!!!

I tried calling RKSV support. But it is not accessible and after a long wait, gets cut off.

I tried emailing them. But email support is withdrawn.

I tried messaging them from the Upstock platform, but the response is delayed by days/5-8hours. And then, they reply, it is just one liner, and instead of a resolution, there is an excuse stating 'our team is looking into it' etc.

Even today, I received a similar message. Stating that HDFC bank is not registered with your demat account. Not my problem. The update of my bank account is pending from your end.

So instead of resolving a problem, what's being done is making the customer run around, while the funds are lying with RKSV.

Honestly, the level of incompetence and disregard for customer and poor quality of service resolution is just unacceptable.

Not sure if anybody at RKSV cares, but it is important that traders and investors know that RKSV is letting its standards down and is bungling handling its customers.

I making this post with the proof so that even if someone at RKSV bothers to read this, they will know that it is time for them to pull up their socks.

PS : And oh, BTW, got logged off from the system for about 30 minutes without reason.

So I guess the problem is, the bank you used for fund transfer is not registered to your trading/demat account. Is it the same bank account number you provided at the account opening time ?

 

[Delta99]

You got it. But I have already uploaded the request for change in bank info into the system. It is pending with them.....

So I guess the problem is, the bank you used for fund transfer is not registered to your trading/demat account. Is it the same bank account number you provided at the account opening time ?

 

[Delta99]

Thank you Timepass. Noted.

............ and there is a "Like" button at the bottom of the post. Doesn't pay anyone anything, doesn't cost anything

 

[mohan.sic]

You got it. But I have already uploaded the request for change in bank info into the system. It is pending with them.....

Delta99

It is incorrect on your part to use a different bank to transfer funds.

How did you upload the bank change request. Is it as per the process defined by your broker ?
Because, generally these kind of changes will be made only after they receive a physical request form supported by a cancelled chq ( and the chq must have ifsc code printed and your name on chq should match with dp records). If all this is done correctly, it may take 3 business days.

Usually in this situation, they cannot give credit to your trading account neither they can send back the funds unless the said procedure is fulfilled.

I am not sure if they will allow this, but one thing you can try is to write a mail to their accounts, risk team, explaining the situation ( provide them UTR number or Reference number supporting the transfer. Screenshots of phone sms will not do. ) and request them to provide ad hoc limits against your transfer till the time the issued is addressed as per process.

 

[Delta99]

1. Bank change request was uploaded in the system.

2. It is as per their process. Don't know what the you mean by 'process defined by your broker, but if it means click on their change bank details, and add new banking details, yes I have done that.

3. Nobody has asked for cancelled cheques. This is day 6. If they wanted cancelled cheques, they could have asked. But this question did not even arise.

4. As stated, emails are not being accepted. Telephone lines don't work. And the only option is to communicate via their Keystone chat app, which they ignore or respond after 5-6 hours or a day or not. After receiving a message yesterday morning that they are working on resolving the issue, and to check after sometime, it is close of next business day, but nothing has happened. No update. Complete silence, and I don't know the issue or what is being done about it. Or how or when it will be resolved.

5. It is not only a phone screen shot. But a transaction reference. They can easily verify who the customer is as it is an internal bank transfer.

6. All your points are valid, but already considered. You should in fact be arguing on traders behalf and not on behalf of shoddy and unprofessional service from brokers.

Delta99

It is incorrect on your part to use a different bank to transfer funds.
How did you upload the bank change request. Is it as per the process defined by your broker ?

Because, generally these kind of changes will be made only after they receive a physical request form supported by a cancelled chq ( and the chq must have ifsc code printed and your name on chq should match with dp records). If all this is done correctly, it may take 3 business days.

Usually in this situation, they cannot give credit to your trading account neither they can send back the funds unless the said procedure is fulfilled.

I am not sure if they will allow this, but one thing you can try is to write a mail to their accounts, risk team, explaining the situation ( provide them UTR number or Reference number supporting the transfer. Screenshots of phone sms will not do. ) and request them to provide ad hoc limits against your transfer till the time the issued is addressed as per process.

 

[mohan.sic]

1. Bank change request was uploaded in the system.

2. It is as per their process. Don't know what the you mean by 'process defined by your broker, but if it means click on their change bank details, and add new banking details, yes I have done that.

3. Nobody has asked for cancelled cheques. This is day 6. If they wanted cancelled cheques, they could have asked. But this question did not even arise.

4. As stated, emails are not being accepted. Telephone lines don't work. And the only option is to communicate via their Keystone chat app, which they ignore or respond after 5-6 hours or a day or not. After receiving a message yesterday morning that they are working on resolving the issue, and to check after sometime, it is close of next business day, but nothing has happened. No update. Complete silence, and I don't know the issue or what is being done about it. Or how or when it will be resolved.

5. It is not only a phone screen shot. But a transaction reference. They can easily verify who the customer is as it is an internal bank transfer.

6. All your points are valid, but already considered. You should in fact be arguing on traders behalf and not on behalf of shoddy and unprofessional service from brokers.

6.No my friend..why would I talk on behalf of any broker. ..Not at all. I faced many such issues and so I am aware of few things.

5. screenshot- sms+ reference number ...yes perfect..

4. Bad situation if they are not providing basic support also.

1. good for you if they accept the change request in online mode.

But see what is the guarantee they have, that the uploaded bank details belong to you ( one can update any bank ac details and make third part transfers which is against the rule ) So it is basic requirement for brokers to accept such changes only on verification. So cancelled chq/pass book will help them verify this before processing changes.

 

[Delta99]

Ref. your below, my friend, the bank details uploaded are same as the name in the trading account. And in all doccumentation I submitted to them. They can ask for any additional information, detail, all will match.

Your question : But see what is the guarantee they have, that the uploaded bank details belong to you ( one can update any bank ac details and make third part transfers which is against the rule ) So it is basic requirement for brokers to accept such changes only on verification. So cancelled chq/pass book will help them verify this before processing changes.

A simple call or query to their bank will confirm from whose account the funds have been credited to theirs..... But as said, the transaction reference is proof received on my mobile which they will have in their bank statement as well.

All RKSV needs to do is to update my bank details in the system which is not done at their end... I don't understand the reason for the same. And the dead silence after a promise to resolve yesterday morning...

Cannot understand how RKSV can be bungling customer relationship so badly....

6.No my friend..why would I talk on behalf of any broker. ..Not at all. I faced many such issues and so I am aware of few things.

5. screenshot- sms+ reference number ...yes perfect..

4. Bad situation if they are not providing basic support also.

1. good for you if they accept the change request in online mode.

But see what is the guarantee they have, that the uploaded bank details belong to you ( one can update any bank ac details and make third part transfers which is against the rule ) So it is basic requirement for brokers to accept such changes only on verification. So cancelled chq/pass book will help them verify this before processing changes.

 

[mohan.sic]

Ref. your below, my friend, the bank details uploaded are same as the name in the trading account. And in all doccumentation I submitted to them. They can ask for any additional information, detail, all will match.

Your question : But see what is the guarantee they have, that the uploaded bank details belong to you ( one can update any bank ac details and make third part transfers which is against the rule ) So it is basic requirement for brokers to accept such changes only on verification. So cancelled chq/pass book will help them verify this before processing changes.

A simple call or query to their bank will confirm from whose account the funds have been credited to theirs..... But as said, the transaction reference is proof received on my mobile which they will have in their bank statement as well.

All RKSV needs to do is to update my bank details in the system which is not done at their end... I don't understand the reason for the same. And the dead silence after a promise to resolve yesterday morning...

Cannot understand how RKSV can be bungling customer relationship so badly....

I understand your anguish. I am trying to explain how the framework is designed so that loopholes are not exploited by any party.. be it client, broker or broker employees. If you look it only from view of customer, you will not bother to see the logic why system demands certain things. If things work the say you said, there is no need of any document. Every thing can be uploaded in the form of details.
You and i may have same names, so banks cannot verify source of funds based on names. We have stringent aml policies that every intermediary should abide.

last one thing I will care to suggest you is, if your broker accepted your bank change request like that, it is better to shift portfolio from there......