RAK Bank

Rak Bank Debt Hell

RAK Bank is the trading name of the National Bank of Ras Al Khaimah, one of the fastest growing and most vibrant and dynamic banks in the UAE. The bank is headquartered in the emirate of Ras Al Khaimah. RAK Bank was founded in 1976, since which it has undergone comprehensive transformation which made it shift its focus from corporate banking to retail and small and medium businesses. The bank currently serves over 800,000 customers, and has been chosen as the best bank of the UAE multiple times, thanks to its outstanding personal and business banking services that include: 33 branches and 100 ATMs spread across UAE; online, mobile, and phone banking services; and credit cards such as ‘Free For Life’ cards, Titanium credit cards, Visa Classic, Visa Gold, and MasterCard Standard Credit Cards among others. The bank also offers personal loans to both expatriates and eligible nationals.

One area where the bank has performed so well is the customer service response section. Most customers who have contacted the bank for assistance in one way or another haven’t been able to receive feedback as fast as they’d wish. Besides their poor response to customer enquiries, the bank also takes very high rates for their credit cards. The RAK bank credit card debt is also bad because it grows very fast and the bank usually even go ahead to take legal action against defaulters, something customers see as very authoritative. This has really affected the bank’s reputation among its potential customers despite the fact that excellence in customer service is a central theme of the Bank’s activities and staff.

RAK Bank, however, has had some services that have been widely praised by its customers; specifically, the introduction of RAKFinance – a business finance department that caters to banking requirements of SMEs in the whole of UAE. Through its business centers across the country, the unit is capable of providing personalized services to its clients. The service enables the bank to extend loans – termed as RAKFinance Loans, and the borrowers to not need to place assets or deposits as financial securities against the loans. In addition, the RAKFinance unit also incorporates an array of deposit and transaction banking solutions.

About John Robberts
John Robberts is a journalist with 12 years experience of living and working in the United Arab Emirates.