Banks Messing with my Account!! advice please

mandi · 7 December 2005 at 4:19PM

Hi All, :mad:

Wondered if anyone can help please.

I set up a weekly standing order, from my bank to a savings account I have. In August I amended the weekly payment, but my bank cancelled the old instruction, without implementing the new one.. with the result that the payments to the savings account stopped...
As the weekly amount was quite small, I didnt notice that the payment wasnt going out until it came to light last week..................................... :mad: :mad: :mad: :mad:

I have lost £80 interest because of the banks error. but all theyve said is send a letter in and "we will consider your situation carefully"

Where do I stand legally( If anywhere) afterall thay didnt follow my instructions,

Would be most greatful for any advice

Thanks Mandi

wigginsmum · 7 December 2005 at 4:40PM

How did you amend the weekly payment? Was it in writing, or online? I would do as they suggest and put it all in a calm and professional letter, stating that you have lost this interest because of their failure to act on your instructions and therefore you would like them to credit the £80 to your account as a goodwill gesture.

If you don't get any joy from that, you could consider contacting Money Mail in the Daily Mail - once they threaten to 'name and shame' on their page, banks and other companies often cough up.

money.mail@dailymail.co.uk or write to:

Dear Margaret
Money Mail
Northcliffe House
2 Derry Street
London
W8 5TT

Include your daytime phone number and postal address; they might be able to help (but if they decide not to publish your letter, you won't get an individual reply from them) - don't send any original documents or SAEs to them.

Jules

mandi · 7 December 2005 at 4:44PM

I actually went into the branch,and did all the necessary paperwork there.. Ive found out that the instruction was passed to a trainee....

Like your tip about Money Mail thanks

innovate · 7 December 2005 at 5:58PM

Are you sure you lost £80 in interest since August on what you say was a 'quite small amount' you wanted to have transferred weekly? £80 of interest in 4 months involves sizeable amounts of money! Or did you mean you lost interest on £80?

I think it's perfectly ok of the bank to ask for a letter from you - and you will be in a better position should they not respond positively once you have something in writing.

mandi · 7 December 2005 at 6:09PM

innovate wrote:

Are you sure you lost £80 in interest since August on what you say was a 'quite small amount' you wanted to have transferred weekly? £80 of interest in 4 months involves sizeable amounts of money! Or did you mean you lost interest on £80?

I think it's perfectly ok of the bank to ask for a letter from you - and you will be in a better position should they not respond positively once you have something in writing.

Yes its £ 77.00 to be exact.. Moneys in a Savings gateway account, which pays in £1.00 intrest of every £2.00 you save.. so you can see why im upset....

Stonk · 7 December 2005 at 6:29PM

£1.00 intrest of every £2.00 you save

Eh? Where do I get one of these incredible accounts?!

mandi · 7 December 2005 at 7:02PM

Stonk wrote:

Eh? Where do I get one of these incredible accounts?!

You have to recieve an invite from the government..... I did a post on this account back in June actually....Take it you didnt get one then????

grumbler · 7 December 2005 at 9:39PM

I had a similar experience recently, although in fact it was my mistake as I cancelled standing order online too late. Below is a copy of my letter that worked fine - on Monday I received £56 compensation that I asked for.

I Grumbler

** **** Close

************

LEICS

LE** ***

29/11/2005

Member Service,

Nationwide Building Society,

Kings Park Road,

Moulton Park,

Northampton

NN3 6NW.

Dear Sir/Madam,

Flexaccount ********, **-**-**

I am writing to ask for compensation for financial losses resulting from Nationwide’s mistake.

Facts:

1. On Sunday, 9th of October I cancelled online two Standing Orders for payments from my and my wife’s joint flexaccount to our Regular Saving accounts with Abbey National with fixed 7% interest rate. Unfortunately, it was too late.

2. On Monday, 10th of October two payments of £500 were made from the flexaccount to Abbey resulting from the above Standing Orders. I contacted 08457 302010 helpline immediately asking to stop these payment and was advised to contact my local branch.

3. In the branch I was assured that payments can be stopped and the manager filled in some forms.

4. One (!) £500 amount was credited back to our flexaccount on 17th (!) of October from unknown source. At the moment I paid this money back to Nationwide.

5. On the 12th of October both £500 amounts were credited to our Abbey Regular Saving accounts. As a result of this total amount credited to our accounts in October exceeded maximum monthly amount allowed. According to Terms and Conditions of this account no interest is paid in this case on the whole balance for this month. With two £6000 balances we lost about £6000*2*7%*/12=£70 gross (£56 net) of interest. In fact we lost more, as this calculation does not take interest on interest for previous months into consideration.

6. At no time when contacting Nationwide I was told that it was impossible to stop the above Standing Order payments.

Could I ask you for £56 compensation for our loss resulting from Nationwide’s mistake?

I enclose copies of our Abbey account statements. In these statements record ‘AUDITED’ in October means that no interest was added this month.

Yours sincerely,

I Grumbler, on behalf of myself and my wife

HTH

isasmurf · 7 December 2005 at 9:52PM

mandi wrote:

Yes its £ 77.00 to be exact.. Moneys in a Savings gateway account, which pays in £1.00 intrest of every £2.00 you save.. so you can see why im upset....

You don't receive any interest on a Savings Gateway account. You receive a payment at the end of the term. The payment depends on which of the 5 pilot areas you are in.

innovate · 7 December 2005 at 9:55PM

IMHO, grumbler, your strategy sounds miles better than writing to "Dear Margaret" :snow_grin

mandi, what I don't understand: if you are on a special trial scheme (the "Savings Gateway" scheme, administered by Halifax only), why do you need to change accounts in mid-flight? And if you have sound reasons for changing your account, why do you leave it for 4 months before you confirm that your finances are in the expected places?

innovate · 7 December 2005 at 10:05PM

isasmurf wrote:

You don't receive any interest on a Savings Gateway account. You receive a payment at the end of the term. The payment depends on which of the 5 pilot areas you are in.

true, but.........doesn't the payment also depend on how much you paid in, and isn't there a limit on how much you can pay in per month? Thus, if you (or your bank!) miss a few months' payment, and you are not allowed to pay variable amounts each month, you could be disadvantaged?

Banks Messing with my Account!! advice please

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