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Yorkshire BS Regular Saver
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gash65
Posts: 39 Forumite
Has anyone had any problems with the bonus on the YBS Regular Saver?
I checked my online statement this morning and I've had the account for little over a year and there was no mention of the bonus payment. So I rang and queried this and was told that I hadn't made regular monthly payments. I replied that that was impossible as I had a Standing Order set up and payments had left my bank account every month since opening.
Apparently as my S.O. was set up for the 28th of each month and they take 3-5 working days to come through, it was rolling over into the next month, therefore some payments were appearing as the end of the month and others as the start of the following month. The fact that 12 payments had gone into my account over the course of 12 months is irrelevant. The T&Cs state a payment every month, therefore no bonus.
I think that this is ridiculous. I said I'll close my account and the call centre operative didn't seem bothered. Obviously the YBS has plenty of money, unlike every other bank and building society at the moment, and isn't concerned about losing customers.
Has this happened to anyone else?
I checked my online statement this morning and I've had the account for little over a year and there was no mention of the bonus payment. So I rang and queried this and was told that I hadn't made regular monthly payments. I replied that that was impossible as I had a Standing Order set up and payments had left my bank account every month since opening.
Apparently as my S.O. was set up for the 28th of each month and they take 3-5 working days to come through, it was rolling over into the next month, therefore some payments were appearing as the end of the month and others as the start of the following month. The fact that 12 payments had gone into my account over the course of 12 months is irrelevant. The T&Cs state a payment every month, therefore no bonus.
I think that this is ridiculous. I said I'll close my account and the call centre operative didn't seem bothered. Obviously the YBS has plenty of money, unlike every other bank and building society at the moment, and isn't concerned about losing customers.
Has this happened to anyone else?
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Comments
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technically you have breached the T&Cs
suggest you write to them politely; good customer, accidental error, made all the payments, could they look again etc0 -
It happened to me with the Abbey a few years ago. Payments were meant to trip into the next month (as close to the '1st' as possble) in my case as I was paying them on the assumption that transfers took 3 clear days (eg Mon-Thu) to arrive whereas they were actually taking two! So, for one month they got two receipts - and for another month nothing (where I'd paid for that month but it arrived early). I was clearly in the wrong (although I argued that I couldn't see my accounts online as Abbey didn't make that particular account available to view) since if I'd just set up my standing orders for the 1st of each month they would always have arrived in that month.My S.O. was set up for the 28th of each month and they take 3-5 working days to come through, it was rolling over into the next month. The fact that 12 payments had gone into my account over the course of 12 months is irrelevant. The T&Cs state a payment every month, therefore no bonus.
I think that this is ridiculous. I said I'll close my account and the call centre operative didn't seem bothered. Obviously the YBS has plenty of money, unlike every other bank and building society at the moment, and isn't concerned about losing customers.
Has this happened to anyone else?
There's nothing you can do about this except change the dates of your standing orders to earlier in the month in future (since that was the mistake you made).....under construction.... COVID is a [discontinued] scam0 -
You may find that the product information does state that it is your responsibility to get the money in on time.
Take this as a lesson ... a three day SO cycle means that with Februaries and weekends some of your payments will never arrive in time if you set a date of 28th.
The reason that the monthly savers give good rates is that there are conditions that must be followed.0 -
Advice as above, with the addition of claiming ignorance of the clearing cycle on standing orders. You are almost totally relying on goodwill though.
Unusually, the Yorkshire Regular Saver terms and conditions and account information do not seem to make mention of the need to set up the standing order well before the month end (to cover things like Easter and Christmas holidays). Most other financial institutions usually include something along the lines of "set up a standing order to leave between 1st and 20th" to ensure customers do not encounter this problem. (I do not have a Yorkshire standing order mandate form handy, so it is possible that some mention is made on there regarding dates.)0 -
Setup your SO to pay on the 1st of every month, you will never be late.Vodafone sucks. :mad:0
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Thanks for the replies everyone.
I was told by the customer service rep that someone would call me back about the matter. No-one did. Obviously they are in far better a position these days than the majority of lending institutions and don't need my money. So I closed the account.
It's true that it's within their T&Cs to do what they've done, I just think it's a bit off for them to not explain about the clearing cycle and advise against a S.O. date at the end of the month.
Besides the interest rate has gone down twice since I opened the account, so there are better ones around.0 -
My direct debit has also been scheduled to come off on the 28th of each month. Next week is the end of my 2 years, and my statement shows " bonus interest crdited 2.85%, bonus interest debited 2.85%" with no addition to my balance. This past year has seen 4 or 5 months without any payments in ( due to some months having two ), just like the first year ( which did attract the bonus interest !! ).
I have written to them, and should they choose not to display goodwill, then all of my familys' considerable deposits with Yorkshire will be withdrawn at the earliest opportunity.0 -
Why oh why do most Regular saver accounts not collect funds by direct debit on a specified date, instead of relying on the patheticness of the BACS standing order system?
Hopefully Faster Payments will be used for all standing orders soon.
As for your YBS problem, a nice letter to their complaints people explaining that you believed you had acted in accordance with the account requirements. If this doesn't work, a very nasty letter. If this doesn't work insist on taking them to the Ombudsman. I believe this will cost THEM (not you) over £400. In those circumstances it is cheaper for them to settle your claim.0 -
No. It will cost the other members of the society.opinions4u wrote: »I believe this will cost THEM (not you) over £400. In those circumstances it is cheaper for them to settle your claim.
The terms and conditions could not be clearer and what you are advocating is the line of Compensation Speakers throughout time. I notice that local authorities have now stopped capitulating and are fighting every silly case and the level of claims is starting to reduce.0 -
Are you sure?dudenstumpy wrote: »my statement shows " bonus interest crdited 2.85%, bonus interest debited 2.85%"
The bonus rate is 3.5%. The rate excluding bonus is 2.85%.
The FOS case fee is £450 (since April this year). I was going to say that YBS would 'defend' the case (and as a member I'd hope they would do), and simply send the FOS the account T&C's that 'dudenstumpy' signed up to. However, if they have paid the bonus rate in year one, in similar circumstances, they may choose not to defend the case for fear of embarrassing themselves due to their systems failure (to dedect the under/over funding in year one).RayWolfe wrote:No. It will cost the other members of the society.
Then again, if 'dudenstumpy' has his rates mixed up, maybe he wasn't paid the 3.5% bonus rate in year one anyway? In which case, it'll be a waste of time for all concerned!0
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