Yorkshire BS E-BOND-SHAME ON YOU!!

Angryybs_customer · 14 November 2008 at 3:54PM

Opened 14 Month E-BOND

Wed 29th October 2008
Received a letter dated (28th) saying welcome you got 42 days to make your deposit.

Monday 3rd November 2008 (2 working days later!!):
Send a cheque by recorded delivery arrives next day have proof.

Wondering why no cheque has been deposited, so I send an email couple of days back and get a reply today from YBS:

"Thank you for your e-mail.
[FONT=arial, sans-serif] [/FONT]
[FONT=arial, sans-serif]The E-Bond account was withdrawn on the 31st October 2008, as per the Terms and Conditions of the account no further deposits are permitted once the account has been withdrawn. The cheque that you sent to us was received on the 5th November 2008 and has been returned to your home address.[/FONT]
[FONT=arial, sans-serif] [/FONT]
[FONT=arial, sans-serif]I realise my response may be of a disappointment to you but I hope it explains our position."

:mad:

National counties BS and even The AA honoured their accounts as late as the middle of this week!!

YBS have been sitting on my cheque still haven't received it and as the interest rate cut came they decided not to honour it, shame on them!!

Even if they had sent it back sooner I could have applied for another 7%account. Taking the matter to the Ombudsman.

Would like to hear from others if you have experienced the same shocking treatment could consider a group action!!

[/FONT]

isofa · 14 November 2008 at 4:04PM

They do state that fixed accounts can be withdrawn at any time, so really you don't have any leg to stand on, unfortunately.

"Thank you for applying to invest in our recent e-Bond offer. Unfortunately, due to the popularity of this offer, it became fully subscribed on Friday 31st October at which time it was withdrawn from sale.
As indicated in the terms of the offer, this means we are unable to accept any further deposits and payments received after Friday 31st October. Any payment and receipts received after this time will be returned to you."

You can contact them and say it was delivered on the 4th as you have proof, but they will just refer you to the above, i.e. you missed the funding deadline when the "ebond" was withdrawn - you missed this final date.

Just out of curiosity why didn't you print out the Opening Deposit funding PDF form from their website and send off your cheque the same day of opening the account?

apt · 14 November 2008 at 4:11PM

I am sure you have no case. The current E-Bond has in black and white:

You can only make deposits to the eBond whilst it remains open to new investors. However, the eBond is a limited issue product, which means it can be withdrawn without notice at anytime.

The previous issue also made it very clear that you could only make deposits while the account was still open to new investors. And it's not a matter of shame and morality. With fixed offers all banks and building societies set out to raise a certain sum at a certain rate. Once they've raised that sum they will close the issue.

Angryybs_customer · 14 November 2008 at 4:13PM

isofa wrote: »

They do state that fixed accounts can be withdrawn at any time, so really you don't have any leg to stand on, unfortunately.

"Thank you for applying to invest in our recent e-Bond offer. Unfortunately, due to the popularity of this offer, it became fully subscribed on Friday 31st October at which time it was withdrawn from sale.
As indicated in the terms of the offer, this means we are unable to accept any further deposits and payments received after Friday 31st October. Any payment and receipts received after this time will be returned to you."

You can contact them and say it was delivered on the 4th as you have proof, but they will just refer you to the above, i.e. you missed the funding deadline when the "ebond" was withdrawn - you missed this final date.

Just out of curiosity why didn't you print out the Opening Deposit funding PDF form from their website and send off your cheque the same day of opening the account?

Do you work for them???

The AA honoured their 7.21% account! NCBS honured their account! This was after the rate cut! They both have the same types of conditions! So everybody who took their time to complete the form on the 31st would simply be told to get lost!! When The AA closed their account at midday they honured all applications they had received, as it is a decent company!

Why if they had my cheque on the 4th did they not write an email, call, send a letter and send the cheque back, becaue I still could have opened another 7% account, this is a shameful, I still don't have it back.

tom188 · 14 November 2008 at 4:19PM

[FONT=arial, sans-serif]Taking the matter to the Ombudsman.[/FONT]

Dont waste the Ombudsman's time.

(a) they pulled their offering, which they are entitled to within their t&cs, and you dont really have a leg to stand on.
(b) the ombudsman will not look at your complaint until you have exhausted the YBS complaints procedure and had a final response from them.

Angryybs_customer · 14 November 2008 at 4:25PM

tom188 wrote: »

Dont waste the Ombudsman's time.

(a) they pulled their offering, which they are entitled to within their t&cs, and you dont really have a leg to stand on.
(b) the ombudsman will not look at your complaint until you have exhausted the YBS complaints procedure and had a final response from them.

Funny, how the rates went down on the 6th and they claim they got it on the 5th even though it is the 4th, following which they just sat on it.

My claim will be that they failed to inform me and they sat on my cheque when I could have opened other accounts. I will calim the difference of 1% based on what I can get now and therir offering. Also will claim for the fact they sat on the cheque, which bothers me more then anything else.

bristolleedsfan · 14 November 2008 at 4:28PM

Angryybs_customer wrote: »

Why if they had my cheque on the 4th did they not write an email, call, send a letter and send the cheque back, becaue I still could have opened another 7% account, this is a shameful, I still don't have it back.

I agree YBS should have returned the cheque to you the same day as it was received if it was not going to honour the rate.

Ironically A+L double debited all my regular savings standing orders in october, I contacted all the Building Societies concerned and asked them if they would kindly do one of three things, reverse one of the deposits, refund the apparent doubled up deposit or do an amendment so that one of the double deposits became the following months regular savings payments, out of a dozen Building Societies contacted all were happy to implement one of these three options apart from YBS who said they couldnt do any of the three options. :mad:

Contract the two replies about the same thing.

Dear Mr

Thank you for your e-mail.

We are unable to send the duplicated funds back to your bank account as this would count as a withdrawal, and as you have already made a withdrawal in this account year this would lead to you losing your conditional bonus.

Alternatively you can keep the funds in your account and continue to make your monthly payments as the maximum monthly savings amount is £500.

Or you can keep the funds in your account and miss next months payment as the conditions of the account allow you to pay in for 11 out of 12 months per account year and you would still receive your bonus. If you did choose this option this would mean that you would not be able to miss any further payments in this account or you would not receive your bonus.
If you have any further queries then please contact us on 0845 1 200 100. Our hours of opening are detailed below.

Regards

Louise Brown

Web Representative
Savings Service
Yorkshire BS

Hello Mr

I have checked with our Finance department regularily but there has been no recall by your bank. Unless I hear from you to the contrary I will do as you suggest and count these as your November credits, it is the most sensible suggestion.

Lynne Clarke
Investment Manager
Telephone: 01509 631961
email: [EMAIL="lynne.clarke@theloughborough.co.uk"]lynne.clarke@theloughborough.co.uk[/EMAIL]

isofa · 14 November 2008 at 4:34PM

Angryybs_customer wrote: »

Do you work for them???

Just because I don't agree with you, that's your response - good grief. :rolleyes:

You'll waste your time and others trying to complain to the ombudsmen -complete agree with tom188, however I would write to YBS and ask why they didn't return your cheque immediately, has it got lost in the post?

Many fixed rate accounts operated in this manner, they have to close the gates sometime.

You've missed out, learn from it, move on and don't waste your time.

Angryybs_customer · 14 November 2008 at 4:51PM

isofa wrote: »

Just because I don't agree with you, that's your response - good grief. :rolleyes:

You'll waste your time and others trying to complain to the ombudsmen -complete agree with tom188, however I would write to YBS and ask why they didn't return your cheque immediately, has it got lost in the post?

Many fixed rate accounts operated in this manner, they have to close the gates sometime.

You've missed out, learn from it, move on and don't waste your time.

Do you work for them was a joke....although...do you??;)

This isn't about terms and conditions it is about giving a stuff about your customers. Had they simply sent it back to me I would have been unhappy but would have thought- poor service open elsewhere.

I have recently opened several accounts like I say all accepted the deposits, regardless of t&c. It just shows the difference between them and others.

I will pursue it as it is outrageous, lost out on approx £500 in interest as they didn't send it back to me to give me time to open another account.

Anyway anyone know of another good fixed account for £50K 1-2 years most have gone, thanks YBS:(

bristolleedsfan · 14 November 2008 at 5:05PM

Angryybs_customer wrote: »

Anyway anyone know of another good fixed account for £50K 1-2 years most have gone, thanks YBS:(

http://www.moneyfacts.co.uk/searches/savings.aspx

Baldur · 14 November 2008 at 5:09PM

Short term
http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx
Long term
http://www.moneyfacts.co.uk/savings/bestbuys/long-term-fixed-rate-bonds.aspx

Yorkshire BS E-BOND-SHAME ON YOU!!

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