Santander123 As A Savings Account?
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Archi_Bald wrote: »Sorry, no sympathy from me.
Ive noticed you dont offer much sympathy on this forum. Its a shame some people arent as wordly wise as you and still have the misplaced honesty to listen to what comes out of a sales persons mouth.
If they were mis sold something (as millions were with PPI and endowments) they will have a route to recourse as hopefully this poster will.0 -
If they were mis-sold something indeed they will but there is no indication that they were. What we do know is that the OP didn't even read the material that would have been given or sent as part of the account opening process. Since Santander have already dismissed the claim on the, not unreasonable grounds, that a declaration of consent had been signed I fear the best that can be hoped for is some form of ex gratia paymentIf they were mis sold something (as millions were with PPI and endowments) they will have a route to recourse as hopefully this poster will.
However, while we do not know the sums involved, something that has been glossed over is that the first £20,000 is earning a market leading rate of 3% plus cash back worth over £960 pa which as the OP says 'was better than any other rate available'
Personal responsibility, sad but true0 -
Ive noticed you dont offer much sympathy on this forum. Its a shame some people arent as wordly wise as you and still have the misplaced honesty to listen to what comes out of a sales persons mouth.
If they were mis sold something (as millions were with PPI and endowments) they will have a route to recourse as hopefully this poster will.
It would be very sad if independent adults in the UK were unable to figure out how their current accounts work.
As I said before, if anyone finds the terms & conditions, or anything else about their current account (or any account), confusing, there are plenty of resources if people need help.
Do people not have any pride any longer in their own abilities, and in being able to look after their own affairs?0 -
Without wishing to be uncharitable the £20,000 limit has always been clearly stated on any material I have ever seen. As mentioned, they even say it on the telly
Salesmen do not act in loco parentis and to expect them to do so is somewhat naive
Ultimately we are all responsible for our own money and don't forget that we all sign a declaration that we have read and understood the Terms and Conditions
While I agree that people really need to wake up to their own responsibility, speaking as a former Sales Manager I do wonder why, as Santander publicise this so clearly, the salesperson chose not to mention this rather important fact as part of the sale; and especially as the poster in question had stated in the conversation that they could "transfer all my savings". Even if the salesperson had not felt the need to mention it up to that point, they should have pointed the £20K maximum out the moment the confusion became apparent, or else they were clearly not being transparent. That is not my definition of Treating Customers Fairly.I don't want to achieve immortality through my work, I want to achieve it through not dying0 -
Well I'm not going to defend a sales person, heaven knows I've had my own run ins with them, but it's worth remembering that we have only one side of this encounter, and a very partisan one at that
As a former Sales Manager you will be more aware than most of what drives them, hence the thrust of my posts were aimed at the notion of Caveat Emptor - the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
Sadly we are unlikely to find out more as the OP joins the legions of people that sign up, post unsupported accusations of 'deceptive and misleading sales staff in Santander branches' and never log on again0 -
When I set mine up I had two direct debits and two standing orders. One of the dd's has now ended, but I'm still getting interest 3 months on. You could always set up a dd to the national lottery or something, and depending on how much you have in there and especially if you play anyway it could still work out as a decent rate.0
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Well I'm not going to defend a sales person, heaven knows I've had my own run ins with them, but it's worth remembering that we have only one side of this encounter, and a very partisan one at that
As a former Sales Manager you will be more aware than most of what drives them, hence the thrust of my posts were aimed at the notion of Caveat Emptor - the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
Sadly we are unlikely to find out more as the OP joins the legions of people that sign up, post unsupported accusations of 'deceptive and misleading sales staff in Santander branches' and never log on again
In Financial Services, rightly or wrongly, that has not applied for well over 20 years, and even less so now than ever. Whoever manages them would (or should) be drumming that into them. You cannot "mislead" people in ways that would be common place in other industries and the defence of "it is in the smallprint" often doesn't wash.
Most people mis-sold PPI would have known they weren't covered if they'd read the small print, same goes for endowments and the fact that they weren't guaranteed to pay off a mortgage let alone provide a surplus.
TCF Outcome 3: "Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale."I don't want to achieve immortality through my work, I want to achieve it through not dying0 -
I think a lot depends here on exactly what was said - OP states that "When I complained to Santander they accepted that I was telling the truth (I do have a witness) but dismissed my claim for compensation on the basis that I should have read the small print" but it's unclear as to exactly what is agreed and what is inferred.
If Santander accepted that OP explicitly stated a desire to transfer, say, £50K into the account then they would seem to be bang to rights and I'd have expected them to take the consequences.
On the other hand, if the version of events accepted by Santander only goes as far as not explicitly warning of a cap (without any quantifying or perhaps even mention of OP's savings) then I can see why they might resist.
I suppose the chances are that the truth is somewhere in between, but obviously we won't find out any more unless or until OP returns to the thread....0 -
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Archi_Bald wrote: »It would be very sad if independent adults in the UK were unable to figure out how their current accounts work.
As I said before, if anyone finds the terms & conditions, or anything else about their current account (or any account), confusing, there are plenty of resources if people need help.
Do people not have any pride any longer in their own abilities, and in being able to look after their own affairs?
Thats what some people entrust banks with surely ? If the OP was told something by an employee that was contrary to any written condition they would still have a right to recourse.
To simply assume mis-selling of products doesnt still happen is naive to say the least.0
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