MSE News: Car giant Ford gears up to launch market-leading regular savings

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  • ctdctd
    ctdctd Posts: 1,079
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    JezR wrote: »
    The full terms though (at time of posting at any rate) retain the following wording:

    "You can hold one by yourself or jointly with one other person, also aged 16 or over."

    Again, if they intended that to mean only one account should be held, they needed to put a comma after the first "one".
    Do Money Saving sites make you buy more bargains - and spend more money?
  • JezR
    JezR Posts: 1,697
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    edited 26 May 2017 at 7:32AM
    To quote an opinion on a similar issue on integrated and supplementary relative clauses:

    "God help you if you are forced to rely on the comma distinction and nothing else, because some damn fool will say he can't see the difference."

    In this case though the advice by phone agents could be the something else for those that have it.
  • isasmurf
    isasmurf Posts: 1,999
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    edited 26 May 2017 at 7:48AM
    Why did they have a £250 monthly limit? To inconvenience everyone to open multiple accounts to deposit more than that and create additional administration costs for themselves?
  • DragonQ
    DragonQ Posts: 2,193
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    Sent my evidence stuff to Ford Money on Monday evening, still haven't heard anything via post, phone or email. >_>
  • Eco_Miser
    Eco_Miser Posts: 4,708
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    isasmurf wrote: »
    Why did they have a £250 monthly limit? To inconvenience everyone to open multiple accounts to deposit more than that and create additional administration costs for themselves?
    Allowing multiple accounts with a limit to each account is not unknown. BoS 3 * £5000, Tesco 2 * £3000, TSB 2 * £2000 (now withdrawn), Lloyds 3 * £5000 (withdrawn) for current account examples.
    Eco Miser
    Saving money for well over half a century
  • adindas
    adindas Posts: 6,805
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    edited 26 May 2017 at 8:21AM
    isasmurf wrote: »
    Why did they have a £250 monthly limit? To inconvenience everyone to open multiple accounts to deposit more than that and create additional administration costs for themselves?

    Simple. Because the main intention is not to allow people to open multiple accounts on this loss leader product.

    But it is not uncommon that a business is using a loss leader product, teasing rate or the like for a short period of time as their strategy for cross selling...

    I still wonder is there any specific clause on the T&C or product summary mentioning that specifically mention that you can not have more than one Regular Saver Cash ISA. I have been trying to search but could not find one ....

    If you wanted to see them under the microscope their product T&C is 1 June 2016
  • veryintrigued
    veryintrigued Posts: 3,843
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    edited 26 May 2017 at 8:54AM
    adindas wrote: »
    If they want to cancel your multiple accounts, mention it you will go public and spread the news to everywhere. Keep in mind you apply they accept it and their IT systems allow to do that. The fact that they accept it means they break their own T&C (if any)

    If it goes public, it will send the signal that their IT system can not be trusted. It will give them a bad publications if the news is going spiral. How much is going to cost them for bad publications ??

    God you're desperate for that compensation (you mentioned a couple of posts ago) aren't you?

    Companies must just love customers like you. I.e. ones who've openly admitted on forums they never read T&Cs of products and then who subsequently stamp their feet looking for redress.

    Fingers crossed Ford can identify you from the number of products you've stated you've opened and offer you nothing if they are monitoring this thread.:)
  • EachPenny
    EachPenny Posts: 12,239
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    isasmurf wrote: »
    Why did they have a £250 monthly limit? To inconvenience everyone to open multiple accounts to deposit more than that and create additional administration costs for themselves?

    That is a very reasonable question, but so too is asking why the T&C's include the text under the heading "Issues of the Regular Saver".

    If you apply the interpretation some people have that the infamous section of the T&C's bars you from applying for or holding more than one RS, then the same condition also bars you from applying for or holding an "issue 2" account if you already hold an "issue 1" account. You would need to wait for your 'one' RS account to mature before you can apply for a new one.

    If you take the 'only one is allowed' interpretation then the terms (as written) create a Lloyds/Santander/TSB/Nationwide/BoS/Halifax situation where only one account is allowed per person at any one time - in contrast to the Virgin Money (and many of the BS) approach of one account per issue.

    If the proposal you put forward in post #100 were applied in strict fairness, then all people holding only one RS account would also be prohibited from applying for an account in issue 2. How many people holding only one account would consider this to be a fair re-interpretation of the original T&C's?

    The famous comma is not the only thing missing from these T&C's.
    "In the future, everyone will be rich for 15 minutes"
  • eskbanker
    eskbanker Posts: 30,415
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    adindas wrote: »
    It will give them a bad publications if the news is going spiral.
    This does all seem to be going round in circles.... :)
  • EachPenny
    EachPenny Posts: 12,239
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    eskbanker wrote: »
    This does all seem to be going round in circles.... :)

    Is that your Roundabout way of making a point? ;)
    "In the future, everyone will be rich for 15 minutes"
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