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  • FIRST POST
    • walkthelakes
    • By walkthelakes 4th Oct 17, 12:40 PM
    • 3Posts
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    walkthelakes
    Charter Savings Bank - Just like all the rest?
    • #1
    • 4th Oct 17, 12:40 PM
    Charter Savings Bank - Just like all the rest? 4th Oct 17 at 12:40 PM
    Started using this Bank following a recommendation on this site. Had a really good 120 day notice account with attractive interest rate. Over the months I received 2 notices that they had to reduce the rate paid due to market conditions. Started at 1.79% then to 1.54% in August 2016 and then in June 2017 to 1.14%. However saw they had a one year bond paying 1.55% so gave notice on half of funds. Imagine my dismay when you now see they are paying much higher rates on accounts that require less notice. However I still have to give 120 days notice to get the remainder of my funds to switch to these better accounts.

    I have contacted them to express my disappointment that they seem to be acting just like the 'old' banks and trapping existing customers in zombie accounts (they no longer offer the 120 day account). Also why if market conditions dictate that they can now pay higher rates could they not increase the rate on my existing account? They were after all very quick to bring it down.

    Only reply I got was accepting the notice on my existing account and that senior management would be informed of my complaint and a response provided.

    Guess what - no response.

    Hope Martin reads this (and Charter Savings).

    David
Page 1
    • walkthelakes
    • By walkthelakes 16th Oct 17, 8:06 PM
    • 3 Posts
    • 0 Thanks
    walkthelakes
    • #2
    • 16th Oct 17, 8:06 PM
    • #2
    • 16th Oct 17, 8:06 PM
    Finally got reply. Not in line with their sincere and trustworthy stance in their brochure. Basically we can do what we want just as all the rest and tough. If you do not like it go to the FSA but we have broken no rules. Yes I know that but how about 'customer service'?
    • jimjames
    • By jimjames 16th Oct 17, 9:19 PM
    • 12,331 Posts
    • 10,913 Thanks
    jimjames
    • #3
    • 16th Oct 17, 9:19 PM
    • #3
    • 16th Oct 17, 9:19 PM
    I'm happy with Tesco bank. They've stated that their rate will be 3% until April 2019. Not many banks give that length of time for a variable rate
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Thrugelmir
    • By Thrugelmir 16th Oct 17, 10:20 PM
    • 56,715 Posts
    • 50,084 Thanks
    Thrugelmir
    • #4
    • 16th Oct 17, 10:20 PM
    • #4
    • 16th Oct 17, 10:20 PM
    Finally got reply. Not in line with their sincere and trustworthy stance in their brochure. Basically we can do what we want just as all the rest and tough. If you do not like it go to the FSA but we have broken no rules. Yes I know that but how about 'customer service'?
    Originally posted by walkthelakes

    Four months notice is shorter than a year. The tide does seem to be turning. Now that the BOE is no longer providing cheap money to mortgage lenders and interest rate in general are drifting upwards. .
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Uxb
    • By Uxb 17th Oct 17, 7:10 AM
    • 992 Posts
    • 1,057 Thanks
    Uxb
    • #5
    • 17th Oct 17, 7:10 AM
    • #5
    • 17th Oct 17, 7:10 AM
    Just take the mudder f*ckers to the Financial Services Ombudsman on the basis of their refusal letter and that pile of twaddle speak.

    It costs you nothing to do so but it costs the financial company(Charter) £500 every time someone goes to the FOS as the FOS back charge them.
    If more and more did it it would waste a lot of time (excellent news), cost a lot of money and suddenly you would find Charter having an "attitude re-adjustment" as the FOS would be having a "a little word in your ear" to Charter.

    Or to put it more bluntly/controversially it would pay Charter to give you a significant bung with the agreement attached for you not to go on to the FOS to avoid having to pay the £500 it would cost 'em.

    Back in the old days pre online counter service I found that where you wanted to change to a higher interest rate account so not making a withdrawal from the society as a whole the society would waive the notice period required.
    • 2010
    • By 2010 17th Oct 17, 7:21 AM
    • 4,165 Posts
    • 3,329 Thanks
    2010
    • #6
    • 17th Oct 17, 7:21 AM
    • #6
    • 17th Oct 17, 7:21 AM
    It`s OK to take any bank to the FSO but you need sensible grounds to do so.
    From the above info, Charter have kept to their T&C which the OP must have agreed to.
    So what`s the complaint?

    There was nothing to stop the OP after opening the 120 day account to then give notice of a withdrawal and use/cancel as needed.
    • eskbanker
    • By eskbanker 17th Oct 17, 11:49 AM
    • 6,064 Posts
    • 6,084 Thanks
    eskbanker
    • #7
    • 17th Oct 17, 11:49 AM
    • #7
    • 17th Oct 17, 11:49 AM
    Just take the mudder f*ckers to the Financial Services Ombudsman on the basis of their refusal letter and that pile of twaddle speak.

    It costs you nothing to do so but it costs the financial company(Charter) £500 every time someone goes to the FOS as the FOS back charge them.
    If more and more did it it would waste a lot of time (excellent news), cost a lot of money and suddenly you would find Charter having an "attitude re-adjustment" as the FOS would be having a "a little word in your ear" to Charter.

    Or to put it more bluntly/controversially it would pay Charter to give you a significant bung with the agreement attached for you not to go on to the FOS to avoid having to pay the £500 it would cost 'em.
    Originally posted by Uxb
    It`s OK to take any bank to the FSO but you need sensible grounds to do so.
    From the above info, Charter have kept to their T&C which the OP must have agreed to.
    So what`s the complaint?
    Originally posted by 2010
    I've certainly seen references to the charges levied by FOS on banks to deal with each complaint but must admit that I assumed it wouldn't apply in the case of obviously frivolous or vexatious complaints where customers accept that the bank is compliant with Ts & Cs.

    My assumption would be that FOS would simply dismiss these out of hand and not charge the bank, otherwise all institutions would be susceptible to the sort of crude extortion suggested above, does anyone have a verifiable source for the FOS charging regime?
    • walkthelakes
    • By walkthelakes 7th Nov 17, 7:55 PM
    • 3 Posts
    • 0 Thanks
    walkthelakes
    • #8
    • 7th Nov 17, 7:55 PM
    • #8
    • 7th Nov 17, 7:55 PM
    I did raise with Charter the fact that I was more complaining over their morals given their advertising rather than if they had done anything the Ombudsman would take issue with. However they seem determined to only ever reply on the basis that they feel the Ombudsman would support their position. Of course it will and I know that too but CHARTER you are MISSING the point. It is not about what you can do but whether you should do it. I.E. If your CHARTER is meaningless then stop pretending you are better than the rest and just admit you are as bad as the rest.
    • 2010
    • By 2010 8th Nov 17, 8:30 AM
    • 4,165 Posts
    • 3,329 Thanks
    2010
    • #9
    • 8th Nov 17, 8:30 AM
    • #9
    • 8th Nov 17, 8:30 AM
    I think you are the one missing the point.
    You agreed to their T&C when you opened an account.
    If you didn`t agree, you could not open the account.

    Whether you bothered to read the T&C is another matter.
    • cloud_dog
    • By cloud_dog 8th Nov 17, 9:04 AM
    • 3,341 Posts
    • 1,891 Thanks
    cloud_dog
    I'm a little lost.....who signs up to a 120 day notice account and then complains because they have to give 120 days notice to access their money?

    OP you were happy to receive the benefit of the higher interest rate by locking your money up for at least 120 days but now you are not benefiting from the arrangement you want to complain. I don't get it.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
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