Zero Card now charging £10 dormancy fee !

LongTermLurker

exel1966 wrote: »

So does transaction mean purchase ? cash withdrawl ? payment into the account ? All ?
We can all surmise, but it really depends on their idea of transaction.

Oxford English Dictionary:

transaction
• noun 1 an instance of buying or selling. 2 the action of conducting business. 3 an exchange or interaction between people.

If I add to or take from an account, make a payment to someone or receive money from them, that's a transaction - it's crystal clear and defined in the English language - I don't think it needs any interpretation; it's not a technical or legal phrase.

Ben1982

NickX wrote: »

Exactly. I have been looking through this document for the definition of Transaction.

Looking on my online account if I click "Transactions" under Enquiry, it gives me the payments I've made aswell.

That point could be argued with them if they have no other definition of Transactions listed and they don't class payments as transactions.

YorkshireBoy

LongTermLurker wrote: »

...on a 10K stooz you'd need to put £1350 into an instant access account just to pay off the minimum payments each month

You'd only make 4 minimum payments though (totalling £870.08), with the 5th payment being the final balance to clear, if you set your statement date to 'yesterday', ie if calling to activate on the 4th, ask for a 3rd of the month statement date.

Hopefully you'd be able to meet the minimum's from income though, so you wouldn't have to raid the stooz pot or set up an additional account (all of which will act to reduce the profit).

YorkshireBoy

The other point with 'dormancy' is that if you have a DD set up and don't use it for 13 months/400 days, your bank will most likely cancel it.

Could be a problem if your holidays are 18 months apart!

exel1966

LongTermLurker wrote: »

Oxford English Dictionary:
If I add to or take from an account, make a payment to someone or receive money from them, that's a transaction - it's crystal clear and defined in the English language - I don't think it needs any interpretation; it's not a technical or legal phrase.

Oh I know the dictionary meaning is crystal clear, but wer'e talking about ShAbbey here who have their own very special way of doing/interpreting things regardless of the rules eg. when 6 month BT's actually mean 5 or whatever they want it to mean on any given day !

Maybe their appalling service/record has made me cynical of them and I wouldn't put anything past them. Either way It shouldn't affect me.

LongTermLurker

YorkshireBoy wrote: »

You'd only make 4 minimum payments though (totalling £870.08), with the 5th payment being the final balance to clear, if you set your statement date to 'yesterday', ie if calling to activate on the 4th, ask for a 3rd of the month statement date.

Hopefully you'd be able to meet the minimum's from income though, so you wouldn't have to raid the stooz pot or set up an additional account (all of which will act to reduce the profit).

You're right with the 4 payments - I made the mistake of thinking there would be 6 minimums - d'oh!

Whether you pay the minimum from the stoozpot or from your pocket makes no real difference though, because what you take out of your wage can't be saved - it's all the same money really.

KTF

Time for me to cancel the regular card (originally used for the cashback at the beginning of the year) then wait for the 6 months on the zero card to expire in November before doing the same.

Does anyone know which address should be used to cancellations as they dont seem to mention it in the new T&C booklet.

BritBrat

NickX wrote: »

In addition they have now expressly forbidden the account from going into Credit,

Could you explain what would happen if you were in credit?

I have a card that will not let me put it in credit through an online web page but if I use online banking I can put any amount into it.

So could we be charged a penalty for being in credit?

NickX

BritBrat wrote: »

Could you explain what would happen if you were in credit?

From the new Terms & Conditions :

"You should not make payments that place the Account in credit. If you do, we may restrict the use of the Card and the Account to the amount of your credit limit"

Thats all I know, hope it makes sense.

mariegriffiths

ScoobyZ wrote: »

Yep if you dont use your card for 6 months they can charge you £10 according to new terms I got posted today.

So if you got this for your anual holiday, you chould make a couple of small purchases through the year.

I was about to post this. Can you put Abbey in the thread title. People need a magnifying glass to see this change. I cancelled today.
Surely this is illegal? Shall we call the ASA?