Yorkshire BS E-BOND-SHAME ON YOU!!

Angryybs_customer

bristolleedsfan wrote: »

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

Thanks

Clydesdale Bank / Kent Reliance

Kent Reliance- know nothing about it any views?
Clydesdale Bank- same any views?

bristolleedsfan

Angryybs_customer wrote: »

Thanks

Clydesdale Bank / Kent Reliance

Kent Reliance- know nothing about it any views?
Clydesdale Bank- same any views?

KRBS are very efficient in many opinions including mine.

Mikeyorks

If they've told you they won't be processing the cheque ..... why do you consider you needed it back before applying for other accounts? Unless it's a counter cheque / Draft ........ it's worthless, so why make an issue of it.

And no, I don't work for them despite the geographical link. Nor for Kent Reliance ........ who are generally excellent.

Angryybs_customer

Mikeyorks wrote: »

If they've told you they won't be processing the cheque ..... why do you consider you needed it back before applying for other accounts?

You miss the point, I didn't know they weren't accepting the cheque till today they knew "apparently" on the 31st. I have been logging in to the account wondering why no cheque had gone through, but they didn't tell me I asked them and I found out today!

And I do want my cheque back, if they aren't going to honour it, I don't want it lying round in YBS.

slopemaster

Actually had similar thing twice - once with B&B, once with PO ISA. In both cases they wrote to say they couldn't open the account BUT THEY CASHED THE CHEQUE!!!
I am still trying to get the money back.
Both have ignored letters and e-mails.
In the case of the PO, they even have it in their terms that they will NOT pay any interest if they do that.

Yorkshire_Pud

I opened YBS eBond on 28 October.

I could not go to my bank until the 3 November to close an account and send the proceeds to YBS.
YBS would have received cheque on 4 November.
I subsequently discovered deadline for deposits was 5pm on 3 November.
Therefore I had missed the deadline.

There were no messages on the YBS website stating that the bond had been closed on 31 October or that deposit's would only be accepted up to 5pm on 3 November.

Clearly YBS just wanted to pull the bond before the expected interest rate cut on 6 November.

It is a fact that most other providers offer a reasonable grace period AND tell their customers about it when pulling a bond.

It's called good customer relations. YBS don't seem to understand that.

The reason why it took so long for my cheque to be returned; mine arrived back on 11 November; was explained to me by a YBS operator. Their staff were working their way through the deposits in rote fashion. Clearly it took 7 days to reach my cheque. During this time my money earnt no interest. The time delay meant that I missed out on subscribing to a bond from a different provider.

To make matters worse YBS asked for the deposit cheque to be made out to 'YBS a/c your name' so when it was eventually returned I had to take it back to the bank who crossed out the YBS bit and security stamped the change and said it 'might' be accepted by another bank/building society. I have significant health problems and this was a hassle I could have done without.
IMHO YBS deliberately did not publish clear details of the bond's closure so as not to encourage further subscriptions before the 5pm deadline.
Their (in)action is not typical of other providers in my experience.

I believe the OP is right to complain just as I will be. It's our right.
The site posits "consumer revenge":T

YBS needs to know they have treated their (would be) customers badly this time.
To all those who say don't bother. I guess you have your bonds with YBS; lucky you.

Customer service and goodwill are facets of an organisations business model that are usually highly valued and sought after. YBS spends revenue on advertising to promote themselves.

A lot of unhappy customers I would say. Let them know about it, politely. The operators I have spoken to have all been courteous and professional. They didn't make the decisions but try to let the idiots that did make the decisions know all about it.

PS Just as an aside after debiting a YBS account to make a transfer to an external organisation, why does it take YBS 5 working days to get the money to that account? They say it's because they are not a bank. I say it's because they like hanging on to the customers money where it earns interest for THEM instead of the customer :cool:

So everyone with a niggle about this saga please DO complain to YBS.

soulsaver

Worse still I have evidence to support YBS hawkish application of trying to prevent you paying into the bond:
They asked me for proof of identity to open the FTB - even though I've saved with them for years - but not unusual you say with banks banal application of the laundering rules.
As the branch where I could take my passport & utility bill was miles away I asked if I could deposit funds and provide the proofs later, when convenient for me to go to the branch. Yes said the hero on customer services. Asked if it was a once only deposit allowed - he replied you can continue to deposit whilst the bond remains open.
So I transfered funds from my YBS instant access a/c, and did 2 bank transfers from my current First Direct current a/c.
YBS allowed the internal transfer... but bounced the bacs payments back to my originating bank - costing me 5 days interest. They didn't inform me at all of this action... and I discovered the funds there with no references when checking for a completely unrelated transaction. After a check with CS they then decided I couldn't make deposits from an external source without the proof, & what I'd previously been told '...was incorrect'.
I provided the proofs the same day at the local branch, a 20mile round trip. The upshot was skullduggery on YBS behalf to use identity proofs 'lost in the internal post' to prevent me from depositing further funds until the bond was withdrawn. So yep I can sympathise with mr.angryybs. I know how you feel... :mad:they were always first to cut rates too.
I'd make a big issue out of it but life is too short tho' - while you make a fight for better service of YBS another bank will be p*ssing down you back while its turned.....

savetilibleed

Just noticed there is another new eBond that YBS have opened now at 5.58% AER fixed until 30 June 2009. Real gross is 5.50% for "annual" interest and 5.37% gross for monthly interest.

I'm waiting for Saga to send forms for their fixed rate account which is a lot more. Same for my wife for which money is in limbo in a current account. But for me I'm tempted to just stick it in YBS bond (same current rate as internet saver now) even though I shall still have over £50,000 with YBS in total even if I don't.

Angryybs_customer

Yorkshire_Pud wrote: »

I opened YBS eBond on 28 October.

I could not go to my bank until the 3 November to close an account and send the proceeds to YBS.
YBS would have received cheque on 4 November.
I subsequently discovered deadline for deposits was 5pm on 3 November.
Therefore I had missed the deadline.

There were no messages on the YBS website stating that the bond had been closed on 31 October or that deposit's would only be accepted up to 5pm on 3 November.

Clearly YBS just wanted to pull the bond before the expected interest rate cut on 6 November.

It is a fact that most other providers offer a reasonable grace period AND tell their customers about it when pulling a bond.

It's called good customer relations. YBS don't seem to understand that.

The reason why it took so long for my cheque to be returned; mine arrived back on 11 November; was explained to me by a YBS operator. Their staff were working their way through the deposits in rote fashion. Clearly it took 7 days to reach my cheque. During this time my money earnt no interest. The time delay meant that I missed out on subscribing to a bond from a different provider.

To make matters worse YBS asked for the deposit cheque to be made out to 'YBS a/c your name' so when it was eventually returned I had to take it back to the bank who crossed out the YBS bit and security stamped the change and said it 'might' be accepted by another bank/building society. I have significant health problems and this was a hassle I could have done without.
IMHO YBS deliberately did not publish clear details of the bond's closure so as not to encourage further subscriptions before the 5pm deadline.
Their (in)action is not typical of other providers in my experience.

I believe the OP is right to complain just as I will be. It's our right.
The site posits "consumer revenge":T

YBS needs to know they have treated their (would be) customers badly this time.
To all those who say don't bother. I guess you have your bonds with YBS; lucky you.

Customer service and goodwill are facets of an organisations business model that are usually highly valued and sought after. YBS spends revenue on advertising to promote themselves.

A lot of unhappy customers I would say. Let them know about it, politely. The operators I have spoken to have all been courteous and professional. They didn't make the decisions but try to let the idiots that did make the decisions know all about it.

PS Just as an aside after debiting a YBS account to make a transfer to an external organisation, why does it take YBS 5 working days to get the money to that account? They say it's because they are not a bank. I say it's because they like hanging on to the customers money where it earns interest for THEM instead of the customer :cool:

So everyone with a niggle about this saga please DO complain to YBS.

Shocking!! This company really is disgraceful, I do agree that the operators are polite, but clearly some pen pusher decided to shaft everyone. Anyway if others are stuck then please note Clydesdale Bank (currently top payer) are planning to lower rates from Monday, but they will honour the rate providing you apply today and will give you 14 days to send in your cheque.

Unlike YBS they understand customer service it seems, also they have terms from 1-3 years. If you go with Yorkshire Bank (part of Clydesdale and NO RELATION to YBS) then the rates are slightly higher for the same products, so make the call it took exactly 5 minutes very simple application process.

Angryybs_customer

savetilibleed wrote: »

Just noticed there is another new eBond that YBS have opened now at 5.58% AER fixed until 30 June 2009. Real gross is 5.50% for "annual" interest and 5.37% gross for monthly interest.

I'm waiting for Saga to send forms for their fixed rate account which is a lot more. Same for my wife for which money is in limbo in a current account. But for me I'm tempted to just stick it in YBS bond (same current rate as internet saver now) even though I shall still have over £50,000 with YBS in total even if I don't.

DONT GO WITH YBS, check Clydesdale Bank

http://www.cbonline.co.uk/personal/savings/term-deposit/

http://www.ybonline.co.uk/personal/savings/term-deposit/

can get up to 6.48% fo 3 years, make sure you don't wait till Monday.