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Abbey - Savings account madness! - UPDATE: I WON!!
onelegout
Posts: 2 Newbie
Hi everyone,
I wondered if you could help me by giving me some advice to a ridiculous situation I'm in regarding my Super Reward Saver account at Abbey National.
On September 25th, 2008, Me and my mum went to abbey to invest some money.
I was investing £20,000 and she was investing £60,000.
We both decided to put half of our sum in a Santander guaranteed capital investment bond (20% tax free interest paid after 3.5 years if the FTSE 100 had risen by 1 point, all the money back if it had not risen or had gone down).
We put the other half in a super reward saver account at 5% interest per year, with an extra 3.5% bonus paid after 1 year as long as we did not touch the money for that year.
Both cheques were paid from my mum's account to abbey on that day, 25th September '08.
I was told the bonus would be paid on 1st October '09.
My mum's bonus was paid on 1st October 09 with no problems whatsoever.
Mine was not. I was not told there had been a problem, and then was told that for some reason, abbey had not cashed the cheque or set up my savings account until the 15th of October, '09!
I thought to myself 'well that's rubbish, but if the cheque didn't clear for that long it's only fair'.
I found out today that the cheque did clear on the 25th September and Abbey had the money for 20 days before they set up the account. This means that they had the money and that my bonus SHOULD have been paid on the 1st October as I was originally told!
Now abbey are offering me a free £700 overdraft for a month, which I find absolutely insultingly ridiculous, as they have admitted it is their fault and that I should already have had my money including the bonus, paid into my account 10 days ago! They have also offered me a measley £50 compensation.
I have told them that I expect the bonus to have been paid by end of business tomorrow, and if it has not I will be seeking legal advice.
Does anyone have any advice on how to go about ensuring that they give me my money now? I don't want to withdraw the £10000 and lose all the bonus interest that should rightfully be mine!
To top all this off, I have just moved away from home and into a new flat with my girlfriend - I had planned all this last year, and planned to move out the week after receiving my bonus 3.5% - now I'm left over £10000 worse off than I thought I would be, with mounting debt to my car garage, and my landlord, not to mention the fact that I don't have enough money to live properly!
Please help!
Many thanks,
Onelegout.
UPDATE: My local branch manager just sorted everything out for me! Scroll down to find out more
I wondered if you could help me by giving me some advice to a ridiculous situation I'm in regarding my Super Reward Saver account at Abbey National.
On September 25th, 2008, Me and my mum went to abbey to invest some money.
I was investing £20,000 and she was investing £60,000.
We both decided to put half of our sum in a Santander guaranteed capital investment bond (20% tax free interest paid after 3.5 years if the FTSE 100 had risen by 1 point, all the money back if it had not risen or had gone down).
We put the other half in a super reward saver account at 5% interest per year, with an extra 3.5% bonus paid after 1 year as long as we did not touch the money for that year.
Both cheques were paid from my mum's account to abbey on that day, 25th September '08.
I was told the bonus would be paid on 1st October '09.
My mum's bonus was paid on 1st October 09 with no problems whatsoever.
Mine was not. I was not told there had been a problem, and then was told that for some reason, abbey had not cashed the cheque or set up my savings account until the 15th of October, '09!
I thought to myself 'well that's rubbish, but if the cheque didn't clear for that long it's only fair'.
I found out today that the cheque did clear on the 25th September and Abbey had the money for 20 days before they set up the account. This means that they had the money and that my bonus SHOULD have been paid on the 1st October as I was originally told!
Now abbey are offering me a free £700 overdraft for a month, which I find absolutely insultingly ridiculous, as they have admitted it is their fault and that I should already have had my money including the bonus, paid into my account 10 days ago! They have also offered me a measley £50 compensation.
I have told them that I expect the bonus to have been paid by end of business tomorrow, and if it has not I will be seeking legal advice.
Does anyone have any advice on how to go about ensuring that they give me my money now? I don't want to withdraw the £10000 and lose all the bonus interest that should rightfully be mine!
To top all this off, I have just moved away from home and into a new flat with my girlfriend - I had planned all this last year, and planned to move out the week after receiving my bonus 3.5% - now I'm left over £10000 worse off than I thought I would be, with mounting debt to my car garage, and my landlord, not to mention the fact that I don't have enough money to live properly!
Please help!
Many thanks,
Onelegout.
UPDATE: My local branch manager just sorted everything out for me! Scroll down to find out more
0
Comments
-
Welcome! What a shame you didn't come here BEFORE you made your move with Abbey. You would have been advised not to touch them with a barge pole. You would also been advised not to put any money in their Investment Bond.
But hey ho, now you must enter Abby's complains procedure and expect their response in about eight weeks. They probably will see you alright but you just have to go through the mill of their complaints procedure.
Sorry.0 -
UPDATE: I WON!
Never before has a bank manager said the words "Yes sir, you are completely right and we were completely wrong. I will move the money into your account immediately'.
I have now been paid in full, and fully compensated for the hassle.
On top of this, a few hours after it was all sorted out, I recieved delivery of a parcel sent by abbey containing a bottle of champagne, a box of chocolates, and a note reading: "Dear Mr ****, We sincerely apologise for the delay in completing your reward saver account interest payment. We hope that your recent house move has gone smoothly despite our mistake, and wish you and your girlfriend all the best. Regards, ***** **** and the team at *** branch."
So much for bad customer servie eh raywolfe? I guess I was one of the lucky ones : )
Thanks for your advice,
H0 -
Mmmm. I guess you still have their investment product?
Last laugh Abbey!0 -
Mmmm. I guess you still have their investment product?
Last laugh Abbey!
Too true. How do you smile, when they have you over a barrel sh*fting you!;)In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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