Birmingham MidShires warning

kostigovs

mikey72 wrote: »

Probably in response to all the postings on here working out the interest rate if you close them after a year, and how it's still worth doing even with the loss of 90 days interest.
Banks will read this site as well.

I've got to admit when opening an account I don't look for a get out/escape clause. This might be because I seem to have accounts maturing on a monthly basis and always seem to be looking for a (new) home for my money.In that way I don't have to wait to long for improved offers coming along

Early closure seems to be flavour of the month amongst many on this board and I often wonder how soon the banks/building socities will sit up and take notice of such loopholes and slam the door on ealy exit

home_alone

The AA (same group I think) has 365 days loss on year 1 (5 yr fixed) going down to 90 days loss on year 5.

gary

savetilibleed

savetilibleed wrote: »

These are the terms set out in the offer sent to us when they informed us the 1 year bond was soon to mature. It matured on 26 Nov and I have just today got the last bit of lovely interest. In the next day or so I should get the notice that my reinvestment instructions have been carried out. Better just watch they haven't sneaked in a change.

Just got my reinvestment notice today from Saga. They had the maturity date 2 weeks early on the notification that old bond was to mature. Promptly phoned and told them and it was put right as confirmed on today's final interest on maturity notice.

Inportantly, the 90 day get out is still there on the reinvestment info today.

home_alone

savetilibleed wrote: »

Just got my reinvestment notice today from Saga. They had the maturity date 2 weeks early on the notification that old bond was to mature. Promptly phoned and told them and it was put right as confirmed on today's final interest on maturity notice..

There were quite a few of us with the wrong final date for the maturity, mine was over 3 weeks before it should have been, it appeared that they used the final date on a payment statement (which is the same date foe all savers) as the maturity date.

gary

lesleymarr

home_alone wrote: »

There were quite a few of us with the wrong final date for the maturity, mine was over 3 weeks before it should have been, it appeared that they used the final date on a payment statement (which is the same date foe all savers) as the maturity date.

gary

Yes I had the same. Wrong date for maturity. I had a 1 year bond set up in November 2008, by December 09 hadn't had the papers to close it, rang up and was told it didn't close until June 2010 but 'as it wasn't my mistake there would'nt be a penalty' (that's big of them, isn't it?). Their operator guy was quite terse with me too. I was so surprised I asked for it to be closed now, but later wished I had left it in as I don't exactly need it and the interst rate was better than what I'm getting now at Tescos.

lesleymarr

macadamia wrote: »

Please be aware that the withdrawal terms noted on their website are incorrect - and they know it. I called them on Saturday 28 November and they advised me that the correct terms (for a 5 year fixed term bond) are 365 days loss of interest; not the 90 days loss of interest stated on their website. Very dishonest IMO.

Has anyone out there actually managed to open an account with BMidshires? Tempted by their high rate of interest I tried to open 2, one for me and 1 for my daughter (18).
Status of MY account: opened, but the security tag doesn't work, the password I set up they say is invalid and they told me I had the wrong maiden name for my mother. 3 mistakes they'd made.
Daughter's account: paperwork has been submittted 4 times. Their security is VERY stringent. Guess what BM? if it's too difficult to put my money into your bank, It can go into another bank. Happy now?

rb10

lesleymarr wrote: »

Has anyone out there actually managed to open an account with BMidshires? Tempted by their high rate of interest I tried to open 2, one for me and 1 for my daughter (18).
Status of MY account: opened, but the security tag doesn't work, the password I set up they say is invalid and they told me I had the wrong maiden name for my mother. 3 mistakes they'd made.

It sounds like you are trying to log in, rather than activate your account.

To activate the account, you only need your Access Token (sent to you by email) and your Username (sent by post). They don't have a 'security tag'.