Coventry not paid last months interest into my current account.

quatro

I opened an account with Coventry BS and all paperwork is in place for the interest to be paid into my current account on the last day of the month. I have received nothing so far. Cant wait for Tuesday to talk to them about this - good job I have no standing orders being paid out in the beginning of the month or it would cause me problems.

I havent been impressed with this BS so far - had another problem re a deposit not being acknowledged. I could be moving my money on again somewhere else at this rate.......
Just havent had this problem in the past.

noh

If it was paid by BACS it wont show until the third working day which is Tuesday.

alanq

The third working day will be Thursday owing to the Bank Holiday weekend.

opinions4u

quatro wrote: »

I opened an account with Coventry BS and all paperwork is in place for the interest to be paid into my current account on the last day of the month.

Or is the paperwork in place for them to remit interest to your current account on the last day of the month? In which case I would expect it to take 3 working days to get there. The third wortking day of April in Wednesday 7th. (edited!)

I have received nothing so far. Cant wait for Tuesday to talk to them about this

They do have those clever telephone things and their web site says "Our telephone advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm."

good job I have no standing orders being paid out in the beginning of the month or it would cause me problems.

I'm sure nobody would be stupid enough to rely on this payment to cover standing orders and direct debits that come out early in the month until they know for sure the timescales that it takes to get from savings account to current account, would they?

quatro

Ok thanks for your comments. Its just that in the past the payments have arrived ON the last day of the month into my bank account.

And NO I'm not daft enough to rely on interest payments to pay a standing order - but I'm sure there are those out there who do. Some of us have to supplement our pensions with interest on savings for basic living costs.

noh

quatro wrote: »

......................
And NO I'm not daft enough to rely on interest payments to pay a standing order - but I'm sure there are those out there who do. Some of us have to supplement our pensions with interest on savings for basic living costs.

I'm sure that most of the people who are in that situation maintain a buffer in their current account sufficient to cover those payments.

savetilibleed

quatro wrote: »

Ok thanks for your comments. Its just that in the past the payments have arrived ON the last day of the month into my bank account.

I have two savings accounts with Coventry and interest never arrives in the destination account until about 3 (working) days later than the last day of the month. Same for Birmingham Midshires/Saga.

The only BS where interest appears on (or even before) the day is YorkshireBS (others might I suppose) but they seem to calculate the interest and assume the balance to be the same to the end of the month, a few days before the end of the month then make any corrections to the interest due to balance changes after calculation the next month's calculation.

anamenottaken

opinions4u wrote: »

Or is the paperwork in place for them to remit interest to your current account on the last day of the month? In which case I would expect it to take 3 working days to get there. The third wortking day of April in Tuesday 6th.

In fact if the third working day of April will be Wednesday, 7 April (I don't think Saturday's count where BACS are concerned).

noh

anamenottaken wrote: »

In fact if the third working day of April will be Wednesday, 7 April (I don't think Saturday's count where BACS are concerned).

Yes the third working day of April is Wednesday.

The payment should appear on Tuesday 6th April as the BACS cycle takes 3 working days.
Day 1 sent Wednesday 31 March
Day 2 Thursday 1 April
Day 3 arrives at destination Tuesday 6th April