A warning if you have a Barclays Regular Saver A/c

Primrose

I've had two previous Barclays Reguar Saver accounts and on both of them the standing order has not been automatically terminated by Barclays at the end of the 12 month term. So if you have one of these accounts and you only want 12 monthly payments to be made, make sure you contact them before the 12th payment is made to get the standing order cancelled as these do not appear to be canelled automatically by the bank.
I don't know whether this is a sly move on the bank's part to automatically enrol by default into a new product but it seems strange that this has now happened to me twice.

andy1c

yes that happened to me to.
total nightmare trying to remove my money in cash from branch.
ill never use this bank for anything again

Bestselling_Author

My Barclays Monthly Saver is just coming to an end, so I dug out the terms and conditions and read them through again.

In my T&C's clause 18 says that upon maturity the account will be converted to a Barclays Instant Savings account.

Clause 20 then says:

Where you have been making monthly deposits to the account by standing order from your Barclays current account, you authorise us to continue to make such monthly standing order payments of the same amount to your instant access savings account until you inform us otherwise.

Like others, I had assumed that the automatic transfers would stop and the account would simply be converted.

Proof that we should read the T&C's from time to time. I've since canceled my standing order!

terakris

When i set mine up, i did the standing order myself. They didnt ask me for my bank details to set it up their end.. that way ive set an end date myself.

Maybe its a new thing, as i only set mine up in December.

leanneee

terakris wrote: »

When i set mine up, i did the standing order myself. They didnt ask me for my bank details to set it up their end.. that way ive set an end date myself.

Maybe its a new thing, as i only set mine up in December.

Same here, I was asked to set up my own standing order when I opened my account in January.

RHB

Set mine up in May last year, just stopped it a couple of days after the 12th payment. Kind've common sense to stop it yourself if you've had to set it up yourself?

rb10

A standing order is controlled entirely by you; Barclays cannot do anything to it at all.

So it is your responsibility to contact your own bank to cancel it. Barclays cannot do anything.

Reaper

This is a misunderstanding about what a standing order is.

A standing order is a PUSH from your bank to theirs.
A direct debit is a PULL by them taking money from your bank.

Standing orders you control.
Direct Debits they control.

If you are setting up a standing order you can usually choose to make a certain number of payments (eg 12) and then have it automatically end. If you set it up to carry on indefinately then don't be surprised if it carries on indefinately!

stator

I think they were quite clear when I set up my monthly saver in branch. After 12 months it converts into a standard savings account and earns their standard rate. I don't know why you would expect the standing order to stop, the sort code and account number of your barclays account are the same.

I just emptied mine and then closed it when it 'matured' and obviously cancelled the standing order at the same time.

It was a great offer in the first place though wasn't it, imagine getting 6% again now.

Paul_Herring

Primrose wrote: »

I've had two previous Barclays Reguar Saver accounts and on both of them the standing order has not been automatically terminated by Barclays at the end of the 12 month term. So if you have one of these accounts and you only want 12 monthly payments to be made, make sure you contact them before the 12th payment is made to get the standing order cancelled as these do not appear to be canelled automatically by the bank.
I don't know whether this is a sly move on the bank's part to automatically enrol by default into a new product but it seems strange that this has now happened to me twice.

Alternatively, make sure your standing order will terminate when you want it to(online banking/go into branch.) Standing orders can be set up to be X per 'period', until Y (unless cancelled) or terminated at will within 2/3 days.


Complaining that your 'open ended standing order' is, erm, open ended, and carries on ,borders on incompetence. Not the bank's that is. Especially from a denizen of this site. (4K+ posts?!?) I can only assume that the banks/CC/loan boards are new to you.

Nowt sly about it. You have total control over standing orders. Unless, of course, you don't check them, then complain that your bank has executed your orders.

Which happens a lot 'round here, it must be said...

Geoffo_M

Reaper wrote: »

This is a misunderstanding about what a standing order is.

A standing order is a PUSH from your bank to theirs.
A direct debit is a PULL by them taking money from your bank.

Standing orders you control.
Direct Debits they control.

Not quite accurate I think. You still control the direct debit, but they control the actual amount taken