First Direct - 3 serious complaints arising out of one maturing Regular Saver!!!

Sceptic001

2sides2everystory wrote: »

...any regulator would agree they are very serious..

Then submit your complaint(s) to the regulator. You are obviously not garnering any support here. Maybe the regulator will see it differently. Let us know how you get on.

Reaper

2sides2everystory wrote: »

she said she wanted to transfer me to a supervisor... I spoke to the Supervisor who immediately offered to arrange the transfer by Faster Payments within 30 minutes.

I think this sums up First Direct for me. I have had problems in the past the same as I have with other banks, but the huge difference with First Direct is they go out of their way to fix problems when they occur. Other banks you would have to insist on speaking to a supervisor and they would just try to fob you off when you did manage to speak to one.

If you are not happy then switch banks. If these issues have got you this upset then try another bank like Santandar. You may find it eye opening.

2sides2everystory

Sceptic001 wrote: »

Then submit your complaint(s) to the regulator. You are obviously not garnering any support here. Maybe the regulator will see it differently. Let us know how you get on.

Nope - the regulator is the FSA - we all know they are as good as a chocolate t-pot in getting anything done about serious matters. Far better to give the matter an airing here on MSE. I am not seeking to garner any support, merely to tell of my experience with this bank so that readers can make up their own minds. FD are much more likely to sit up and take notice whilst this thread remains near the top of the Savings & Investments forum of MSE for a few days than they are of anything the FSA might do in five years.

Like most active posters on MSE, I use the various banks offers - so it is not a question of me changing banks. It is a question of what is acceptable practice when I spot it, and what isn't.

CosmicTen

I really don't think there was a problem. I took out the same account and was completely aware that the interest was based on amount up to no more than £300 a month, that I mustn't withdraw it until the end of the account and that at the end it would be transferred to a normal account that paid a low interest. There was nothing misleading and I found all the information open and accessible. In fact I noted the date so I knew I needed to find a new place for the money once they moved it. They paid the interest as expected.

It's not like these details were in deep down small print. In fact, they are running a similar (if not the same) product this year. It doesn't get much clearer, including examples.

http://www2.firstdirect.com/1/2/savings/regular-saver-account;jsessionid=0000mS_Eo7xIuwJin_W_6r1pHty:11jk8o4v4

The one thing I think people need to realise with an account like this is that it should be viewed as a savings account for people who are just starting to save. That is you can't put a lump sum in so you are limited when it comes to compound interest. It's great for starters and thats about it.

If you still feel hard done by though, I suggest a calm polite phone call. FD are the most approachable financial institution I've ever used.

2sides2everystory

CosmicTen, the three complaints do not relate to the Ts and Cs or to the way this type of account works.

They all seem to relate to a systemic attempt (not I hasten to add, any personal attempt by call centre staff) to mislead existing Regular Saver accountholders at "maturity" time which is exactly the time when less informed accountholders than we who inhabit this thread need good pointers and advice, not "bvm steers".

I do hate that FD use that word "maturity" too - it is borrowed from another era and it suggests that something good happens when in fact something good has ended.

I called FD perfectly calmly and let the whole call take its course for some minutes before I surprised the call centre operative when she said "is there anything else?" I think, and I said yes please, I'd like you to note down two serious complaints. And before we had finished, the third complaint materialised.

Whilst I accept that some organisations are daft enough to let their staff bang on for ages with the "I'm sorry you feel that way" or "my supervisor will tell you the same as I have", my call went beyond a situation where the original call centre operator could have extricated FD and she was intelligent enough to realise it. Credit where it is due (to her, not necessarily to FD).

There is no need for me to call FD again. They took on board the 3 complaints so I expect to receive letters acknowledging the fact in the next couple of days.

CosmicTen

Sorry, my fault I have to admit I skim read through a bit too quickly. I guess lets see what they say when they get back to you. If you're not happy with the response then I guess follow the next line of complaint until you get somewhere.

Maturity - Well, you could say that the 'good thing' is the payment of your interest at the end, just depends how you view it. I've always viewed maturity in that respect, may be because I lack maturity myself?

2sides2everystory

CosmicTen wrote: »

...may be because I lack maturity myself?

...maybe ... especially if due to your years, you've never looked forward with good reason to an endowment policy maturing ... Those were the good old days when maturing Financial Services stuff was pretty much full of nice surprises. Mind you, I suppose double-digit inflation kind of 'masked the underlying' even then

The only decent matured stuff I find thesedays is at the wine merchants, the cheese shop or the specialist butcher's in the high street!

VT82

I know complaining (moaning?) can be fun, but if 'moneysaving' was your priority, I'm sure there would have been more productive ways of making the £2 you lost in interest, than spending the two hours it must have taken to write all this.

2sides2everystory

VT82, who said my personal 'moneysaving' was the main priority I was seeking to address in this thread? This website is about a much broader motive than that.

What agenda do you hold for having read the thread and posted your particular judgement, for example?

VT82

No agenda, just think you should get some perspective on the situation before you give yourself an aneurysm.