Alliance & Leicester Fixed Rate Bond Maturity "meeting"

GCH888

Morning all

I love the smell of debate in the morning!

IrishGypsy wrote: »

Upper management still have a job to do with regards to investments, as we're ALL paid to discuss Santander products, regardless of who's a fan of 'the selling' or not. The difference is, you just have to say no thanks and leave. It might not be right for you, but it may be right for someone else.

I completely agree. It's not right for me but it may be right for someone else. And I've told the A&L representative on the phone right from the beginning - I have said "No thanks". I've even told them my initial plan to deposit the funds into my new eSaver account whilst I seek advise elsewhere (and independently). I've said all this.

Yet I still have to come in to sign it off and to have a short meeting with the A&L representative.

It's a complete waste of time for the both of us. Well it is for me anyway. At least the A&L representative is getting paid for all this including travelling expenses. I'm actually losing money by turning up.

GCH888

D1zzy wrote: »

Thanks for the heads up on this. I also have an A &L bond maturing April and had assumed that (as with every other bond with just about every other bank) I would receive a letter with maturity options. One more reason never ever to deal with Santander again -whatever rates they offer.

Visit to my local branch now scheduled in for Friday.

Is that the two year bond at 4.01%?

And to think I thought it was going to be a bit of a gamble going for a two year bond. I honestly believed that rates would be back up by now. Just shows how naive I was and how much the high interest rates consistantly being offered before 2008 just completely warped my expectations.

Let us know how you get on in the meeting and how quickly you managed to escape.

beefturnmail

Simply send them a signed letter stating that on maturity you wish the funds to be released and placed into the following back account: xxxxxxx. Sign this and enclose the certificate. If you were so inclined you could also say that you will be investing the money in an institution which is less obstructive in giving you access to your money (i.e. any other institution).

D1zzy

..So after reading this thread, I called in yesterday and picked up a maturity instruction form. Today I have a letter from the branch "inviting me in" which among other things says they have a "special offer 1 year bond" paying 4% - anyone know anything about this. (apologies in advance if it's already covered and I've scanned past it) thanks

oldfella

probably a combination bond - part saving bond, part equity investment - avoid

D1zzy

oldfella wrote: »

probably a combination bond - part saving bond, part equity investment - avoid

That's what I was assuming - but don't think I've seen one for just 1 year -may stick my head round the door tomorrow and ask 4 the details.

alanq

Super Bond (Issue 29) - Limited Offer

"Note: Super Bond is a limited offer product which can be changed or withdrawn at any time. Super Bond is only available when you pay the same amount or more into a qualifying product – speak to your advisor for more information."

4% until 01.04.2012

Avoid!

ManAtHome

D1zzy wrote: »

That's what I was assuming - but don't think I've seen one for just 1 year

Sure one of last years Santander offerings was similar - very good savings rate on half your cash for a year providing you put the other half into a 6 year structured product.

Loughton_Monkey

An interesting debate.

There is, however, a very real 'issue' here. I too have suffered the 'must come to our branch' problem in respect of Internet A&L accounts. I tried extremely hard on the phone to get HO to agree a different closure process but no deal. I was told - almost to the point of being rude - that there is physically no way whatsoever. [I think I asked would I have to attend even if I were the Prime Minister and I was told 'Yes']. Nor would they - even on my wife's insistence (whilst present and giving them a signed piecs of paper asking them to deal with me) - allow me to deal with her third visit [It took three visits, the longest being an hour and a half physically standing in front of the same teller who did not even look at us for 30 minutes]..........

The 'issue', I believe, is this:

1. Yes, I wholeheartedly agree (and personally follow) the rule that it is not the person behind the counter that's at fault [or at least I assume it's not]. It is the process that is at fault.

2. As a corrollary to this, staff must be insufficiently trained (or indeed cannot be trained in a 'process' that doesn't really exist anyway).

But when you look at this from a customer point of view, I wonder if either of the two Santander staff on this thread understand how even more frustrating this is? In other words, if you are doing something that's bog-standard, and the teller is being rude, taking a long time, doing it wrong.... then it's frustrating but you can relieve tension by either 'reacting' directly, or asking to see the manager etc.

But if it's 'process' then it's not their fault so you can't.

If, on the other hand, you were dealing with a manager or someone that makes the process or decision, then again you can relieve frustration by debating/arguing sensibly and putting your point. But the branch manager does not set the process, and in my case appeared even less competent than the staff. So again, you end up gritting your teeth, and feeling like you want to hit somebody.

Or to put it in a nutshell, the customer can really do nothing. [Or at least nothing that is politically correct].

The state of affairs in Santander has gone on far too long, without any signs whatsoever of improvement, and I am surprised not to see Santander staff really 'up in arms' about the plight they are personally in at the coal face. And I would have thought the sales staff would be the most pro-active in this.

I liken it to an off license or supermarket. If the checkout operators were required to check your ID before selling you a can of beer even though you were '70 if you were a day', they would lose customers overnight because nobody would accept that this was 'normal' or 'necessary' or 'desirable' or indeed common sense.

Similarly, these days, a bank which tells you unequivocally that there is no other way to perform a simple instruction than to attend personally has no place whatsoever in society. Either they are lying and cannot be trusted. Or they are imposing totally unbelievable and unacceptable internal procedures on their customers.

Which of the two is it?

Loughton_Monkey

Loughton_Monkey wrote: »

Similarly, these days, a bank which tells you unequivocally that there is no other way to perform a simple instruction than to attend personally has no place whatsoever in society. Either they are lying and cannot be trusted. Or they are imposing totally unbelievable and unacceptable internal procedures on their customers.

Which of the two is it?

No answer was the stern reply!