Kent Reliance Warning !!! - They cannot add up !

richgirl

My two year Fixed Cash ISA at 5.35% has matured and I have been shortchanged by over £100 !

I.e. £3000 invested has only matured with a value of £3227. Instead of about £3329 !

I am sending a letter to them straight away

So if you bank with kent reliance check your statements as they cannot add up !

Robert_Sterling

richgirl wrote:

My two year Fixed Cash ISA at 5.35% has matured and I have been shortchanged by over £100 !

I.e. £3000 invested has only matured with a value of £3227. Instead of about £3329 !

I am sending a letter to them straight away

So if you bank with kent reliance check your statements as they cannot add up !

At first sight I agree with your figure of £3329 even though it was not a matter of "adding up" it was more a case of multiplying by 1.0535 to the power two.

Have you spoken to them about this apparent error.

venkat_2

Robert_Sterling wrote:

At first sight I agree with your figure of £3329 even though it was not a matter of "adding up" it was more a case of multiplying by 1.0535 to the power two.

Have you spoken to them about this apparent error.

well spotted that man :rotfl:

oldfella

are you sure that is the right rate - 5.35% 2 years ago is very high ?

Mike

YorkshireBoy

oldfella wrote:

are you sure that is the right rate - 5.35% 2 years ago is very high ?

Mike

But £3,227 (roughly) equates to a 3.70% fixed rate - and 2 year fixes were higher than that 2 years ago, weren't they?

alared

richgirl wrote:

My two year Fixed Cash ISA at 5.35% has matured and I have been shortchanged by over £100 !

I.e. £3000 invested has only matured with a value of £3227. Instead of about £3329 !

I am sending a letter to them straight away

So if you bank with kent reliance check your statements as they cannot add up !

Wouldn`t it be easier to just phone them and ask for an explaination?

01634 848 944

richgirl

Greetings All

I did call them and this is what she says.....

The interest due from April 06 will be added to your account by April 07. ???

But I told her, that your letter clearly states the balance to be carried forward into the new account is £3227 ?

AND That the account matured on 31st Dec 06, SO ALL interest due should have been credited to the account AT THAT TIME !

I have requested a letter from Kent Reliance to state the interest due. But if she says is true then the calculations do stack up.

However, this is very bad account management. Where the customer is NOT told that there is floating interest yet to be credited to your account, and the letter sent out implies that your closing balance at 31st Dec 06 is 50% less than what it should be !

richgirl

Well no letter so far !

I am now going to have to waste time writing a letter to Kent reliance ! What a joke a bank that can't add up !

pickle

If you write then make sure that you send it via security/registered post so they have to sign for it as the next thing you always get told is that they (companies in general) haven't received any letter.