MSE News: Savers' compensation hope after Santander bond defeat

Consumerist

Jarlawuk wrote: »

Santander's 2.75% bond is an open ended access bond which is used when clients who don't provide instructions on what they want to do with their bond.
In this instance it is clear that the staff member did not know what they were talking about and failed to deal with the issue properly.

If that's the case, I don't understand why Santander didn't release the funds for transfer when the complaint was made instead of forcing the customer to go to the Ombudsman.

Jarlawuk

Consumerist wrote: »

If that's the case, I don't understand why Santander didn't release the funds for transfer when the complaint was made instead of forcing the customer to go to the Ombudsman.

I don't understand how it would get that far either personally. I mean just going by any banks standard complaints procedure, all efforts would be made to resolve the issue prior to it getting to the ombudsman, due the cost of the ombudsman being involved.

Especially in this case where it involves a Reward Bond and the funds are accessible at anytime. Even if the member of staff involved didn't know the T&Cs I doubt the manager or assistant manager didn't.

Edit: just read the article again and it does state at the bottom that it is a result of a multitude of !!!! ups by the staff involved.

Red_sky

I'm still waiting for a reply to my 3 letters sent to Laura Irvine head of Santander's ISA office (well at least that was the name used on the bottom of all their letters) which was in Glasgow. She still hasn't replied 3 years later. In the mean time I transferred my ISA else where.

Consumerist

Jarlawuk wrote: »

I don't understand how it would get that far either personally. I mean just going by any banks standard complaints procedure, all efforts would be made to resolve the issue prior to it getting to the ombudsman, due the cost of the ombudsman being involved.

It occurs to me that had the customer simply completed an ISA transfer form to another manager, the system would probably have just transferred it.

There has been a forum post recently complaining about Santander staff advising a customer that they cannot add further funds to a current-year ISA if it has been transferred-in. The sick joke is, HMRC told him/her exactly the same. :rotfl:

Forum advice given was to transfer the ISA then add a token payment to see if the system accepts or rejects it. Not heard how that went yet, though.