WARNING - HALIFAX Statement error

mjtopping

If you have recently received Halifax four page statements on your fixed rate savings do PLEASE check them carefully.
My wife and I both have fixed rate ISA Bonds, and have found that page three which is intended to show daily Historic Savings Rates clearly evidences wrong (& lower) rates have been used. Also rates have been changed without advice or approval.
These figures can only have been derived from the Halifax main savings database so they likely have a major problem and really should check every statement and contact all customers affected. Obviously it is much easier with fixed rate accounts.
Unfortunately Halifax are very difficult and expensive to contact when there is a problem. We spent a long time on the phone yesterday and wound up having to write a snail mail letter with copies of the proof because one of their customer reps would not listen, nor did he believe us. In his case it made for a very off putting experience and changed a query into a serious complaint.
The front page of the statement appears correct so it is essential to check carefully and page 3 in particular. Please let us know if this problem applies to you.

anamenottaken

mjtopping wrote: »

If you have recently received Halifax four page statements on your fixed rate savings do PLEASE check them carefully.
My wife and I both have fixed rate ISA Bonds, and have found that page three which is intended to show daily Historic Savings Rates clearly evidences wrong (& lower) rates have been used. Also rates have been changed without advice or approval.
These figures can only have been derived from the Halifax main savings database so they likely have a major problem and really should check every statement and contact all customers affected. Obviously it is much easier with fixed rate accounts.
Unfortunately Halifax are very difficult and expensive to contact when there is a problem. We spent a long time on the phone yesterday and wound up having to write a snail mail letter with copies of the proof because one of their customer reps would not listen, nor did he believe us. In his case it made for a very off putting experience and changed a query into a serious complaint.
The front page of the statement appears correct so it is essential to check carefully and page 3 in particular. Please let us know if this problem applies to you.

What is important is that the correct rate(s) are applied to your account(s).

If the front page appears correct, does that mean that the correct rate of interest was actually applied and that the reducing rates on page 3 are indeed what others would have had if they opened the accounts at the various dates mentioned?

Or are you saying that they actually applied incorrect rates to your accounts?

mjtopping

The evidence of page three is that for some defined periods of time they are accumulating interest at incorrect rates. Since the interest is actually paid annually I will only be able to verify on the anniversary when I can see the actual amount of interest paid.
There is no suggestion page 3 info refers to other accounts and that would be meaningless.
It is logical it is taken from their accounting programs which would need to calculate Halifax liabilities on a day by day basis especially after Fred the Shreds days.

calypso_rhapsody

Fred the Shred was RBS not HBOS!

I must say i am not entirely sure that i understand your problem .. but do post when you have found out what the significance of page 3 is to the interest they have actually accrued on your account.

brewerdave

I received my bumpf a few days ago from Halifax re a 4 year fixed ISA @ 4% - I too, have the erroneous page 3,showing that for a period of about 43 days in Sept/October 2011 the rate reduced to 3.3%!!!
I've got thru to Halifax today, and a customer service agent assured me that I must be the sixtieth customer who has phoned him this week with the query! He told me that all his systems are showing that my account has the correct interest applied and that the 3.3% is a "mistake" - he couldn't explain satisfactorily why the mistake has occurred and was at a loss when I asked why they hadn't sent out a correction!

MoneySaverLog

LTSB have done the same on their ISA statement. Historical rates for a month between 09/06/2012 and 01/07/2012 are wrong and showing 3.2% instead of 3.7%, I put in a complaint and waiting to hear from them.

During this time the interest rate online were showing as 3.2%, phonebank had me as 3.2% when I called up about this - I've asked for confirmation in writing to confirm. I have a feeling they cannot do anything and will end up paying 3.2% for the month despite it being fixed at 3.7%, if they do I wont be happy.