KRBS Am I being unreasonable?

badger09

OK a bit of a rhetorical question

I had a 1 year fixed rate account with KRBS (Kent Reliance) due to mature 7th October.

18th September I received maturity choices - basically, reinvest for 1 year @ 2.75% or withdraw. I chose to withdraw to my current account, and sent instructions off on 21st Septmber. Part of the blurb said they wouldn't acknowledge receipt but would send written confirmation after maturity.

I expected the maturity funds to appear today and as they hadn't, I phoned their customer services. Can't say where they are based, but a lady with Indian accent told me the maturity instructions were received 2nd October :eek: but as the maturity date was 7th, which was a Sunday, they would be processed today or tomorrow :cool: and would appear in my current account within 3 working days.

As the account matured yesterday and I sent maturity instructions in plenty of time, I expected them to be credited today. Am I being unreasonable?

In the last week I have had accounts/products from Close Bros, Aldermore, Aviva and WestBrom mature, and all funds have appeared in my designated account on the same or the following day

2010

badger09 wrote: »

As the account matured yesterday and I sent maturity instructions in plenty of time, I expected them to be credited today. Am I being unreasonable?

I wouldn`t use the word unreasonable when dealing with banks who are constantly being unreasonable with their customers.

If I had an account that matured on Sunday 7th Oct., I would expect the money to be moved the following day by (at the very least by BACS) to arrive on the 3rd working day

---

Wednesday the 10th.
Of course faster same day payment would be even better.

If the current account is with them, it should have been done instantly on Monday the 8th.

premierfella

I see to recall threads which have suggested that Nationwide also in the past has dragged its feet in terms of returning funds when fixed rate bonds mature (I don't know if this is still the case).

KR do all their back office offshore as I understand it (which almost certainly explains the date they quoted for receiving your instructions - I'd place bets on that date being the date that the scanned document was actually looked at in the offshore back office rather than the date it was received in the post by KR).

I suspect that the answer you got may simply indicate that they haven't updated the scripts that the offshore team use, as surely they'll be using next day faster payments to return your money.

Report back though, as it is always of benefit to know if financial institutions operate on a "go slow" basis, not least because it means the effective interest rate on their accounts is slightly lower than the AER and may make a difference to depositors choosing between savings accounts with identical quoted AERs.

calypso_rhapsody

I've just had an email from KRBS saying that they have received my maturity instructions (not bad as i posted them yesterday). It goes on to say that if i have requested withdrawal (as i have) then it will take 5 working days to send electronically. Even longer for a cheque!

I have replied asking why it takes 5 days in these times of Faster Payments and pointing out that it is not a good way to attract repeat customers ... will see what reply i get!

2010

Thanks for that calypso, the OP can`t really be interested as he`s never been back to thank or comment.

It will be worth seeing their reply about FP.

badger09

calypso_rhapsody wrote: »

I've just had an email from KRBS saying that they have received my maturity instructions (not bad as i posted them yesterday). It goes on to say that if i have requested withdrawal (as i have) then it will take 5 working days to send electronically. Even longer for a cheque!

I have replied asking why it takes 5 days in these times of Faster Payments and pointing out that it is not a good way to attract repeat customers ... will see what reply i get!

Interesting, since my Maturity Instructions letter specifically said they wouldn't acknowledge receipt!

2010 wrote: »

Thanks for that calypso, the OP can`t really be interested as he`s never been back to thank or comment.

It will be worth seeing their reply about FP.

I am interested (though I'm a she not a he ) but was waiting for something to happen before I returned with my update. And I did say it was a rhetorical question

Funds still haven't arrived in my (non KRBS) current account. If its not there by 1st thing tomorrow morning I feel a complaint coming on as I think this delay is unacceptable.

2010

badger09 wrote: »

I am interested (though I'm a she not a he )

Sorry about the sex change and as you can tell from my response to you (2nd post) I entirely agree with you that the delay is unacceptable and you are not being unreasonable.

I`ve just moved all my money from them, the reasons being they have ceased to be a building society and their Indian call centre.

Complain and insist on compensation.

Blackdog

I used to be a big fan of KRBS but not anymore. Their default for a maturing fixed rate ISA is to put it in another fixed rate ISA. So if your maturity letter gets lost in the post or you are away when it arrives you will have to wait another year to get your hands on your money at a poor rate of interest. Surely the default should be an easy access ISA. I phoned them about this and they said you have a 14 day cooling off period and can use that to move the money, still not acceptable in my view.

innovate

2010 wrote: »

Thanks for that calypso, the OP can`t really be interested as he`s never been back to thank or comment.

It will be worth seeing their reply about FP.

Patience is a virtue.

• 08/10/12 11:31pm: [Less than 2 days ago from when I post this]Original post by badger09.
• 10/10/12 1:30 PM: your claim: "the OP can`t really be interested as he`s never been back to thank or comment."
• 10/10/12 Today 4:08 PM: OP responds (if only to say 'he' is a 'she')

May be give posters a break if they don't respond within hours?

2010

innovate wrote: »

Patience is a virtue.

• 08/10/12 11:31pm: [Less than 2 days ago from when I post this]Original post by badger09.
• 10/10/12 1:30 PM: your claim: "the OP can`t really be interested as he`s never been back to thank or comment."
• 10/10/12 Today 4:08 PM: OP responds (if only to say 'he' is a 'she')

May be give posters a break if they don't respond within hours?

innovate
I know you like to get your 2p worth in on every thread about savings and you`re a well meaning lady BUT badger09 had been back on the boards plenty of times before I put my 2p worth in today.

I feel if people go out of their way to help and respond at least acknowledge the fact even if you are "waiting for an outcome" from whoever.

Knowing that badger09 had been on the site, I find it hard to believe she didn`t at the very least look to see if she had got any replies to her question about "am I being unreasonable".

Would she have replied at all if I hadn`t remarked about "her lack of interest"?
She said that she would have, so on this occasion I`ll accept her word.

grey_gym_sock

2010 wrote: »

I`ll accept her word.

i should hope so ... badger baiting is illegal, you know