KRBS Am I being unreasonable?

badger09

2010 wrote: »

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.

No need to apologise. Badger sexing is a very fine art

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?

Cheers innovate

badger09

2010 wrote: »

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.

I had looked, but given that I had nothing to report, didn't see much point in replying. Sorry if I caused any offence.

I can assure you that I will, and always intended to, report back when my funds appear, or with the results of any complaint.

I do value this forum and hope you can see from my posts, that I don't take others' input for granted.

grey_gym_sock wrote: »

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

:eek::eek::eek::eek:

2010

Thank you badger09 and I do hope you get some sort of recompense from K&R.

pqrdef

Banking days run from one close of business to the next, i.e. Friday evening to Monday evening. And I'd expect them to want the money in their mitts for 365 nights (+365 days), plus 1 for the leap year. Since Sundays don't exist, if you opened the account on 7th October that would take them up to close of business on Monday 8th before they touch the money. Then they should calculate and credit the interest, close the account and send out the balance on Monday night or Tuesday.

You should get the full 367 days' interest. If they'd sent the money Thursday to arrive Monday, you'd only have got 362 days. Weekend BACS payments = free money days for banks.

Of course they might have scheduled the payment as soon as they got the form. They don't have to leave the manual part of the processing to the last minute.

calypso_rhapsody

Reply from KRBS:

"Thank you for your reply.

We would like to inform you that we proceed with the transfers on the very
next day of receipt of the requests.

However, the funds are transferred via BACS which takes 3 to 5 working
days.

Please note that a CHAPS transfer takes upto 24 hours for the funds to
reflect in the bank account and there is a charge of £25 for such a
transfer."

Not impressed - won't be saving with them again unless they offer exceptional rates ...

Have replied saying as much and pointing out that some of their competitors do use FP to return maturity funds.

YorkshireBoy

calypso_rhapsody wrote: »

However, the funds are transferred via BACS which takes 3 to 5 working
days.

I hope you're going to follow this up?

Firstly, BACS (as in BACS Transfers) doesn't exist anymore now that all payments should arrive 'by end of next working day'...in other words, by FP with timescales set by the PSRs.

If, however, they're using some form of BACS Direct Credit (doubtful as that's normally done as part of a payroll schedule?) then you should ask them - bearing in mind it's most definitely a 3-day process - how on earth it could take 5 working days.

badger09

2010 wrote: »

Thank you badger09 and I do hope you get some sort of recompense from K&R.

You're very welcome :blushing:

Maturity funds arrived in my current account this morning. I don't know whether I can be bothered complaining over lost interest of approx £2.50 after tax, though its the principle I guess :cool:

pqrdef wrote: »

Banking days run from one close of business to the next, i.e. Friday evening to Monday evening. And I'd expect them to want the money in their mitts for 365 nights (+365 days), plus 1 for the leap year. Since Sundays don't exist, if you opened the account on 7th October that would take them up to close of business on Monday 8th before they touch the money. Then they should calculate and credit the interest, close the account and send out the balance on Monday night or Tuesday.

You should get the full 367 days' interest. If they'd sent the money Thursday to arrive Monday, you'd only have got 362 days. Weekend BACS payments = free money days for banks.

Of course they might have scheduled the payment as soon as they got the form. They don't have to leave the manual part of the processing to the last minute.

It was actually due to mature on 7th and they must have received my maturity instructions by 25th September or 26th at the latest. I expected them to process the instructions so that I would receive maturity funds on the 1st, or at the latest 2nd working day following maturity ie Monday or Tuesday.

I actually got 366 days interest so they had my funds for 3 days interest free :mad:.

calypso_rhapsody wrote: »

Reply from KRBS:

"Thank you for your reply.

We would like to inform you that we proceed with the transfers on the very
next day of receipt of the requests.

However, the funds are transferred via BACS which takes 3 to 5 working
days.

Please note that a CHAPS transfer takes upto 24 hours for the funds to
reflect in the bank account and there is a charge of £25 for such a
transfer."

Not impressed - won't be saving with them again unless they offer exceptional rates ...

Have replied saying as much and pointing out that some of their competitors do use FP to return maturity funds.

Likewise!

calypso_rhapsody

Reply from KRBS mark 2 - a load of tosh but what do you expect? I give up and will just vote with my feet!

"I understand your concern with regards to the transfers of your funds via
Faster Payments.

I would like to inform you that our bank facilitates only BACS and CHAPS
transfers and we do not send the funds via Faster Payments.

However, we thank you for your valuable feedback.

These details have been passed onto the relevant department for their
attention."

I particularly like the 'our bank facilitates only BACS and CHAPS" - what planet are they on?

premierfella

Its an interesting point though. Ratesetter are moving from Faster Payments to "3 day transfers" from next week, so either there is a cheap alternative route that these financial organisations are using (at our expense in terms of lost interest) or (unlikely I'm guessing) they are intentionally not offering Faster Payments to cream a little from the few who'll use CHAPS.

Lets hope they all don't start deciding to side-step Faster Payments!