do I accept the apology cheque?

rangerbabe

Early October I wrote to my bank regarding an investment. They didn't reply so end October I wrote again. No reply. Mid November I wrote again asking for the money and saying I never wanted to do business with them again. Almost immediately they sent me two letters (?) saying they would investigate why my questions had not been answered and a cheque closing the investment as I had requested in my third letter. Today I received another letter accepting responsibility and a cheque for £100 "in recognition of the upset and inconvenience" and if I was still dissatisfied to contact the Financial Ombudsman as they are required to do.
So, do I accept the £100 apology or not? Should I involve the FO? Have I been treated fairly by the bank?
Your thoughts please.

TDPIX

That sounds fairly generous. Did you lose anywhere near £100? Unless you lost more, I'd gratefully cash the £100 cheque and move on.

innovate

You never said how much the investment was, what - if any - loss you incurred, and what the dispute was about.

It's therefore impossible for anyone to comment much about the compensation you were offered, and with the information available, nobody can offer opinions as to whether you were treated fairly. As TDPIX already said, may be the payment is fairly generous and it's time to move on.

opinions4u

If its £100 for failing to act on your letters, fine.

Have the actually addressed the complaint though?

marathon_man_3

Maybe you should accept the cheque and pay it over to a charity if you don't want it.

mulronie

£100 seems generous to me if there was no great financial loss from their inaction.

For next time, there's an invention I would recommend you look into.

roxannafy48

opinions4u wrote: »

If its £100 for failing to act on your letters, fine.

Have the actually addressed the complaint though?

totally agree - if it's like that, than it's just a compensation for your inconvience

JimmyTheWig

rangerbabe wrote: »

Today I received another letter accepting responsibility and a cheque for £100 "in recognition of the upset and inconvenience" and if I was still dissatisfied to contact the Financial Ombudsman as they are required to do.
So, do I accept the £100 apology or not? Should I involve the FO? Have I been treated fairly by the bank?

I think £100 for "upset and inconvenience" is pretty good going - it's a goodwill payment. I don't think you'll get any better goodwill offer however you pursue the matter.

The only question is have you lost out on top of the "upset and inconvenience"? And, if so, to what extent?
E.g. if your letter had asked the bank to put a large amount of your money into a fund that then performed really well, then you could argue that by them not doing it you have lost out on a lot of money. In which case it would be worth taking further as compensation may be due.

But if it is only that you have been messed around, or only that you have lost out on, say, £10, then I think you've done alright out of the deal. You may as well take the cheque.

[Deleted User]

Hi,

so, from early October until now, 2 months, you've been offered £100.

Martin's best Easy Access Account this week, M&S, is paying 2.35%, to get £100 from it over 2 months you would need to have invested £32,000.

If that was your investment, and you could've made more, then refuse the paltry £100 and tell them you are going to FO and see what they offer.

Babycakes

I would strongly urge you not to accept the cheque but to send it back and tell the bank that you feel the payment was derisory and an insult to you. Tell them that you want to escalate the matter.

Send it back recorded delivery.

marathon_man_3

Babycakes wrote: »

I would strongly urge you not to accept the cheque but to send it back and tell the bank that you feel the payment was derisory and an insult to you. Tell them that you want to escalate the matter.

Send it back recorded delivery.

You are kidding, surely?