MSE News: Post Office delays cuts after not alerting savers in advance

shaungjones

For Helen Knapman this article is already out of date as the Post Office have made another rate cut from 1/3/2013. I really am jumping over how cistomers of Post Office Savings are being treated. My Reward Saver has now seen a 0.5% rate drop, that is 16.6% less interest over a year.

innovate

After a formal complaint, the PO now paid me for the interest I lost by moving money out on the day they had originally advised a rate cut for. Plus a few pennies extra.

So I didn't lose out though they should have handled the rate cut a lot better, and I shouldn't have needed to complain to get fair treatment.

gizz_mo

gizz_mo wrote: »

Thanks - I called and first they tried to persude me to move the money back which I told them I was not keen on doing since it takes them a day each time to apply it. They then said I should write and state exactly what compensation I want, and they will consider it. So I will do that. At 23p a day its about £8.00 from the date I moved it to the 25th Feb.

So I will write the letter, as I also believe its the principal of it that counts. I'll let you know how I get on.

I too sent a formal complaint and they have offered me a generous settlement, covered an amount for loss of interest and an additional amount for inconvenience. I'm happy now, but agree with Innovate. Having to go through the formal complaints process should not have been necessary.

manzo180

zerog wrote: »

I don't care about the rate as my PO savings balance is £2.50, seeing as I only use it for one of the Halifax DDs.

What a great idea!

however on the note of the savings. My wife moved a lot of savings (70k) from the post office to another account the minute we found out. since the U turn we have been screwed over.

what is the best way to claim the difference. did you guys do this via a letter or a phone call or both?

any help appreciated:mad:

manzo180

Also one other quick question. did you claim for the difference in interest you lost e.g. 0.5% or claim for the entire interest lost e.g. 1.65% in our case due to moving the money somewhere else?

veryintrigued

https://forums.moneysavingexpert.com/discussion/comment/59638575#Comment_59638575

See this thread here (last few posts) - I included an email address.

Hope this helps

shaungjones

I am in the throws of dealing with Post Office Savings complaints. I originally wrote snail mail and got a written reply but only dealing with some of the points I raised. I then sent a reply by email and yesterday chased by email as nothing heard from them as yet. I am particularly looking for a no-notice withdrawal of the deposit I made post the first rate drop, as they only advertised in newspapers which I don't take. It strikes me that they could have avoided a lot of grief and cost if only they treated savers better.