AA rip off about to happen?

jimjames

If you don't like the rate dropping like a stone then don't go chasing the best rate out there that is guaranteed to do that. Go for a lower starting rate but one you know you won't need to bother changing in a year. Your choice if you want to put in the effort or just get a long term rate instead.

For example some offer 2% but without any intro bonus or gimmicks that disappear. I'm sure others do the same but as I don't use cash ISAs I don't know which they are.

innovate

I would bet my bottom dollar that the AA literature that was available at the time of account opening spelt out exactly what would happen at maturity. All providers have had to make it clear for several years now, so savers can make informed decisions.

Some savers choose to ignore the information at the time of signing up, then again when they get notified about imminent expiry, and then again at actual maturity. Some just live with their decisions, others go on a rant about ripoffs, try to play the 'busy life' or the 'pensioner' or some such card. Blaming everybody bar themselves.

Sorry, no sympathy from me. Not for the OP, anyway. Perhaps a bit for his mum.

bigfreddiel

this is what its like these days -no one wants to take on any responsibility for running their lives - they EXPECT to be TOLD everything - is it really that hard to make a note in your diary? If you answer yes to that then don't enter into any arrangements that change at a predetermined time in the future.

must make going to work quite hard because you have to remember EVERYDAY where to go and when!

good luck to you - you're going to need it

fj

GhIFA

In what way is any organisation sticking to the terms of the agreement you signed up to a "rip off"?

There is no rip off here - it's a fixed term account that reached the end of its fixed term. You/your mother didn't keep track of it. It's highly likely that when the AA check their records they'll be a note of the letter that was sent. There's nowhere to go here OP, the only recompense you'll get will be through sheer luck, but I fail to see how this is in any way the AA's fault.

mesizemeals

Ok take your points! However, I feel there are avid responders on here who maybe dont always represent the population at large - do you have full time jobs/kids/your own affairs to look after? Yes, it 'would' be nice if we all neat little diaries and maybe you all have time to do that and also post on this board - sorry but I think there has been too much diversion from what, I would believe would be 70-80% of the adult working population. My dad used to get various reminders when saving with the Halifax - always gave me them when they arrived and I relied on them - maybe I should have just relied on looking after my own affairs. Sorry but don't agree and think the tables might be swiftly turned if you had 'not' done everything 'perfectly' to have a back up if an institution didnt get an important letter to you, which they had done before. Pretty unforgiving bunch I must admit but lets move on!! Ill keep the rip off title too as thats what I think it is when no responsibility is attached to seeing an OAPS fund lapse into negligible interest when the trend has been to maximise up to that point - do you think they really care...or have you not been reading the latest press re banking fines?

le_loup

All good points. But is it a rip-off?

Andystriker

I had some Sympathy for you after your second post.

But after your third, you've now lost me, and if you rant at the AA like that, I hope they tell you to do one.

johny2013

mesizemeals wrote: »

Ill keep the rip off title too as thats what I think it is when no responsibility is attached to seeing an OAPS fund lapse into negligible interest when the trend has been to maximise up to that point

I prefer to take responsibility for myself.

It's my fault if I don't notice any rate changes of my savings, my fault if I miss a bill and get the £1 overdrawn charge from Halifax, my fault if I get anything else wrong which results in charges etc.

It's not a rip off if I miss things, don't read things, forget things. It's my fault!

alanq

The assumption that it is people with time to spare that use diaries (or equivalent) baffles me. We are not talking here about writing a record of the day that has just passed but making a note that some future event will take place on a given date. The busier someone is the more that one has to keep track of and the more there is to keep a note of.

Presumably the people who cannot be bothered to keep one just rely on text messages and phone calls to remind them of doctors' and dentists' appointments. What happens when they belated discover that they are supposed to be in both places at the same time? I'm with previous posters. One has to take responsibility for keeping track of ones own events as everything else is fallible. Reminders from elsewhere should be no more than back-up in case of one's own (hopefully rare) slip ups.

Hooloovoo

alanq wrote: »

The assumption that it is people with time to spare that use diaries (or equivalent) baffles me. We are not talking here about writing a record of the day that has just passed but making a note that some future event will take place on a given date. The busier someone is the more that one has to keep track of and the more there is to keep a note of.

Presumably the people who cannot be bothered to keep one just rely on text messages and phone calls to remind them of doctors' and dentists' appointments. What happens when they belated discover that they are supposed to be in both places at the same time? I'm with previous posters. One has to take responsibility for keeping track of ones own events as everything else is fallible. Reminders from elsewhere should be no more than back-up in case of one's own (hopefully rare) slip ups.

Absolutely agree.

Not to mention the fact that my Android phone has a calendar that is synced to my Google Calendar. I presume also that Apple also provide this for iPhone.

It takes me a fraction of a second to make an entry in the calendar. Maybe two fractions of a second to skip through to next year before creating an entry.

It takes no time at all to take responsibility for my life. It's even more important when you have accepted responsibility on behalf of someone else.

I'm with YorkshireBoy on this. The OP should reimburse his mother for the lost interest due to his mistake regarding the funds he was looking after.

He also needs to learn the difference between saving and investing.