AA rip off about to happen?

lippy1923

Sorry OP but as many have said, it's the customer's responsibility at the end of the day.

I've heard of banks/lenders being sympathetic and backdating interest if it's been missed for a few months, but an entire year of neglect from the customers side is very doubtful. Really doubt you will get £1600 from them, maybe £100 as a good will payment.

Its not hard to keep a note in your diary, calender, phone, PC... there are many ways.

GhIFA

mesizemeals wrote: »

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?

OP - it's not a rip-off.

But to answer one of your questions - yes, I have kids, a full time job, my own household affairs, and those of many clients to look after - All the more reason to keep a diary of important dates. If I miss the maturity dates on a client's investments that I'm responsible for then I have to accept responsibility for any financial loss associated. Everyone is busy, so it really is a "non-point" that you are making.

Others on this thread have already highlighted that in general AA are proactive in writing out to customers to highlight the upcoming end of a fixed term. It's an automated process, so is less likely to go wrong. As I said earlier, it's likely their records will show this letter was issued - it could well have been received and binned in the thought it might have been junk mail?? They are likely to be able to prove it was issued, you can't prove it wasn't received so that's a non-starter.

AA have NO responsibility to monitor whether an OAP's account lapses into "negligible interest", or that of a customer of any age - the fact your mother is an OAP is totally irrelevant. They offer an account, the customer decides whether or not it is appropriate to them, there is no advice involved, and no onus to monitor whether it continues to be appropriate. You are complaining about a service/responsibility that you didn't sign up to and was never offered. Again, repeating what I said earlier, they have acted in accordance of the terms of the account that was offered.

You mention responsibility numerous times in your post, yet seem to think that none extends to you/your mother, which, within the parameters of the service you bought, is where the primary responsibility lies.

That may not be what you want to hear but that is the reality.

Bernard_Coleslaw

Is anyone else getting thoroughly sick of threads like this?

Someone joins up, posts a thread with a provocative title (normally, but not always, including the term 'rip-off') complaining about a company that has wronged them.

Other posters come along and, with varying degrees of gentleness, point out that the original poster might be a little wrong to throw such wild accusations about. That they might want to take a little responsibility for their own affairs, perhaps.

Original poster doesn't want to hear this. If they reply at all, it's to accuse everyone else of being unduly harsh. They've read all these news stories about how banks are ripping us off. And so this must be the case here, mustn't it?

Sorry OP. But I struggle to sympathise with people who make unfounded accusations and then refuse to listen to reason. We're all adults here, and that sometimes means that what is said doesn't get sugar-coated. This may be hard to hear, but you need to accept some responsibility.

dunstonh

mesizemeals wrote: »

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? <snip>

You are possibly right in that the population in general is getting increasingly lazy and taking less responsibility for themselves.

However, when you consider that most people read their post. Most people reconcile their bank statements and never incur charges. Most people do things when they are asked to. Especially if they are taking on responsibility for someone else.

It doesnt take 10 seconds to put a note in your diary on your phone/google or outlook.

jimjames

Bernard_Coleslaw wrote: »

Is anyone else getting thoroughly sick of threads like this?

Someone joins up, posts a thread with a provocative title (normally, but not always, including the term 'rip-off') complaining about a company that has wronged them.

But the world is meant to revolve around them. Any time a bank doesn't offer exactly what they want rather than the service they paid for they expect to be compensated, regardless of the fact that they got the service they chose.

If you want to chase market leading rates thats fine but don't complain when they drop and you lose out. If you dont have the time to monitor then go for a lower rate and don't worry about constantly having to move money each year.

BTW I've got kids, 2 jobs including running my own business and still manage to find time to monitor my investments.

typistretired

I swear by a spreadsheet myself which I update each month when my monthly savings interest is paid in and have a column showing when any rate expires or a bond or isa matures.

Sorry your mum lost interest.

bigfreddiel

mesizemeals wrote: »

do you have full time jobs/kids/your own affairs to look after?

- do you think they really care...or have you not been reading the latest press re banking fines?

final broadside - yes I do have a full time job, look after my afairs and family - it's not exactly rocket science is it. Nor is it very time consuming

yes I agree not only do the banks play a fast game to maximise their profits - sometimes they get caught out ppi for example - soknowing that they aren't going out of their way tohelp you I would have thought it was even MORE IMPORTANT to keep on top of things

And if you've got the time to post here you've got the tie and intelligence to keep track of your and your dear old mum's savings

cheers fj

The_AA_Company_Representative

mesizemeals wrote: »

Hi all wonder if I can get some quick advice - my mother had a fixed 1 yr rate with the AA starting in 2009 and they sent a maturity instruction to her after that had finshed. As I looked after her finds I then re-invested the money in a 2 year fixed rate at 4.1% with them - and now we realise that this matured last Feb 2012. However, my mother didn't receive any maturity letter on this and hence didnt let me know it needed re-investing. Sometimes indeed her post has been sent to the same address in another region and maybe this is what happened? Whilst the AA are now dealing with this - I am preparing myself for a heated discussion if they say my mother has to accept that she only gets 0.1% interest for the whole of last year which is a default rate - she only realised this in fact when the AA sent her a statement which did arrive this month and was horrified as you may well imagine!
In such a busy day and age - I think that the least the AA could have done is contacted my mother with at least a reminder as nothing is ever sent recorded and obviously she didnt get any reminder and has possibly now lost @ £1600 in interest as a result. Any views advice much appreciated! many thanks Steve :T

Hello mesizemeals, we appreciate you have already spoken to someone from The AA regarding this, however if there is anything outstanding which you would like to discuss, please email into chat@theaa.com with Reference number FOR35489. Regards, The AA

grizzly1911

mesizemeals wrote: »

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?

It was a simple fixed rate savings product. the AA (BMBS) don't charge for or give advice for that product. It is not for them to question what you do with the money or what you may have planned for it.

Do they care - in reality no.

It is simple commercial transaction, you (your mother) received your interest for the fixed period contracted - end of.