Morgan Stanley- Statement date move forward

maveli

Morgan stanley decided to move forward their statement date to 06th of every month intstead of 27th. this means any transaction you make between 27th and 6th will appear on the next bill. Those who spent a lot during the first week will have a surprise bill this time.

dzug

But my MS statement date isn't 27th - what does this mean for me?

maveli

According to their customer service they reduced the time between the statement issued and the direct debit date to 15 days. instead of moving the direct debit date they moved forward the statement date. in effect no we only get 15 days between statement date and pay by date

YorkshireBoy

This isn't 'new'.

The changes were notified to existing customers at the end of February, and came into force on 27th April. Additionally, they only affect those who have a full payment direct debit set up.

The text from my notice of variation (which now forms part of the online T&C's) reads as follows...

If you ask us to collect your Statement Balance by direct debit in full each month your Payment Date will be 15 days after the statement date. In all other circumstances we will determine your Payment Date (normally it will be 28 days after the statement date) from time to time and tell you what it is in your statement. If your Payment Date changes we will tell you this at least 30 days before the change takes effect, unless you ask us to collect your Statement Balance in full by direct debit in which case the change will take effect from the following statement.

Are you sure they have moved your statement date, and not just the payment due date as the above seems to imply?

maveli

Yes. For me the statement date is moved to Jun 06 instead of May 27. I haven't got my usual 27th statement and hence I contacted them (I was hoping to claim my £30.00 cash back) They did communicated this change earlier wich I missed to notice.

YorkshireBoy

maveli wrote: »

Yes. For me the statement date is moved to Jun 06 instead of May 27.

So they've moved your statement date backward, and not forward as you stated in your first post.

Therefore, your payment due date will be 'broadly' the same (within 5 days or so).

I agree though, if you'd planned a large purchase for 'just after statement date' (to maximise the circa 56 days interest free period) you'll get a "surprise" on the next statement!

Stonk

I've just been on the phone to Morgan Stanley because I was wondering why my statement hadn't been produced for 5 June as I was expecting, and I learned what people are saying below. Normally I notice things like this - can't imagine how that slipped through my eagle gaze!

The chap on the phone said (as does YB's post) it applies only if you pay by DD, and pay the full amount. It is a blatant attempt to claw more money from people who pay in full without fail (the chap on the phone didn't say that second bit, but I did, and he didn't exactly disagree).

You can escape, and get back your original 28-ish day interest-free period, by cancelling the DD and paying manually. Or changing the DD to minimum payment (to avoid the possibility of fines) and paying the remainder manually.

CKIN2U

I was informed back in Feb that the statement date was moving to 15days before the Direct Debit was to be taken. The Direct Debit Guarantee states that any change to date or payment amount they will give 10 working days advance notice. Statement date is 12, DD is 27, so basically my statement should be with me on the 13, the day after the statement date. I pay my statement in full, so the amount varies, surely this Guarantee still applies?

When I called them they couldn't answer, they could even given details of how to contact their regulator - I thought they were obilged to if asked?

Also I was informed of the £20 fee, but was being excepted due to being a loyal customer! So why are others being charged?

Any info would be gratefully received!

YorkshireBoy

CKIN2U wrote: »

Any info would be gratefully received!

From the BACS site...

If the amounts to be paid or the payment dates change, the organisation will notify you normally 10 working days in advance of your account being debited or as otherwise agreed.

I suppose the key word is 'normally'. It's not like your gas or electricity bill, where you don't necessarily know what your bill would be, because they could reasonably expect you to keep tabs on what you're spending, and you'd know well in advance what your full payment DD amount would be. After all, you have receipts for all your transactions.

This, coupled with any wording in your MS T&C's/Notice of Variation that you may have otherwise agreed, may allow them a 'get out' of any 10 working day guideline.