Leeds B.S - Members Loyalty Bond - 2014

veryintrigued

Vortigern wrote: »

It doesn't infer (or even imply) anything about membership.

From the society's General Terms and Conditions:
The terms for the member loyalty account do not "provide otherwise" so this account will preserve your membership.

The account terms say:
Clear enough?

Appreciate the response and I'll go ahead with this.

I'm still confused why LBS would bother to writing the bit I highlighted in bold then if by the very fact you've been able to open this account you're (still) a member.

Hey ho..

alanq

veryintrigued wrote: »

I'm still confused why LBS would bother to writing the bit I highlighted in bold then if by the very fact you've been able to open this account you're (still) a member.

veryintrigued wrote: »

Please note: The account is only available to existing members who were members at 31 December 2013, and who continue to be members.

It is not sufficient to have been a member on December 31st and on the date of applying for the new account. If, say, you ceased being a member on January 21st, became a member again on January 31st then you are ineligible. I think that it should have said "who were members at 31 December 2013,and who have continued to be members since that date".

veryintrigued

alanq wrote: »

It is not sufficient to have been a member on December 31st and on the date of applying for the new account. If, say, you ceased being a member on January 21st, became a member again on January 31st then you are ineligible. I think that it should have said "who were members at 31 December 2013,and who have continued to be members since that date".

If it did say this I'd agree it would make complete sense (and I'd be not confused!).

veryintrigued

LBS are experiencing a large back log on applications here.

They have advised me that they will be backdating interest to the date on your cheque - even if they haven been processed.

One frustrating thing is their automated emails. One was sent saying that they hadnt received my returned paperwork (I called them and they had) and another one 7 days later was sent to say they still hadnt received it so they were cancelling the application - again I called and they said to ignore this too.

alanq

I applied at the London branch a couple of weeks back. There was no one available to open the account at the time so I was asked to leave my application and passbook from which some of the funds were to be transferred and was told it would be dealt with "later" (N.B. not sometime next week when we get around to it!) A week later I having received nothing in the post and concerned that my passbook had gone astray I rang the branch. I was informed that the branch had not processed the transaction for some days and had then sent the paperwork to Head Office to send to me! I was told that it would not be possible to backdate the interest to the date that I applied and thus I lost interest on a substantial sum sitting in my current account earning nothing for several days. If I had been told what would happen I would have made alternative arrangements.

I certainly won't be attempting to open any more accounts in branch.

Unless anything has changed very recently Leeds BS is also awkward with online applications. Some time ago I had funds in a Leeds instant access online account that I wanted to use to open a new account with the Leeds. I was able to fill in the application online but then I was required to send a CHEQUE and printed form to open the new account. Thus funds had to be transferred out of an interest earning Leeds account into my current account elsewhere and wait for the cheque to clear and start earning interest again in the new Leeds account.

veryintrigued

alanq wrote: »

I applied at the London branch a couple of weeks back. There was no one available to open the account at the time so I was asked to leave my application and passbook from which some of the funds were to be transferred and was told it would be dealt with "later" (N.B. not sometime next week when we get around to it!) A week later I having received nothing in the post and concerned that my passbook had gone astray I rang the branch. I was informed that the branch had not processed the transaction for some days and had then sent the paperwork to Head Office to send to me! I was told that would not be possible to backdate the interest to the date that I applied and thus I lost interest on a substantial sum sitting in my current account earning nothing for several days. If I had been told what would happen I would have made alternative arrangements.

I certainly won't be attempting to open any more accounts in branch.

Unless anything has changed very recently Leeds BS is also awkward with online applications. Some time ago I had funds in a Leeds instant access online account that I wanted to use to open a new account with the Leeds. I was able to fill in the application online but then I was required to send a CHEQUE and printed form to open the new account. Thus funds had to be transferred out of an interest earning Leeds account into my current account elsewhere and wait for the cheque to clear and start earning interest again in the new Leeds account.

Two different advisers have advised me that interest will be backdated.

Lets both hope they were correct and your branch adviser is wrong.

SammenForLivet2

veryintrigued wrote: »

Two different advisers have advised me that interest will be backdated.

Lets both hope they were correct and your branch adviser is wrong.

I've never seen such a werid e-mail system before, where you have to download a HTML file and then it redirects to their 'secure' website, but here is clarification:

Thank you for your enquiry.

I can confirm we are currently working on a 10 day turnaround time for processing applications.

However Interest will be backdated to the date on your cheque.

If you have any further queries please do not hesitate to reply to this email or alternatively you can contact our Call Centre on 0113 225 7777. Lines are open 8am-8pm every day.

Kind regards,

Leeds Building Society

veryintrigued

Passbook received today with balance backdated to cheque date

alanq

veryintrigued wrote: »

Two different advisers have advised me that interest will be backdated.

Lets both hope they were correct and your branch adviser is wrong.

The branch might be correct regarding accounts opened in branch. (Though I suspect they were unwilling rather than unable to arrange for interest to be backdated). My branch application was not delayed by as much as it seems postal applications are being delayed so the case for backdating is stronger when there are long delays.