TSB haven't paid me interest

colsten

Ed-1 wrote: »

The boundary is midnight tonight.

There is absolutely nothing in the T&Cs about "boundary". What they do say is

Each month you must:
• pay at least £500 into your account
• be registered for Internet Banking, paperless statements and paperless correspondence.

Nowhere in the TSB terms do they define a 'month', a 'statement month' or a 'boundary'.

As I said before, it is perfectly reasonable to think a month is a calendar month. If TSB don't pay interest despite you meeting the pre-reqs, you complain. They will then pay you the interest and some extra to apologise.

YorkshireBoy

I seem to remember a month was defined in the main tsb banking t&cs as a calendar month? These general t&cs also govern the account do they not? Can't check myself easily as I'm on a mobile.

leeroy2009

simply pay in the required monthly deposit any time after the following months interest has been paid, same for Santander as well.

Ed-1

colsten wrote: »

There is absolutely nothing in the T&Cs about "boundary". What they do say is


Nowhere in the TSB terms do they define a 'month', a 'statement month' or a 'boundary'.

As I said before, it is perfectly reasonable to think a month is a calendar month. If TSB don't pay interest despite you meeting the pre-reqs, you complain. They will then pay you the interest and some extra to apologise.

You're quite right about the terms and conditions (I was never disputing those). I'm on about what happens in practice. I was actually thinking they were the same as Lloyds and Halifax in their wording but they aren't even though TSB, like Lloyds and co. pay interest at the end of the monthly billing period; however certainly with Halifax (even though those terms do state 'calendar month'), the conditions need to be met within the monthly billing period for the system to generate the Reward payment...

colsten

YorkshireBoy wrote: »

I seem to remember a month was defined in the main tsb banking t&cs as a calendar month? These general t&cs also govern the account do they not? Can't check myself easily as I'm on a mobile.

The word "calendar" doesn't appear in the General TSB T&Cs, or in the Plus terms.

Do you know of another document with T&Cs?


They do specify "calendar month" for their Enhance, Silver, Gold, Platinum and Premier accounts on their website. http://www.tsb.co.uk/help/rates-and-charges/current-accounts/

colsten

Ed-1 wrote: »

however certainly with Halifax (even though those terms do state 'calendar month'), the conditions need to be met within the monthly billing period for the system to generate the Reward payment...

Well, let me put it like that - the Halifax Reward T&Cs don't agree with you. The term "calendar month" appears 29 times in the Halifax Reward T&Cs, for instance:

And we’ll carry on giving you £5 each calendar month,
when, in the previous calendar month, you:
• Pay in £750 or more and
• Have a minimum of two different direct debit mandates
paid from your account and
• Have not had a debit balance (planned or unplanned)
on your Reward Current Account by the end of any day
during the calendar month.
You’ll receive one reward payment which will be paid
into your Reward Current Account by the second
working day of the following calendar month.

and

*£5 reward paid in the following calendar month if in the previous calendar month you pay in to your account £750 or
more and pay out of your account a minimum of two different direct debit mandates and keep your account in credit all
calendar month.

and

Remember, if you don’t pay in £750 or more or don’t pay two different direct debits or don’t remain in credit in the
previous calendar month you won’t receive a £5 reward payment.

and

Monthly billing periods are different from calendar months asthey start on the day after the first working day of the following month

etc etc etc

Ed-1

colsten wrote: »

Well, let me put it like that - the Halifax Reward T&Cs don't agree with you. The term "calendar month" appears 29 times in the Halifax Reward T&Cs, for instance:



and


and



and


etc etc etc

Correct - those terms do state calendar month as I say. HOWEVER in practice, it doesn't work that way - the system will not credit the monthly £5 if the conditions have been met outside the last monthly billing period. You'd then have to refer Halifax to their terms and conditions in a complaint...

colsten

Ed-1 wrote: »

Correct - those terms do state calendar month as I say. HOWEVER in practice, it doesn't work that way - the system will not credit the monthly £5 if the conditions have been met outside the last monthly billing period. You'd then have to refer Halifax to their terms and conditions in a complaint...

This isn't my experience as I have been paying £1,000 into my Halifax Rewards for years on the 1st (it's £1,000 as I never bothered to reduce my SOs to £750). I have always received my fivers every month.

However, should it happen...........

colsten wrote: »

........If they don't pay interest despite you meeting the pre-reqs, you complain. They will then pay you the interest and some extra to apologise............

parker1982

MSE had an article about bank account calendar vs statement month when it comes to funding them a few months back which may be worth reading (cant post links):

moneysavingexpert.com/news/banking/2014/10/what-counts-as-a-month-check-with-your-bank-or-you-could-be-hit-with-penalties

Ed-1

colsten wrote: »

This isn't my experience as I have been paying £1,000 into my Halifax Rewards for years on the 1st (it's £1,000 as I never bothered to reduce my SOs to £750). I have always received my fivers every month.

However, should it happen...........

Hmmm. That's interesting. I'm not speaking from personal experience.

From my experience, the system WILL credit interest/reward if conditions are met within a monthly billing period even if outside a calendar month, and tied together with information about another person not receiving this I assumed that the system worked to a monthly billing period.

There must've been another reason why this person did not receive the reward which I will investigate.

But from what you're saying it's interesting that the system would appear to allow you to 'double-count' the transactions to meet 2 months' worth of conditions if you pay in on the 1st:

e.g. first payment of £750 in and 2 direct debits taken on 2nd February: you are within the monthly billing period but outside the calendar month of January yet the reward will be credited (in my experience) but you are then within the calendar month of February so the conditions are met for the next reward in March...