Nationwide Loyalty Saver 0.3% rate drop

masonic

boo-hoo wrote: »

No surprise they re-iterated that it is not their responsibility but Royal Mail.

Did they actually use a RM service to send the letter? If it can be shown they used a 3rd party service that is inferior to RM, then that would add weight to your complaint.

Few banks still use RM. Most have gone with cheaper services with longer delivery times.

Castle

boo-hoo wrote: »

Well I finally had my letter from Nationwide giving their "Final response".No surprise they re-iterated that it is not their responsibility but Royal Mail. Letter was emailed to Financial Omdudsman along with details of my complaint and the fact that It was not an isolated case. I have a case number and they are looking into it. If anyone else is as incensed as I am I would recommend submitting a complaint. It was really simple online. Fed up with arrogant Nationwide. It's my money and if you want to use it to make money be nice to me.

My final letter basically said the same, so a complaint is on its way to FOS.

Whilst going through some old paperwork I found my previous letter notifying me of a reduction in the rate from 1.7% to 1.5% on 1st October 2014. Guess what, it was dated 5th September 2014, clearly Nationowde "have form" for postal delays.

boo-hoo

Original complaint that wasn't given the appropriate notice for the rate drop.
It was delivered by Royal Mail. However It hasn't gone unnoticed that My letter reached them the next day and their letter with their final decision only took 2 days

masonic

boo-hoo wrote: »

It was delivered by Royal Mail.

It might have been delivered by RM, but the collection and distribution to the local RM sorting office could have been carried out by a different private postal service. Is there any indication of that on the envelope? If not, what date is on the RM postmark?

colsten

Castle wrote: »

My final letter basically said the same, so a complaint is on its way to FOS.

What is the nature of your complaint? Royal Mail not delivering post from Nationwide within x days of the date of the Nationwide letter? Nationwide letters date not giving enough notice? Other?

What financial loss did you incur?

boo-hoo

masonic wrote: »

It might have been delivered by RM, but the collection and distribution to the local RM sorting office could have been carried out by a different private postal service. Is there any indication of that on the envelope? If not, what date is on the RM postmark?

I see what you mean. No date on envelope just printed 2nd class top right hand corner

masonic

boo-hoo wrote: »

I see what you mean. No date on envelope just printed 2nd class top right hand corner

Hmm, probably is Royal Mail then. So, in essence, for your complaint to succeed, I think it would have to be shown that NW has been dishonest with you about the date they sent the letter (e.g. they backdated it), because it is generally accepted that correspondence sent by RM can be reasonably treated as having been received a few working days after they were sent. But wasn't the notice period insufficient even taking into account the date of the letter?

masonic

colsten wrote: »

What financial loss did you incur?

If the complaint is that the correct process was not followed (insufficient notice), then the financial loss will be interest at the difference between the new and old rates for the portion of the notice period in dispute.

2010

I had a two page letter back and basically what NW are saying is they need only give 14 days notice in this particular case.
The fact remains they are cutting the 15 year loyalty to 1.2% on 1/4/15.
If you`re not happy, vote with your feet, Virgin have a 1.35% Defined account and there are other places where you can get 1.2% plus.

Making a complaint to the Ombudsman about the lack of notice will not stand up if it`s correct what NW communicated to me.

I have a distant memory that each complaint to the Ombudsman costs a bank/B/soc about £350.
Maybe I`ve got mixed up with something else but I`m sure someone will enlighten me.

masonic

2010 wrote: »

I had a two page letter back and basically what NW are saying is they need only give 14 days notice in this particular case.

According to the FCA's 'Know your rights' consumer guidance, Banks generally have to give 2 months notice of interest rate reductions to current and instant access savings accounts.

Making a complaint to the Ombudsman about the lack of notice will not stand up if it`s correct what NW communicated to me.

I have a distant memory that each complaint to the Ombudsman costs a bank/B/soc about £350.
Maybe I`ve got mixed up with something else but I`m sure someone will enlighten me.

The FOS will rule based on principles of treating customers fairly. If the FCA says banks should give 2 months notice, then the customer is being treated unfairly if they are not given said notice, unless the bank can come up with a good reason why the notice was not needed.

The cost figure for FOS complaints I've seen thrown around is £500, but I believe banks get a quota of free cases before they start paying and they only pay if the case is taken up for adjudication.