ABBEY REGULAR SAVER ISSUE 5 Matured EARLY

Sillychuckie

Did anyone ever go onto complain about this?

In summary, here is what I know:

- This issue effects all issues of their regular savers.
- Their terms have remain unchanged and still say 13 months.
- They are maturing every reg saver 1 month early, and saving money by doing so (since rate of the monthly saver it matures to is 4.4%).
- This is happening because of a fault on their system that takes the opening date as the first month, BUT, another term in the conditions prevents you paying in on the first month.

They have had years to fix it, but have not.
I do not believe they have any intention of doing so and are essentially mis-selling/breaking the contract each time they do this.

With all the regular savers they have going with all the customers, it must be saving them millions.

ctdctd

I'm confused - I've got one the the 8% jobbies - issue 5?
According to the T&C's it will mature on the 1st of the month following the 13th payment and also roll over into a monthly saver - currently paying 5.55%

My passbook shows a zero balance transaction on the 5th Sept and my 1st payment of £250 on the 8th Sept. I've taken this to mean that the account matures on October 1st. If I don't do anything then payments should continue to be accepted into the Monthly saver account.

If the Abbey are maturing accouts a month early AND not accepting the 13th and ongoing payments then it sounds like a major screw-up. Heads should roll:-)

Any update when Customer Services opens would be appreciated!

MarkyMarkD

Having typed this, Milarky, did you not notice your failure to comply with the product Ts & Cs?

(Relevant parts only quoted)

Milarky wrote: »

despite being opened with a first standing order payment on 1st Aug 2006 (received 3rd)

...

FRMS Issue 7: I]does not display properly in Firefox[/I
4. Opening the Account

iii. You must arrange for the standing order to leave your originating account between 2nd and 21st of each month

By the way, it displays fine in Firefox for me.

Special_Saver2

Hi folks,

Thanks a lot for posting your messages here. This might help to explain why I have received a notification from my bank that my August payment to my Abbey Regular Saver would not go through properly and has been returned. This payment would have been my 13th payment. I was then going to close the account on 1st September which conveniently enough is a Saturday.

I shall use one of their 0800 numbers to complain about this. One on their website is 0800 587 2758. They also have a couple of other numbers here:
http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1127562716386&codPes=ByPhone&pagename=Abbey%2FGSProducto%2FGS_ContactoPorTelefono

or you could get them to call you by going here:
http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1127562716386&codPes=CallMe&pagename=Abbey%2FGSProducto%2FGS_ContactoOnlineLlamame

Can you folks post on this thread the replies you get from Abbey please?

Special_Saver2

ctdctd wrote: »

Any update when Customer Services opens would be appreciated!

Sorry, for the call back I should really have given this page for savings accounts:
http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1127562736312&codPes=CallMe&pagename=Abbey%2FGSProducto%2FGS_ContactoOnlineLlamame

From what I can see on the website, customer services open at 8am on Monday.

RayWolfe

Before the mess hits the fan tomorrow, a couple of questions:
1. My August payment has not been returned but that may be because They would not have received it until last Wednesday. You folk who have had the money returned: when wold your cash have been received?
2. I the accounts have been transmographied into Flexible Savers, why would they return the money instead of accepting it as a deposit into that?

MarkyMarkD

@Ray's point 2 - because the account number has almost definitely changed as part of the "transmographication" and hence the original account number is invalid to accept deposits.

As a general point, when we had an Abbey regular saver (a while ago now), you can't close them until the 2nd of the month - not the 1st - as the interest is credited on the 1st of the month at close of business.

RayWolfe

You obviously like my word "transmographication" ... I'll let you use it without attribution. :-p
I confirm your point about the 2nd of the month (found out when I turned up a day early for closure of a previous account!) ... not quite what the terms say but hey, Abbey don't seem to bother too much about their own terms.

moneylover

I didn't go back to terms and conditions, I just asked in the branch when the regular saver would mature and they said the 2nd of the month after 12th payment had gone in. So that was when I went in and got the money out. However I didnt get £102 net as mentioned by a couple of people on this thread. I got £84.85 plus 38p for the 2nd of Aug. I had issue 4 which I think might account for the difference ( I think it was 7% but cannot find confirmation on the Abbey website) . If it was 7% can some kind person tell me if this is about right?
I am in process of opening another Abbey Reg Saver but only becuase I am addicted to regular savers. I hate Abbey. It takes a complete lunchtime to get anything done in my local Chelmsford branch. I feel sorry for the staff there they take so much flak because of queues- its managements fault not theirs...

RayWolfe

At 7% the gross interest would be around £105 and £84 net, depending upon the date each contribution was made.