ABBEY REGULAR SAVER ISSUE 5 Matured EARLY

MarkyMarkD

You would know, Ray, because by the time you went to close the account it would have transmogrified into a Flexible Saver.

Milarky

Sillychuckie wrote: »

I'm still pondering whether it is worth complaining about the fact that the T's+C's promised me 13 months, but I only got 12.
They are breaking a contract... and if it went to court, It would be an open and shut case within a few minutes. Any judge could see they are in the wrong.

If I get some spare time tomorrow, I'll put a letter together.
I have withdrawn all the money bar £1 to keep it open, for now...

(See above) I got transferred to the complaints dept and I assume they must now contact me again asking what 'resolution' I want. Hopefully they will agree straight away (i.e. if it's about 'terms' they don't need to do any investigating they will just agree with me there and then.) I can then ask them to close the existing account on the original maturity date - September - for me and transfer the proceeds to my other Abbey account. I will expect interest at the original rate for the final month - and I suppose I can demand the interest on the £250 they (wrongly) returned also - even though I've now got this earning interest elsewhere - I couldn't get the money back into the account now anyway. So that will be an added £18-£19.

RayWolfe

BUT why have none of us heard back from them yet?
They must know the answer by now and what they are going to do about it! I was promised an answer by an "adviser" from one branch by Saturday and an answer by the "manager" of another branch sometime after Monday mid-day. EXCEL raised it first last Thursday and Milarky on Saturday.
13th payments made in early August will have been coming back into peoples accounts for the last two weeks.
It must soon be time for formal complaints.

Careful_ly

I visited the branch yesterday, after not being called back on Monday as promised, and they had no computer access, and it had been off for over 24 hours, so they couldn't do anything.
All transactions were being logged on paper and the staff told me that people including themselves were not able to buy goods instores or over the internet.
I don't have a current account with them so cannot confirm that.
They suggest that I make an appointment to discuss what has happened, and that someone else had been inbranch that same day quering the same thing. Another MSE user I presume.

Careful_ly

UPDATE
Just had the call from complaints that was expected on Monday.
Reason the last payment hasn't gone in is because this account doesn't allow more that £3000, they are looking into this and will be back intouch when they have more information. Lady says that they are at a loss and says that she thinks many more accounts must have been affected, which we already know.

anticlaus105

I had this account but messed up by paying in in the first month (when I opened it as the branch staff said this was ok). A total of £3250 was paid in and it matured the month after the 13th payment. The interest was correct but the printed tax certificate was wrong so I am waiting for a new one. This thread makes me glad I paid in early.

Milarky

Update. I think I have achieved a sensible resolution (which may be helpful to others)

I called Abbey this afternoon (7 days after my complaint was logged - see above) intending to discuss it further with them. Before being put through to 'complaints' (whose direct geographical number is 01908 680123 btw) I was offered to close the account over the phone and transfer the balance - which I decided to accept. (That saves a trip to a branch.) I've checked the balance of my e saver and that amount has gone in...

I then spoke to complaints (bit of a wait) - intending to update them now the account was closed as well as 'matured' - and they reread back to me the details of my last call. I suggested that Abbey should now make good the interest which I could have received through the FRMS for the thirteenth month - allowing for any other interest that I will receive. They were better than that and offered me £25 instead. (I'm really only out of pocket about £6 otherwise.) So I accepted, and the complaint is withdrawn. This payment should take '7-10' they said, so I noted the CS person's name and will just watch and wait.

(They will reopen again on Monday at 9am so it might be an idea to call their number, explain your particular circumstances, have the account closed while you wait, and take the £25 if offered)

Update (23 August)

(My £25 payment actually has now been received and took less than a week in fact)

Further update (28 August)

(I've now also had the 'closure' interest credited to my e-saver for the 17 days of August - made up at the higher rate I'm pleased to report. I work out that I have only really lost £5 of net interest as a result and the £25 offered leaves me up £20 on the original proposition)

Sillychuckie

They always said they wouldn't deal with me on the phone since it was a branched based account.
I'll try once more on Monday using the number you posted and unless they offer the same to me, I'll post a letter. Thanks for letting us know.

Careful_ly

You did well Milarky they didn't offer me anything at all.
I have closed my account now.
They say that they have now corrected the system to allow the 13th payments into the account, but not sure I trust what they say as Anticlaus seems to have put £3250 in anyway.
The staff in branch seem to be very poorly trained too, they havent got a clue on their own products, and the assistant told me it is quite common for the customers to know more than them... not reassuring at all.

david78

What's happening with these accounts now. I have issue 4, 7%.

On Monday (3rd September) I will make my 12th payment. My 13th will be paid on 3rd October (if it works).

Should I get a balance update and withdraw on October 2nd and cancel standing order. Or should I see if the 13th payment goes in and wait until November 2nd to withdraw?

Also, I don't remember if my account changes to a flexible saver or a variable rate monthly saver on maturity. Does anyone who has an issue 4 account know?