ABBEY REGULAR SAVER ISSUE 5 Matured EARLY

Speculator

My 13th payment was due to leave on the 1st of October but I amended it to the 17th of October to give me time to see whether it matures on the 1st of October.

If interest has not been credited by the 5th of October, then it will indicate that I will need to make a 13th payment before maturity on the 1st of November.

lipidicman

My issue 4 account appeared to mature early, however I had no chance to cancel the 13th payment. It was received fine though and on the 3rd september I received a second interest payment (my calculations say this was at 7%) and so all appears well (and maybe that abbey have seen the error of their ways?), except that abbey cannot close accounts due to 'the system being down' on two separate occasions. As it was the 6th of september I withdrew the entire balance and will have the account closed later

Anyone with similar experience?

Special_Saver2

lipidicman wrote: »

Anyone with similar experience?

Almost identical experience for me. I made 13 payments, had my account matured early on 2nd August (following 12th payment), made a 13th payment and on Friday when I went to clear out my account discovered that on 3rd September Abbey have added £14.70 to my account (which is about 5.7% net, 7% gross interest for my 13th month).

I transferred almost all the money from my account but I didn't ask for my account to be closed because I was in a hurry and I have another account that will soon need to be closed so will close both together.

So it looks like Abbey did realise their error and fix it for everybody!

If I had known that then I would not have telephoned them to complain!!!

Sillychuckie

Well, today... (in what is probably the longest running complaint I have ever had the misfortune of being involved in)... Abbey sent me a cheque for £25 (14 weeks after raising the issue with them).

Hurrah.
My next issue matures shortly. If they do it again, grr....

RayWolfe

Cor blimey ... I only got £20 ...
Same sort of delay and waiting for the next maturity in February.
Meanwhile, I vow never to have anything to do with Abbey again and I recommend all of you to do the same!

Sillychuckie

RayWolfe wrote: »

Cor blimey ... I only got £20 ...
Same sort of delay and waiting for the next maturity in February.
Meanwhile, I vow never to have anything to do with Abbey again and I recommend all of you to do the same!

Actually, i got my dates wrong, so it was 17 weeks. Just checked their reference for when they received mine. Nuts.

Anyway, all that aside... I wouldn't agree with you RayWolfe.
If I knew I'd have to do this for every regular saver I had, I'd still go through with it. Besides the initial letter (and one or two calls), it has simply been a waiting game (which doesn't take much effort on our part).
If you consider the fact that I withdrew all my money the moment my 13th SO bounced, my balance for the 13th month was £0 for most of it (withdrew the 3000 on 6th). Having therefore received £25 interest, GROSS (they didn't take tax off my good will gesture), for what was £3000 in 6 days, (and then a wait with £0 over 4 months), that adds up to a pretty fantastic AER over that final month.

Anyone care to work it out?

Day 0 - £3,000
Day 6 - £0
+ 4 months later
Interest payment of £25



Still, having said all that, it wouldn't bother me if they just stuck to their Ts+C's either.

RayWolfe

No, I'll stick to my guns because apart from the letter writing etc., I was involved in three visits to two branches involving five members of staff ... all of whom lied to me.
My money is too important to be left in the hands of such incompetent fools ... we are not talking about bad service in a restaurant, we are talking about trust over quite a sum of money.
When you can no longer trust your banker, twenty-five quid compensation ain't worth a light. It's not as if Abbey have been found out for an isolated mistermeaner .. they appear from here and newspaper reports to be serial offenders.
AND the longer we put up with it the longer it will continue. So in the words of the Dragons: I'm out.