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Abbey Regular Savers... CHECK YOURS!
Sillychuckie
Posts: 1,218 Forumite
According to the t's+c's:
1. "The first standing order must start the month AFTER you open the account".
2. Interest will be paid (and account will mature into a Monthly saver) on the 1st of the month after your 13th monthly payment.
<Key dates of my account operation>
Opened: 27th July 06.
First SO Paid in: 04th Aug 06
12th SO Paid in: 04th July 06
<They then paid interest and matured my account on 1st Aug 07>
13th SO Paid in: 04th Aug 07 - BUT BOUNCED BACK... and not accepted.
i.e. They have violated the terms and conditions by paying interest on the 1st of the month after my 12th monthly payment.
They are maturing all customers accounts 1 month earlier than what they should be doing.
When I went into a branch to complain, they said that head office knew about the problem (has been happening since issue 4), but they have not resolved it.
The terms regarding the 13 months is still the case today, even on their latest issue.
It effectively works out that they are short changing you out of a little over £20 for each regular saver... which is a heck of an amount when you look at it as a % of overall return on these things.
I have 3 going with the Abbey (the others will mature in 3 and 5 months respectively)... so will be writing some complaint letters later.
Regards,
SC.
1. "The first standing order must start the month AFTER you open the account".
2. Interest will be paid (and account will mature into a Monthly saver) on the 1st of the month after your 13th monthly payment.
<Key dates of my account operation>
Opened: 27th July 06.
First SO Paid in: 04th Aug 06
12th SO Paid in: 04th July 06
<They then paid interest and matured my account on 1st Aug 07>
13th SO Paid in: 04th Aug 07 - BUT BOUNCED BACK... and not accepted.
i.e. They have violated the terms and conditions by paying interest on the 1st of the month after my 12th monthly payment.
They are maturing all customers accounts 1 month earlier than what they should be doing.
When I went into a branch to complain, they said that head office knew about the problem (has been happening since issue 4), but they have not resolved it.
The terms regarding the 13 months is still the case today, even on their latest issue.
It effectively works out that they are short changing you out of a little over £20 for each regular saver... which is a heck of an amount when you look at it as a % of overall return on these things.
I have 3 going with the Abbey (the others will mature in 3 and 5 months respectively)... so will be writing some complaint letters later.
Regards,
SC.
0
Comments
-
Sorry, I see this has been covered here already.
http://forums.moneysavingexpert.com/showthread.html?t=524082&highlight=abbey+regular+130
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