Feeling Cheated!!

isofa

Put it down to experience and always read the terms

Just as KTF says earlier, I'd get the money out asap, and put it into an instant saver type (such as Icesave, sainsburys, ICICI etc), which offer decent rates of interest and no withdrawal penalties at all.

kenshaz

dunstonh wrote: »

It's not about taking sides. The information is clearly displayed and not hidden away. For some reason the OP missed it. The thread title indicates that the OP is angry with the provider but it has been evidenced that the provider has done nothing wrong.

Banks etc are there to make a profit and if they act correctly then they shouldn't be criticised or slagged off. Where they don't act correctly, then fair enough, criticise away.

Once you lose balance in discussions the threads become boring as its only the negative, jaded individuals that remain to post and no-one gains anything then.

I would hardly call your posts impartial,your views are jaded by your working back-ground.

I never disputed for one minute that banks are profit making institutions ,who employ a marketing department to manipulate the consumer. Adhering to terms and conditions does not necessarily make a bank ethical or moral.

If other posters wish to support the original poster that is their right and it is true balance,I would describe it as empathy.

Stephen_Leak

RayWolfe wrote: »

Don't never assume nuffink!
But I guess you know this now.

I was always told, "Don't assume. It makes an *SS out of yoU and ME".

The sooner you get the money into one of the 6+% accounts mentioned, the sooner you will make up the lost interest.

dunstonh

I would hardly call your posts impartial,your views are jaded by your working back-ground.

And you are one of the jaded cynics that does more damage than good.

If other posters wish to support the original poster that is their right and it is true balance,I would describe it as empathy.

I would call it stupidity and your responses on this thread (and others) fit the profile. Look at post 6 and tell us what the bank has failed to do to make it clear.

kenshaz

I feel that it is rather rude to refer to the original poster as stupid ..

I have always been of the opinion that once some-one resorts to personal comments they have in fact lost the argument.

Banks are in the business of not making it clear,they manipulate and use the consumer,this site was set up purely with the objective of combating financial institutions who rely upon the naivety and complacency of Mr/Mrs Average who have a mis-guided and expensive loyalty.

This post will alert others to the perils of being complacent,read the T/Cs,keep one step ahead ,with the aid of this site and others. Professional back-ground gives you an advantage in this field ,but it also makes you very smug and if you can't see it and others can then you have a problem.

I also have professional skills ,but I always try to see how difficult it might be for others coming into my world .

YorkshireBoy

dunstonh wrote: »

Look at post 6 and tell us what the bank has failed to do to make it clear.

I've been in touch with First Direct this afternoon, and told them that kenshaz was [strike]up to his old tri[/strike] passing comment on their "intentional advantageous marketing".

I suggested that they might like to represent their main features page as...

5.75% AER - our star rate

our e-Savings Account has been designed to be managed completely online. It's ideal for savers, rather than spenders
- which is why it pays out big-time.

• start saving from only £1
• earn a healthy 5.75% AER (5.60% gross p.a.) variable on every penny in the account
• instant access to your money* (although no interest is paid on the full account balance in any month you make a withdrawal)
• online statements
• interest calculated daily and paid monthly
• one account per customer.

...but they said someone might complain that the rate wasn't prominent enough.

Not to be beaten I then suggested they make all of the key features more prominent; perhaps something along the lines of...

5.75% AER - our star rate

our e-Savings Account has been designed to be managed completely online. It's ideal for savers, rather than spenders
- which is why it pays out big-time.

• start saving from only £1
• earn a healthy 5.75% AER (5.60% gross p.a.) variable on every penny in the account
• instant access to your money* (although no interest is paid on the full account balance in any month you make a withdrawal)
• online statements
• interest calculated daily and paid monthly
• one account per customer.

...at which point they said "OK then, put it to kenshaz tonight and if he's happy with the second one we'll go with that".

obviously not transparent enough for this poster

No disrespect to the OP (I'm genuinely sorry he missed it, but guarantee he won't next time), but he admitted he "assumed" the account conditions rather than read them. Now how can that be the fault of First Direct?

You, on the other hand, accused First Direct of somehow hoodwinking customers and questioned their transparency.

I always try to see how difficult it might be for others coming into my world .

Now I do have some, to use your own word from an earlier post, empathy for that statement.

kenshaz

YorkshireBoy wrote: »

I've been in touch with First Direct this afternoon, and told them that kenshaz was [strike]up to his old tri[/strike] passing comment on their "intentional advantageous marketing".

I suggested that they might like to represent their main features page as......but they said someone might complain that the rate wasn't prominent enough and would complain.

Not to be beaten I then suggested they make all of the key features more prominent; perhaps something along the lines of......at which point they said "OK then, put it to kenshaz tonight and if he's happy with the second one we'll go with that". :)No disrespect to the OP (I'm genuinely sorry he missed it, but guarantee he won't next time), but he admitted he "assumed" the account conditions rather than read them. Now how can that be the fault of First Direct?

You, on the other hand, accused First Direct of somehow hoodwinking customers and questioned their transparency.Now I do have some, to use your own word from an earlier post, empathy for that statement.

I found your post amusing and informative.

Ian_W

Yes, so did I!! :rotfl::rotfl:

If it's all agreed between Kenshaz, YorkshireBoy and First Direct then there is no need linger longer however the bit I'd have liked emboldening was:

It's ideal for savers, rather than spenders

though saying it pays out big-time does put FD in the dock in the court of dodgy marketing - a bit like INGs - one great rate for all!

There are other accounts with similar terms - like A&Ls DirectSaver - which I use because it suited the needs for that particular amount of cash at the time I opened it and though there are better payers now, they're not not that much better to warrant a move.

So hopefully the OP has learned a lesson at not too great a cost in the grand scheme of things and equilibrium is restored to the Savings and Investment Board.

Treading_Water

Oh Dear
Didn't mean to start an (obviously ongoing) argument. Just wanted to vent some frustrations. Possibly at my own stupidity (as someone so nicely stated!)

kenshaz

Treading_Water wrote: »

Oh Dear
Didn't mean to start an (obviously ongoing) argument. Just wanted to vent some frustrations. Possibly at my own stupidity (as someone so nicely stated!)

It was Dunstonh who called you stupid.