TSB turned off my "paperless correspondence" - so I get no interest!

egrek

Hi All

Just wondering if anyone else came across this?

I logged on and noticed one of my accounts wasn't getting any interest, the other was?

I called up.
Apparently I didn't have "paperless correspondence" on?
I did till Dec 2015 (as that was my last interest payment)
They turned it off.
So since then, I've had no interest. That's £50+ lost on interest in 6 months (and likely a lot more ~£150? on the wife's account).

Apparently as it's an internet account, if you don't log on once every quarter, they will automatically disable your settings and you won't be entitled to interest?!

I've quickly checked and no where can I see this on the TSB site or MSE?

And I asked, apparently they've had a few of these calls recently (even though it was a 15-20 min call as the lady had to check with the online banking team!)

Oh and the best bit. Logging on to online banking IS NOT ENOUGH. You have to click into each account individually to 'make it actively used'

So either a warning to others, or I'm nearly the only one who missed this?!

I assume there is no way to get this missing interest back

LuSiVe

I would assume you're the only one who doesn't log in every month in order to skim the interest off to somewhere else

Ballard

You could do worse than complain (nicely) to them and see what they say as you'd have nothing to lose.

I'm a bit paranoid and log onto every banking site where I hold an account each day. It only takes a minute or two and puts my mind at rest that no one has emptied my account. I assume that using the app is sufficient.

Thanks for pointing it out, though. You may have saved a few people from losing their interest. I hope that you get the interest anyway.

bigadaj

Well,it's supposed to be a current account after all.

Cisco001

No idea. I did the move money around manually every month instead of setting up standing order...

MABLE

I always log in at least two or three times a month and manually move money in and out of the account. The interest always skimmed off and transferred monthly.

You have to be as cunning as the banks.

It may be worth the OP complaining to their official complaints dept. Asking them nicely may reap dividends. Lose your cool you will get no where.

badger09

I haven't gone through the Personal Banking T&Cs in detail, but there is nothing in the Classic Plus T&C or Welcome Pack about how often you need to log in.

The only mention I can see is on this page and it specifies having to log in within 12 months

http://www.tsb.co.uk/current-accounts/classic-plus-account/

If you've logged in within 12 months, I would complain - politely.

However, if you haven't, why on earth not:cool:

Tammykitty

LuSiVe wrote: »

I would assume you're the only one who doesn't log in every month in order to skim the interest off to somewhere else

I don't - my account isn't full, so the interest can stay in it!


I can't be the only without £4k in the TSB!

egrek

Any advice on where or how to complain then? just waiting to check our last account, then will write an email.

molerat

http://www.tsb.co.uk/help/complaints/

YorkshireBoy

More detail is available (unsurprisingly?) in the 'Paperless Terms and Conditions'. They say if you don't log in often they'll contact you (either by letter or email) after 3 months, again at 6 months, and yet again at 9 months...before reverting you to paper statements/correspondence at the 12 month point.


So...your question should be either why haven't they contacted me?...or why haven't I opened/read my post/email for such a long time? Of course there's another question...why have I put myself, and the bank, at risk of fraudulent transactions by not regularly checking my account?