Nationwide Flex Regular Saver 13th payment

JuliusCaesar

I had specific plans for the matured funds on the maturity date, so the present situation is a source of great inconvenience because as yet I have been unable to fully realise my intentions. It is a big issue for me, hence an official complaint and the expectation of compensation. I have followed up my initial complaint about the interest not being added with a follow-up complaint relating to the lack of communication. They have my email address and should have contacted me. I should not have to contact them.

I accept that for others it may not be a big issue, as I am sure the interest will be credited eventually, so compensation may not be an issue for them.

You don't need to go into a branch or even telephone to complain. The topic 'complaints' can be selected in the online messaging system.

Ruy

Ashen wrote: »

I can't imagine you will agree with the reading I'm going to give, but the phrase used in their terms is:

"Interest is calculated daily and paid annually on anniversary of account opening and on closure of the account"

Arguably if Nationwide pay the interest and close the account on 5/4/17, they still satisfy those terms.

You are correct in your assumption that I don't agree with you!:)

The anniversary of the account opening date of 6/4/16 is 6/4/17.
As you have correctly quoted, interest is to be

paid annually on anniversary of account opening and on closure of the account

On the on-line statements the interest date should be shown correctly as the anniversary date and NOT the day before. The account should not be arbitrarily closed by them before it can possibly mature on the anniversary date.

By stating the 'wrong' interest date ( i.e. the day before), I feel that this is probably one underlying cause of wrong programming of their 'system'.

Again to repeat a previous point, ALL of my other N/W on-line accounts show the correct interest dates.

ruperts

Hydro1 wrote: »

My Flex Regular Saver matured 4 Dec, with the interest paid on 3 Dec. The account has not yet been redesignated Flexclusive Saver, which prevents me from opening a new Regular Saver meantime. But it does still show an interest rate of 5%, next payable 4 Dec 2017.

Glen_Clark wrote: »

Same here.

And here.


At least we've had our interest paid I suppose, but I would like to be able to open a new account. Not sure whether to put another £500 in and try to hold them at their word that I'll be getting another 5% on what will then be £12k next December.


Can't see it working but right now their offer is clear, we're allowed to keep adding £500 per month to the existing balance and will be due 5% next year.

JuliusCaesar

Ruy wrote: »

On the on-line statements the interest date should be shown correctly as the anniversary date and NOT the day before. The account should not be arbitrarily closed by them before it can possibly mature on the anniversary date.

This is similar to the issue I recently had with another building society, but I was trying to achieve the opposite of what you seem to be trying to achieve. I opened an account on 5 November 2015 and the maturity date was shown in my online account as 4 November 2016, which I diarised well in advance as I wanted immediate access to the matured funds. I tried to access the funds on 4 November but was unable to do so and on enquiring was informed that I would not be able to do so until the following day. The T&Cs stated that funds would be available 'on maturity' and I had assumed that would be 4 November, which was the date shown in my online account, so I submitted a formal complaint that the fact that access would not be available until the following day had not been made clear in any of the information I had received from them. It was acknowledged that the T&Cs and information supplied to customers could have been clearer and I was offered £50 in compensation.

derrick

ruperts wrote: »

And here.


At least we've had our interest paid I suppose, but I would like to be able to open a new account. Not sure whether to put another £500 in and try to hold them at their word that I'll be getting another 5% on what will then be £12k next December.


Can't see it working but right now their offer is clear, we're allowed to keep adding £500 per month to the existing balance and will be due 5% next year.

The rate is variable so can decrease at any given time.

Or it could rise, but don't hold your breath.

.

2010

derrick wrote: »

The rate is variable so can decrease at any given time.

Or it could rise, but don't hold your breath.

.

With everyone trying to get £30 compo the former is the more likely.

JuliusCaesar

2010 wrote: »

With everyone trying to get £30 compo the former is the more likely.

Paying £30 (hopefully more) to every customer affected by this fiasco would be peanuts for an organisation the size of Nationwide.

Rich2808

JuliusCaesar wrote: »

Paying £30 (hopefully more) to every customer affected by this fiasco would be peanuts for an organisation the size of Nationwide.

And frankly its justified due to the appalling lack of communication. They could easily have identified all those with these accounts and sent an email or text or even an online banking message explaining the issue. Absolutely nothing up to five days later.

We shouldn't have to rely on this forum to tell us what is going on!

Still no interest for me!

Birdwell

After sending a message using the online messaging service, I received the following answer:

[FONT=Tahoma, Verdana]Hello Mr XXXX,

[FONT=Tahoma, Verdana]Thanks for your message. I hope you're well.
[/FONT][/FONT]
There is currently a fault affecting interest being paid on to some of our savings accounts. This means that the interest doesn't seem to have been added to the account. We are working on this as a high priority and once this has been resolved the interest will be credited to the account and this will be back dated for you to the date it should have been added.

I appreciate your patience with this Mr XXXX.

If there is anything else I can help you with now or in the future, please don't hesitate to let me know by replying to this message or by giving us a call on 0800 30 20 11, if abroad please call +44 1793 656789.

Kind regards,

Jack YYYY
Senior Customer Consultant
Digital Service

At least I have an answer from someone with a grandiose job description

Not entirely sure if I should pursue with a further complaint as others have said. There is little material impact to me if I receive the interest a few days late (should have been paid on 1st Dec in my case), but if I can get £30 just by sending a strongly worded letter, I think I'll take it.
Any tips on how to word the complain ?

ColdIron

Birdwell wrote: »

Any tips on how to word the complain ?

Darling fascist bully boy,

Give me some more money, you ba###rd.

May the seed of your loins be fruitful in the belly of your woman
Birdwell

Might work