West Bromwich BS 8% Regular Saver (Magic 8)

p1an0player

10_66 wrote: »

Passbook and letter delivered to them on 13 October, but told them not to action anything immediately (although it had past the anniversary of the account), as I know it takes a day or two for the interest and bonus to be added.

to know if they've done it right you need to see if there are two entries, one for bonus interest and one for normal interest upon closure

try phoning again and speak to someone else

if that doesn't work keep phoning random branches and getting other staff to look at what has happened until it is clear!

10_66

10_66 wrote: »

Date……………… Tax……………Paid In…………………..Balance
12 Oct 07…………………………….1000.00…………………….1000.00
5 Nov 07……………………………..1000.00…………………….2000.00
5 Dec 07………………………… ……1000.00…………………….3000.00
9 Jan 08……………………………….1000.00…………………….4000.00
4 Feb 08…………………………………..20.00…………………….4020.00
6 Mar 08…………………………………..20.00…………………….4040.00
1 Apr 08…………-14.67………..73.37…………………….4098.70 Interest
2 Apr 08…………………………………..20.00…………………….4118.70
2 May 08……………………………… ….20.00…………………….4138.70
28 May 08……………………………..500.00…………………….4638.70
4 Jun 08…………………………… ……110.00…………………….4748.70
6 Jun 08…………………………… ……820.00…………………….5568.70
3 Jul 08…………………………… ………20.00…………………….5588.70
5 Aug 08…………………………… …….20.00…………………….5608.70
3 Sep 08…………………………… …….20.00…………………….5628.70

Passbook and letter delivered to branch 13 October. Despite including a covering letter requesting that my Magic 8 account should NOT be closed and transferred to my Stratus account BEFORE the interest and bonus was added, the little dears went ahead and did exactly what I’d told them not to. The amount transferred into my Stratus account was only £4 more than the balance after the final SO was paid in on 3 September. On ringing their HO their Administration Dept said the figure should have been £5719.01 nett, including the bonus (of which they couldn’t give me a breakdown). Can any of you kind souls have a quick scan of the above and tell me if you think their revised figure is correct? I’ve checked it myself and can’t agree their figures, but am not too sure how the bonus is paid, so can’t be sure that I’m working it out correctly. Many thanks.

Anyone any ideas, please?

Milarky

@10_66

I estimate you should have recieved 73.17 gross on 1st April (assuming you opened with a cheque payment) - compared to their 73.37. So that appears correct.

Your closure interest (at the standard rate) to 13 October (you don't give an actual date of closure) would be 131.04 gross and 104.83 net. West Brom have quoted you a lot less than this - 90.31 net - which is 112.89 gross. This suggests an earlier date of closure than 13 October - around the 18 September 2008. That would mean no bonus had been paid (you either get the bonus for full 12 months - or not at all, remember - AND the bonus is meant to be payable on the ANNIVERSARY of opening - and WHAT date has this bonus payment been paid for if not the date of closure itself?)

Can you confirm the actual date of closure as shown in your book, please? Can you confirm this is after 11 October 2008?

Bonus (to 11 October inclusive) would be 108.05 gross - 86.44 net.

10_66

Thank you so much for replying. The passbook and my letter was given to the branch on Monday 13 October, and actioned same day (the anniversary date falling on the weekend), the admin dept have confirmed my suspicions that the account was closed before the interest and bonus were added to the account (despite my telling them not to do so), but are adamant their figure of £5719.01 nett, is correct (but I do not agree with them). They said if I do not agree then I will have to write to them with my calculations for it to be disputed. I would be really grateful if you could let me have a breakdown of your calculations so that I can write to them. If you'd prefer to PM them to me, please do. I'm so frustrated with financial organisations. I've got problems with Kaupthing and Icesave, and could have done without having to dispute this, when their figure clearly does not look corrrect!

p1an0player

10_66 wrote: »

Thank you so much for replying. The passbook and my letter was given to the branch on Monday 13 October, and actioned same day (the anniversary date falling on the weekend), the admin dept have confirmed my suspicions that the account was closed before the interest and bonus were added to the account (despite my telling them not to do so), but are adamant their figure of £5719.01 nett, is correct (but I do not agree with them). They said if I do not agree then I will have to write to them with my calculations for it to be disputed. I would be really grateful if you could let me have a breakdown of your calculations so that I can write to them. If you'd prefer to PM them to me, please do. I'm so frustrated with financial organisations. I've got problems with Kaupthing and Icesave, and could have done without having to dispute this, when their figure clearly does not look corrrect!

have they kept the passbook? it shouldn't be too hard for them to give you details of what the last entries in the passbook are, then you can see what the problem is

in my passbook everything is itemised separately, bonus interest, tax, etc.

10_66

The passbook shows a lot of contradictory transactions as a result of them closing the account and transferring to my Stratus account before they should have done, in the process it would appear they c*cked up the interest and bonus payment (eventhough it was after the anniversary date). Hopefully, I think Milarky's on to it for me, so that I can give West Brom a set of coherent calculations to think about! I've had a gut full of the banking institutes this week!!!

nicko33

As this tracks Base Rate
(Base Rate - 0.25%) + 2.6% bonus
this now only pays 5.35% (including bonus).

Fortunately, you are allowed 2 withdrawals without losing the bonus,
so I think it's time my money in this was shifted to the Egg 6.3% fixed I opened a while back.
Continuing contributions of £20/month still have to be made up to the 1st anniversary.