Problem with virgin money savings account (warning to potential customers)

SarahD92

economic wrote: »

totally agree. not sure why others think you are the one at wrong here.
based on what you said I would never want to bank with virgin. they should have verified your ID before. now in order to progress you have no choice but to do what they ask. this alone makes me worried to even have anything to do with virgin money. I do have virgin broadband and their customer service is crap. luckily the net works fine so I don't have to deal with them. I wouldn't want anything else virgin however.

It's not really too much ask if customers expect their bank to keep their savings safe! I'd have never signed up with Virgin Money, if I had known that at any moment they could just block my account without letting me know. I don't think any customer would be happy with such a scenario. I totally understand that ID checks are important, but it should either be done before they open the accounts, or right after the accounts are opened.

SarahD92

economic wrote: »

if it is anything like virgins poor customer service and Barclays too, there is no point raising a complaint, she will get more frustrated. if maybe all legit and in the terms what they are doing.
the OP should just do what they ask and then move money and shut her account with virgin and have never have anything to do with them again. simple as that.

I once had to make a complaint with O2 because they kept charging me for 3 months after I had cancelled the contract. I have to say that, to me it seemed like a total waste of time. They only thing I got out of spending 1-2 hours on the phone looking to speak to a manager was a refund, and £5 voucher for if/when I decide to join them again, it just felt like rubbing salt to the wound!

YorkshireBoy

SarahD92 wrote: »

I once had to make a complaint with O2 because they kept charging me for 3 months after I had cancelled the contract. I have to say that, to me it seemed like a total waste of time. They only thing I got out of spending 1-2 hours on the phone looking to speak to a manager was a refund, and £5 voucher for if/when I decide to join them again, it just felt like rubbing salt to the wound!

So presumably you exercised your right to refer the complaint to the relevant Ombudsman, as detailed in their complaints procedure? That must have resulted in a better outcome?

EachPenny

SarahD92 wrote: »

I once had to make a complaint ... I have to say that, to me it seemed like a total waste of time.

All companies are different, some simply ignore complaints, fob them off or go through the motions. Others will bend over backwards to make you a happy customer again, and offer compensation if you've lost out. It sometimes just depends on who you speak to and your own 'attitude' when you complain. Treat complaining like a game - rule number 1 is never be rude to their customer services people and that includes never swearing, however irritated you are.

However, complaining should come after you have secured access to your money and found out what went wrong, when you can then make a complaint driven by facts, not by frustration/anger.

My own experience of Virgin Money (for the benefit of 'Economic' and others, not all 'Virgin' companies are the same company) is they are very helpful, and if something has gone wrong their end (e.g. none of the 6 letters were actually sent) you can expect to receive apologies and compensation.

The OP should move her money out of the account it is currently in asap. Not because VirginMoney are a bad company, simply because the account pays a poor interest rate. Not putting money into Virgin's regular savings accounts because of a previous 'problem' with Virgin only hurts you by depriving you of an opportunity to get a better return on your savings.

isasmurf

SarahD92 wrote: »

block my account without letting me know.

You keep saying that, but how do you know if you didn't receive any of the six letters? Presumably, the final one at least would have said if you don't provide the requested documents in a certain timescale, the account would be locked until they are provided.

SarahD92 wrote: »

I totally understand that ID checks are important, but it should either be done before they open the accounts, or right after the accounts are opened.

All transactions are potentially subject to ID checks.

[Deleted User]

SarahD92 wrote: »

I once had to make a complaint with O2 because they kept charging me for 3 months after I had cancelled the contract. I have to say that, to me it seemed like a total waste of time. They only thing I got out of spending 1-2 hours on the phone looking to speak to a manager was a refund, and £5 voucher for if/when I decide to join them again, it just felt like rubbing salt to the wound!

O2 are in no way connected with Virgin Money so your experience there is totally irrelevant to this thread. How much time have you spent making many unverified and some nonsensical allegations in this thread? It appears to me this thread is simply your vehicle for gratuitous mud slinging. You seem determined to make excuses for not raising your complaint with the only people who can verify the truth or otherwise your numerous allegations. No one here can investigate the matter and only Virgin Money have the ability to put things right if you were wronged.

tillson

I have had a couple of ISA accounts with VM for a few years and have not experienced any problems.

Banks have a responsibility to tackle money laundering, fraud other finance related crime. You might argue that they don't do this very well, but they do need to take steps to prevent it happening. For us, the punters, that usually means a degree of inconvenience undergoing identity checks. VM's actions also show that they are being careful with your money and verifying that they are releasing it to the correct person, which has to be a good thing?

I don't understand why you don't trust VM with documents such as a copy of your passport & a utility bill, but you do trust them with your life time's worth of savings.

colsten

SarahD92 wrote: »

.... if I had known that at any moment they could just block my account without letting me know......

All banks can - and do - block accounts without any notice if they believe anything untoward is happening. In your case, it looks like Virgin tried to contact you by letter six times and had no response from you, for whatever reason.

Have you now raised a formal complaint with Virgin? If yes, and if their answer is not satisfactory in your opinion, have you taken the matter to the FOS, and what did the FOS conclude?

bravotango

Two choices:

- Just go to one of the branches, and handover the relevant ID paperwork (I know they said post it, but surely this will be safer!).

OR

- Make a Formal Complaint to Virgin Money, and if you have raise the issue with Financial Ombudsman Service.

In terms of ID/Address Checks banks make, they are pretty basic compared to what is required for someone to work at ahem "Her Majesty's Secret Service".

Cath1960

I was considering opening a savings account with Virgin Money, even registered but didnt go so far as to give them my hard earned money. I'm so pleased I didn't after reading your post. I have read so many bad reports on them. Will just leave my money where it is untill I find a decent bank/building society to put it in!