MSE News: Car giant Ford gears up to launch market-leading regular savings

karlie88

Speculator wrote: »

Appears the lady I spoke to previously was wrong.

Deja vu?

:rotfl::rotfl:

keyboardworrier

Well, I took a chance with 2 and they closed one down, never mind..I am actually grateful they are allowing me to keep the other one! It's still a good offer in these times of ultra low rates.

Speculator

Secure message from Ford customer service confirms the money from the closed a/cs will be paid into your nominated account.

There is also now a separate tab with details of the closed accounts.

EachPenny

I went online to check the SM - says RS accounts in excess of 1 will be closed and money returned to nominated account with interest.

It is interesting to compare the section of the T&C's quoted in the SM to the actual wording of the T&C's. They aren't the same - of course

Has anyone had a message telling them which part of the T&C's Ford are relying on to close accounts in excess of 1 in the way they appear to be doing - don't they need something to give them the right to do so?

The money from the closed RS accounts has not appeared in my nominated account yet.

Ashen

Well, if you'd prefer I'm sure they could exercise their right outlined in their general customer terms to end the agreement with 60 days notice and close every account.

They would be using the other term in that document that lets them close accounts people are not entitled to, irrespective of people's disagreement on this issue.

Here's hoping they will reopen applications so my parents can actually get them.

EachPenny

Ashen wrote: »

Well, if you'd prefer I'm sure they could exercise their right outlined in their general customer terms to end the agreement with 60 days notice and close every account.

They would be using the other term in that document that lets them close accounts people are not entitled to, irrespective of people's disagreement on this issue.

For some people having 60 day's interest @4% paid on multiple accounts would be far more attractive than having one account for the full year. You also assume that the clause allows Ford to close all accounts, what grounds would they have for closing all a customer's accounts, rather than any in excess of one?

As for your other point - I repeat my question "which part of the T&C's Ford are relying on to close accounts in excess of 1 in the way they appear to be doing - don't they need something to give them the right to do so?". I include the General Terms in this, despite not making that clear in my previous post.

Ashen

EachPenny wrote: »

For some people having 60 day's interest @4% paid on multiple accounts would be far more attractive than having one account for the full year. You also assume that the clause allows Ford to close all accounts, what grounds would they have for closing all a customer's accounts, rather than any in excess of one?

Yes, I suspect two months at 4% with many accounts could be "far more attractive" than twelve months with one account, but mostly for those having "far more" than six accounts.

As for what grounds they could have to close all accounts? They don't need any grounds.

EachPenny wrote: »

As for your other point - I repeat my question "which part of the T&C's Ford are relying on to close accounts in excess of 1 in the way they appear to be doing - don't they need something to give them the right to do so?". I include the General Terms in this, despite not making that clear in my previous post.

There are some circumstances where we can close your account and repay your money without receiving an instruction from you

• you were not entitled to apply for, or hold, the account

I am sure people will have further opinions on that one.

EachPenny

Ashen wrote: »

As for what grounds they could have to close all accounts? They don't need any grounds.

Some people wouldn't agree -

Whenever we have the right to take certain action, we will act reasonably.

You cannot act "reasonably" if you don't have grounds for that action.

There are some circumstances where we can close your account and repay your money without receiving an instruction from you...

This section outlines the circumstances why Ford may close an account, it is silent on how Ford can close an account - beyond the basic facts that money will be repaid (kind of obvious) and they don't need an instruction from the customer (well the customer isn't likely to want to use this clause to request account closure).

Ashen

As much as it is possible to nitpick every word in the T&C's, Norwich and Peterborough are currently closing people's current accounts because it suits them to do so. If you really believe that Ford couldn't manage to do similar with a term saying they can end the agreement "by providing you with at least 60 days notice for any reason", then so be it. Giving 60 days notice can be easily taken as fulfilling the acting reasonably part.

isasmurf

keyboardworrier wrote: »

Well, I took a chance with 2 and they closed one down, never mind..I am actually grateful they are allowing me to keep the other one! It's still a good offer in these times of ultra low rates.

If only everybody had your positive attitude to accept it and move on.