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

EachPenny

isasmurf wrote: »

I've had my payment returned* for "exceeding the monthly allowance", which is complete nonsense. The payment was a future dated payment set up to be paid on the same day as last months was credited. The ISA internal transfer went through fine. A complaint is being prepared.

* so they say, it hasn't appeared in my nominated account yet.

Perhaps this is down to an obscure interpretation of their T&C's by Ford, designed to stop customers squeezing every last penny out of them. If my maths is right, the interest earned on £250 per day is 2.7p (lets be generous and say 3p) - so on 11 payments the loss would be 33p? Less the interest earned on the £250 while it was still in the originating account.

Based on past experience, if your complaint is upheld you can expect to get the 33p as 'compensation', but nothing else.

As further discussion might be considered pernickety, I'm going to leave it there

isasmurf

EachPenny wrote: »

Perhaps this is down to an obscure interpretation of their T&C's by Ford, designed to stop customers squeezing every last penny out of them. If my maths is right, the interest earned on £250 per day is 2.7p (lets be generous and say 3p) - so on 11 payments the loss would be 33p? Less the interest earned on the £250 while it was still in the originating account.

Based on past experience, if your complaint is upheld you can expect to get the 33p as 'compensation', but nothing else.

As further discussion might be considered pernickety, I'm going to leave it there

where did I say I was seeking financial compensation? A successful outcome to a complaint doesn't have to be financial.

EachPenny

isasmurf wrote: »

where did I say I was seeking financial compensation? A successful outcome to a complaint doesn't have to be financial.

You've already edited your post, but I was going to apologise and say that pettiness wasn't intended, only a little humour.

The point was that any resolution to the complaint is only going to involve a matter of pennies. If they accept that payments can be made a day earlier than they think then you still only gain 3p per month. An apology for the 'error' would also of course count, but it still is a relatively minor issue.

Ford's justification over the multiple account issue is that their computer system was not able to stop multiple applications because programming it to do so would stop multiple applications for other account types (e.g. the Flexible Saver) where multiple accounts are allowed. (They need to buy in a better system)

So by the same token, I would not be surprised if the response to your complaint is the computer system is unable to cope with months having different numbers of days, so their 'month' is always 31 days and making a second deposit before 31 days has expired will be counted as an excess deposit. Sounds ridiculous? Well it wouldn't be the most ridiculous aspect of this particular account

gilly56

Surely it's the maturity dates clearly shown on your account details online from which you take your monthly transfer dates for transferring more deposits into each account. I set up advance payments from my Flexi saver account for these dates and both went in without any problems. If the dates should fall on a Saturday or Sunday then I'll set up the transfers for the following Monday.
https://drive.google.com/open?id=0B1Y77dv7BxpcMmljdWVVdlI5aVk

schiff

I calculated to the fraction of a penny the interest due on my Santander RS which has just matured. My figure was £64.74 and I was credited with £64.36. I would consider it very petty of me to contest the 38p shortfall. Swings and roundabouts.

EachPenny

schiff wrote: »

I calculated to the fraction of a penny the interest due on my Santander RS which has just matured. My figure was £64.74 and I was credited with £64.36. I would consider it very petty of me to contest the 38p shortfall. Swings and roundabouts.

Fair point... but if every customer is short of 38p it does add up for Santander. I guess their method of calculating interest is different to yours/ours.

schiff

EachPenny wrote: »

Fair point... but if every customer is short of 38p it does add up for Santander. I guess their method of calculating interest is different to yours/ours.

If Santander do this as a matter of course then I would regard that as petty, though very unlikely, on their part! The difference in my case is 0.03% of the average balance of £1200 in the account and about two days interest on that average balance. IIRC I have in the past been credited with more interest than I was expecting. Swings and roundabouts and minimum stress

Speculator

Sent a faster payment from my nominated account at 9am and it's still not reached my Ford Flexible Saver.

Just called them and they said it should be in my account by close of day (5pm)

Has anyone else sent a faster payment on a weekday at around 9 to 11am and did it reach your Ford account on the same day?

edit: Ignore above. Money received in my Flexible Saver 4.30pm.

Steve_xx

Speculator wrote: »

Sent a faster payment from my nominated account at 9am and it's still not reached my Ford Flexible Saver.

Just called them and they said it should be in my account by close of day (5pm)

Has anyone else sent a faster payment on a weekday at around 9 to 11am and did it reach your Ford account on the same day?

edit: Ignore above. Money received in my Flexible Saver 4.30pm.

I sent two FP's this morning. One to the Regular Saver and one to an ISA. Both payments were received, I would say, within an hour.

castle96

following my/their c*ck up on 22nd/23rd, all was as it should be, ie £500 in the RS and £500 in 3 x ISA. On the 27th, they have paid 2 x £250 into my nominated account !!!!!
Repeat - the right amounts are in my Ford a/cs, but I am £500 up due to their error.
If I try and send it back (to one of my accounts) they would presumably treat that as an excess payment during the month. Of course I could ring them and point out their error, but think I will just sit on the £500 for a while and see what happens. I suppose they could simply reverse/reclaim it ? (if they spot the error). What a system !