Compensation following company's error

pizzarelli7348

Hi people,

I wandering if you could give me your opinion in this situation.

I have two young children, who have a child trust fund each

On July the 28th I decided to make a deposit in their trust fund as a reward for a good end of year school report.

On that day I sent the company two cheques, each for 15 pounds.

On August the 8th, on checking my bank account, I noticed the balance has gone into overdraft .
This was due to the fact that one of the cheque I sent was processed as 1,500 pounds ( rather than 15 as stated on the cheque)
I was on holiday at the time, so my husband dealt with this and after a few days we get 1,485 transferred back with an apology.

Yesterday we received a bank statement and nationwide are charging us 15 pounds for the fact the account was overdrawn.

I called the child trust fund company and they are willing to refund us the 15 pounds but I have turned this down because I feel they made a serious error that left us in a difficult positoin at a time when I was abroad and could not deal with the issue directly.
I am also upset at the fact that, because of their error, we went into an unarranged overdraft, something that has never happened to me.

On the phone the company asked me how much compensation I as looking to get, and I do not have a figure in mind. How much would be fair and reasonable to ask?

Thanks

bigadaj

£50? if you don't know how much compensation you want then the answer is probably zero.

Dobbibill

£25 - minor inconvenience, put right straight away with an apology. I don't think it warrants more, they've dealt with it as soon as you brought it to their attention.

YorkshireBoy

pizzarelli7348 wrote: »

Yesterday we received a bank statement and nationwide are charging us 15 pounds for the fact the account was overdrawn.

Even after you've told Nationwide the error wasn't yours? I'd expect Nationwide to cancel the charges once they're made aware of the issue. EDIT: And also ensure no negative information is reported to the CRAs.

Your financial loss is therefore £0.

So it's just a little something for the 'inconvenience', say £25, and £6 for 3 statutory credit reports (in a couple of months time) to ensure Nationwide have done what they should do.

A total of £31 (maybe double up the £15 for each of the kids with it? )

le_loup

Yes, I can see how this was life changing - I'd go for several thousand.

Mchambers

le_loup wrote: »

Yes, I can see how this was life changing - I'd go for several thousand.

I agree.....................................................

binaryuniverse

So the company, who made the error, said they'd refund the charge and you turned that down?

Sounds reasonable.

xylophone

The customer drew a cheque ( we assume correctly drawn) on a sole or joint Nationwide account.

The cheque authorised Nationwide to pay fifteen pounds to the recipient.

Nationwide paid one hundred times that amount.

It may be that the root error did not lie with Nationwide - nevertheless, to charge an overdraft fee in these circumstances is the outside of enough.

The amount involved is small but the damage to the recipient could be great (adverse effect on CR).

There is also the inconvenience and annoyance.

I would make a complaint to Nationwide.

meer53

xylophone wrote: »

The customer drew a cheque ( we assume correctly drawn) on a sole or joint Nationwide account.

The cheque authorised Nationwide to pay fifteen pounds to the recipient.

Nationwide paid one hundred times that amount.

It may be that the root error did not lie with Nationwide - nevertheless, to charge an overdraft fee in these circumstances is the outside of enough.

The amount involved is small but the damage to the recipient could be great (adverse effect on CR).

There is also the inconvenience and annoyance.

I would make a complaint to Nationwide.

They already have. Nationwide want to know how much they're after in compo. I'd suggest 25 quid.

YorkshireBoy

meer53 wrote: »

They already have. Nationwide want to know how much they're after in compo. I'd suggest 25 quid.

OP has so far only complained to the Child Trust Fund provider. It's they that have asked how much the OP wants.

[Deleted User]

£30.

£20 for your favourite child, £10 for the other one.