Regular Saver Thread **New and Restarted**

mhoc

Steve_xx wrote: »

I've received a letter styled in the same way from Birmingham Midshires this morning. So I guess we're due another wave of letter from all of the banks and building societies.

thinking about this and I wonder if it will be all bank and building society savings accounts or just the savings in current and ongoing ones - there must be millions of untouched dormant accounts with just a few pounds in them, many from the pre-email days so if that is the case everyone in the country will be getting letters, reminding them of long lost savings accounts they have not touched in years and asking them if they want monthly statements ...
And how long does an account have to be untouched before it becomes classed as dormant?

ValiantSon

mhoc wrote: »

And how long does an account have to be untouched before it becomes classed as dormant?

I believe that it is 15 years.

https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free

polymaff

mhoc wrote: »

And how long does an account have to be untouched before it becomes classed as dormant?

15 years

(Dormant Bank and Building Society Accounts Act 2008)

eskbanker

mhoc wrote: »

And how long does an account have to be untouched before it becomes classed as dormant?

15 years, according to section 10 of the Dormant Bank and Building Society Accounts Act 2008:

An account is “dormant” at a particular time if—

(a) the account has been open throughout the period of 15 years ending at that time, but

(b) during that period no transactions have been carried out in relation to the account by or on the instructions of the holder of the account.

However:

an account is to be treated as not dormant if at any time during that period—

(a) the bank or building society in question was under instructions from the holder of the account not to communicate with that person about the account....

gingercordial

mhoc wrote: »

This is from First Direct - not heard of this before. I wonder if it applies to both banks and building society accounts, if so we could soon drown in monthly statements.
So in this next month everyone who we have a savings account with will be emailing and writing to us to check if we want monthly paper statements even if we have never asked for them before

"Financial regulations have changed, which means that from July 2018 we’re required to provide you with payment transaction information for your savings account(s) on a monthly basis, if there have been any payments out of your account. This could mean that from July, you’ll start to receive a paper statement in the post each month.

We currently issue you with a statement for your savings account(s) less frequently than monthly. If you want to keep it that way, you just have to let us know. This would mean that we won’t issue you with a statement each month, but your payment transaction information will always be made available to you through online banking, or whenever you ask for it by telephone or via ATM"

I had something similar from Scottish Widows with a form to send back within the past week or two, and I'm sure I recall one arriving from another building society too.

So yes, I think we are about to be inundated just like with GDPR and ringfencing.

glider3560

Maybe a moderator could split the above conversation into a new thread, since it is a general banking issue, rather than being related to regular savers.

Speculator

Just noticed my cheque for £250 cleared today (1st June) meaning they probably paid it into the bank 29th/30th May.

mhoc

Speculator wrote: »

Just noticed my cheque for £250 cleared today (1st June) meaning they probably paid it into the bank 29th/30th May.

Interesting. I had a call from them yesterday regarding the set up and she said it would be set up from June 1st - my cheque has this date on.
The lady also said I would get a welcome pack with a passbook which has to be sent back when the account matures. There was no option to decline the passbook if you do all of your transactions online

Speculator

mhoc wrote: »

Interesting. I had a call from them yesterday regarding the set up and she said it would be set up from June 1st - my cheque has this date on.
The lady also said I would get a welcome pack with a passbook which has to be sent back when the account matures. There was no option to decline the passbook if you do all of your transactions online

Sorry,

Just realised, the £250 cheque is for my Monmouthshire Regular Bond. Still waiting for my passbook.

It was £350 for the Chorley which hasn't cleared yet.

mhoc

Speculator wrote: »

Sorry,

Just realised, the £250 cheque is for my Monmouthshire Regular Bond. Still waiting for my passbook.

It was £350 for the Chorley which hasn't cleared yet.

I had a look online at my Chorley account this morning but its too early to show yet on my list of accounts - we have to be patient.

In the meantime what are the predictions for the next Virgin regular e saver - usually someone makes a very good estimate so I can put it on the calendar!