Abbey Current Account ***be Aware*** Interest Due ?

johnmoney05

tomm wrote: »

well regarding the above post
i actually work for abbey - and am aware of no problem.
and anyway, its 2.5pc - the rest is paid on anniversary
could be that ur on the overdraft rate - payin 0.1pc anyway
so before you slag off, understand i know the system better than u ever will!

I know why Abbey has such problem now. You work for Abbey? Which department?

I have £2,500 there fully in the last three months. There is no so you said "2.5pc" or "0.1pc" interest on my statement. There is NOTHING. Where in the T&Cs said I would receive my 8% interest in two parts??? The first ever I heard of it.

You might know the system better than I did so you said. But I know my account situation better than you do. I know how much balance of my account, how much money in and how much money out, and I know how much interest I should have had!

By the way, you have to be careful before you admit yourself to be Abbey staff. And your answer to this thread. I reserve my right to produce the statement here to support my claim in further action against Abbey.

exel1966

tomm wrote: »

well regarding the above post
i actually work for abbey - and am aware of no problem.
and anyway, its 2.5pc - the rest is paid on anniversary
could be that ur on the overdraft rate - payin 0.1pc anyway
so before you slag off, understand i know the system better than u ever will!

If indeed you do work for Abbey that wouldn't surprise me in the slightest as your lack of knowledge reference Abbey products is appalling and par for the course with Abbey staff.

It's 8% and IT IS paid monthly, not on anniversary. A quick read of the T&C's will put you right on that. Secondly, I received interest for 3 consecutive months at 8% and then nothing !
I now have written proof from Abbey complaints dept who confirm there is an ongoing problem with payment of interest on current and E-saver accounts !!!!

Before you slag posters off perhaps you should understand the system as it is quite clear you DO NOT know the system !

DRS1

The first time I called Customer Services about my "missing" interest I was told there was a computer fault and it should appear "in the next several days". I called again today and was told that at the end of September the terms and conditions had been changed so that interest is paid annually. I asked where this was in the terms and conditions but they could not say (having just looked I cannot see it and it was not mentioned as a change in the covering letter sent out in August when they changed the terms).
The staff in my branch had not heard of this change either.
This is all rather worrying.
Like others on here my account was a switch account which should have 8% interest - though I do see it is called a preferred in credit rate account and the Key Features document I got gives the rate of interest as 2.5% but without saying how frequently the interest is paid.
Tomm - do you know if the change to the method of paying interest has been published and could you give us a specific reference for it?

Spark

The company who dispatches Abbey's cards was underwater in the floods. This led to 2 months worth of card renewals being delivered a week or so after their cards had expired.

PBA, my debit card came 20 days after my old one expired.
I've got no doubt that you know your job in your particular department, but I don't think you are aware of what really happend this summer. I would suggest you read this thread :

http://forums.moneysavingexpert.com/showthread.html?t=515980

DRS1, I would suggest to be careful in believing anything that is told from the call centre, they are useless.
It feels like Abbey's different departments are not talking to each other.

exel1966

Abbey T&C's taken from their website today. Your facts as you call them are utter rubbish !

5.3 Interest and charges will normally be credited or debited, as appropriate, to your Account on the same day each month, unless you have requested a change of statement date. We will give you at least 14 days notice of interest and charges for standard account services to be debited.

Thread not over especially as Abbey have admnitted that they are having problems with their computer systems which have inadvertently amended customers interest payment dates.

johnmoney05

tomm wrote: »

and just to clarify - the terms and conds changed on sept 11th - i know that for a fact.
each abbey branch had 250 packs of new t and cs delivered - and each abbey customer had a set sent to them. i have 2 accounts- and had 2 sets.
so answers the question re interset - thread over..........

1. The new Terms and Conditions take effect from 10th September rather than 11th. (Mr behind the scenes, you are a little bit left behind)

2. The new Terms and Conditions:-
Summary of key changes
1) The Deposit Service.
2) The Overdrafts Service.
3) The Payment Service.

Now, Mr behind the scenes, if you haven't read the new Terms and Conditions, would you please shut up? Should I give you Abbey telephone number, so that you can clarify with them? You are making me laugh!

I do find it funny. First, you attacked us why fussed for a few pennies. Then you mentioned "your" new Terms and Conditions. You did sound like one of those advisors who I talked on the phone with Abbey. Well, it might be you who I talked to. Mr behind the scenes...

By the way, this thread is not open or close for your convenience.

Homework

The things put on here by bank workers on here are usually reliable and well written.

I'm sure there will be someone else on who will know about this and will be able to answer you politely.

DRS1

exel1966 - thanks for looking at the Terms and Conditions. I looked at my set for the Abbey Current Account and could not find a condition 5.3 at all. I did however see this in condition 5.1.1-

"Where your current account has been in credit during the month, we will also pay into your current account any interest you have earned on that credit."

It does not actually say the interest is paid in monthly but in context it strongly suggests that it is.

So if there has not been a change as to when interest is being paid and there is no computer glitch what is going on?

tomm - your efforts to be helpful are appreciated. You will understand that if we get told a number of differing stories about why interest has not appeared in our accounts when it should then we get a bit anxious.

Pendle_Gazza

The debit card situation was an unmitigated disaster. NO mention on the website, and repeated bull on the phone. I could actually foresee the problem with a few days to go, as you usually get the card a month or so in advance, so withdrew three weeks worth of money.

However, I rang up during the month out of curiosity. First time it was the postal strike and would be sent out tomorrow. A week later, rang again. It was the postal strike and would be sent out tomorrow. Another week - had to visit branch to get some money. Rang again. Yep, postal strike, it would be sent out tomorrow. When I - politely I hasten to add - told the woman I'd already been told this twice, she said "Thank you Mr. ..." and put the phone down on me!

The postal strike only ran over three spaced out days, and there was no mention of floods in any of the calls! I did get my card a month late incidentally.

Later, a friend of mine mentioned the 8% on the current account and he was considering moving to Abbey. I told him not to bother, but wished I could get that rate instead of 0.1%. "There's a phone number to ring for existing customers about the top rate on the website" he said, and sure enough there was.

I rang, and was told that existing customers could not take advantage. "But it states it on your website" I said, and gave the link. "So it does, but I can only have a word with my supervisor tomorrow. You'll have to go and check in branch".

And of course, the branch didn't want to know, and said it wasn't possible. I wrote Abbey an email (not really complaining) asking them to clarify the position. They replied saying I could not have an improved rate. I politely replied and said I thought that was wrong and I would be moving my business elsewhere.

All over I thought, but now, NINE weeks later, I have received FOUR letters by post saying they are looking into my "complaint". The latest one, laughably, stated "although we haven't resolved the problem, we are making progress.". EH??!!!

They also gave me details for the Ombudsman if I'm not happy with how things are going. It wasn't even a complaint! Just a statement! Perhaps though I should now complain at their crazy incompetence and stupid waste of time and money spent on it all!

Simply SHODDY! Sadly, they are all probably the same though. I'm personally just waiting for fair current and savings account rates with the same establishment. That'll do for me, it doesn't have to be top whack, just fair.

ukdutypaid

Hang on, let me get this straight, is it 8% per month on balances of up to 2,500, if one pays in at least 1k and uses their switching service, or not?

I'm confused now on this point............