Virgin RS issue 4 maturity

veryintrigued

AirlieBird wrote: »

I'm not excusing Virgin's IT issues, but we know about the issue because people have been withdrawing money on the 20th on previous issues. Therefore they would be missing out on a day's interest if it were not for the double payment. You should be closing on the 21st.

VM seem to be attempting to get around the issue by maturing accounts a day early, paying interest to the 19th plus the 1.25% difference between the regular saver rate and the Reward rate for the 20th. But because people are impatient and can't wait until the morning to transfer money out the problem has now been moved to the evening of the 19th.

As the interest has been added late on the 19th the assumption is that Virgin have already added all interest for the full term.

What evidence have you that the interest added would change from that added, cleared and showing on the account late on the day on the 19th and is less than that on the 20th?

GreenBitterfly

Wow it worked!

Stompa

Frogletina wrote: »

I expect that I will have to repay this as I did the previous account - I eventually got a letter asking me to credit my esaver account.

I've never received a letter from them regarding either issue 2 or issue 3. It seems to me that they've just written it off, as the balances of the matured accounts now shows as £0.00.

Wheres_My_Cashback

No double payment for me this time though previous have.

Out of interest (no pun intended) when did those receiving double actually request closure ? I did mine at about 0100 this morning.

Frogletina

Wheres_My_Cashback wrote: »

No double payment for me this time though previous have.

Out of interest (no pun intended) when did those receiving double actually request closure ? I did mine at about 0100 this morning.

I left mine an extra day last time and still got the double interest but I got a letter to refund the extra amount.

If they do it again I will make a complaint. I only noticed because I use Ynab and my figures didn't match that in my bank account.

frogletina

Westie983

I got extra on closure, I will wait to see what happens.

Next one to wait for is Branch Issue 4 maturing on 1st June,

Westie983

Frogletina

Stompa wrote: »

I've never received a letter from them regarding either issue 2 or issue 3. It seems to me that they've just written it off, as the balances of the matured accounts now shows as £0.00.

It was around £45 and showed as a debit on the account until I repaid it.

I am sure I cannot have been the only one to have been sent a letter, but have not heard of anyone else getting one

frogletina

andi2

I only got double interest on issue 2 (which they let me keep).

I have since been setting it to transfer & close on 20th about a week in advance. Money (with correct interest) has been arriving in my Santander account by the time I'm up.

I got £8.20 interest on the issue 4.

colsten

No double interest for me this time round. I had £7.91 interest added on April 19, and I closed the account on the 20th. The account had been renamed into "Easy Access E-Saver Reward 13" by then, and it's my second one with that name. It's empty now but still showing, with read-only access.

Did those who got the double interest close their accounts, or only transfer their balance?

Frogletina

colsten wrote: »

No double interest for me this time round. I had £7.91 interest added on April 19, and I closed the account on the 20th. The account had been renamed into "Easy Access E-Saver Reward 13" by then, and it's my second one with that name. It's empty now but still showing, with read-only access.

Did those who got the double interest close their accounts, or only transfer their balance?

I closed mine when it showed single interest but it transferred almost double

frogletina