Virgin money RS - maturity

xylophone

I imagine they will say it is not the interest, but the £250 that takes it the same amount over the limit.

I got to wondering whether today's £250 actually did take it over the limit- I have now managed to locate the Key Product information for E-regular saver issue 10.

It says

Regular E-Saver Issue 10 Fixed Term 20 April 2019 Projected Balance End of Fixed Term. £3,549.22

• Maximum deposit limit £3,500 a year. For all accounts the maximum deposit limit also applies to joint accounts.

• If a monthly deposit results in your account going over the maximum £250 per calendar month deposit limit we will return
the additional money to you. This does not include any interest you have asked to be added direct to your account.

This is all very odd!

xylophone

I note my E-savers issues 11 and 12 had their interest payments applied on the 11th and still both took a £250 deposit this morning so the issue with the Reg 10 must be the ceiling figure the account can hold.

But see Key Product Information above.

pafpcg

ashteadgirl wrote: »

So I believe the interest should have not been moved out, especially as this months deposit has not not landed in the account.

On my account, the deposit is visible under the "Uncleared transactions" tab.

Frogletina

Frogletina wrote: »

I imagine they will say it is not the interest, but the £250 that takes it the same amount over the limit.

But it is odd

I will be in my local Virgin store this afternoon so I will ask them to check what is going on.

frogletina

Just back from the Virgin store

After a couple of phonecalls I have been advised that it is an IT error as the interest was counted as a deposit. Therefore when the £250 arrived, the total amount deposited was shown as over the limit and the excess returned.

I was advised that returning the payment to them would not work, and that the only way it could be done was a cheque to the Virgin store who would send it on. Obviously I'm not going to do this for the pennies that it would have earned, but I still think it is worthy of a complaint.

I still have no answer to the query as to why when I returned the double interest payment to Virgin that I have been taxed by HMRC on the double amount. I was advised to contact Virgin head office, despite making my complaint twice to the Virgin Store.

There is good news though - I was able to close the maturing account today and open the Regular Saver 16.

frogletina

RSNut

Like many others I have had a payment of £41.28 returned to my current account.

The Virgin online statement shows this as A/C Limit Breach.

I queried this in store concurrently with opening the new Store RS16 and closing Store RS9.

I was passed on to the telephone online team, who after some delay acknowledged there is a system error with the threshold for the account. It was suggested as the threshold has now been raised, the solution available would be to pay the £41.28 back in to the account, which is now allowed

As my payment instruction standing order has expired it seems hardly worth refunding the E Saver for the potential loss of at most 7 pence lost interest. However it is frustrating that these online accounts have these errors.

It does appear that the store accounts are operated autonomously from the online versions

molerat

Frogletina wrote: »

.... After a couple of phonecalls I have been advised that it is an IT error .......

An IT error by Virgin, surely not :eek:

pafpcg

xylophone wrote: »

This is all very odd!

I don't think it's odd at all - it's a symptom of inadequate testing, probably using a small test dataset which hasn't simulated 'real world' conditions!

Some poor programmer has been given a specification which had ignored the exception for balances which include interest, and the programmer has put in a test such as "IF PREVIOUS-BALANCE AND DEPOSIT IS GREATER THAN £3500 THEN PERFORM REJECT-DEPOSIT" which allows balances upto £3,500 but returns any excess. Having a test which checks for a balance which includes interest and allows the maximum balance to be increased wasn't considered or was ignored 'cos it would delay the implementation....

With Clydesdale planning to replace much of Virgin Money's systems, it could be either just rock-bottom morale or a lowest-cost-to-fix-problems policy.

Yorkshire_Pud

Look on the bright side, who's to say that when the RS 10 matures Virgin don't pay the interest again (+again!).

verybigchris

Yorkshire_Pud wrote: »

Look on the bright side, who's to say that when the RS 10 matures Virgin don't pay the interest again (+again!).

I'm expecting double interest, but only on what the account's earned since the March interest credit (so 2x not very much)

veryintrigued

Remember to now stop your standing order for RS10 now!