Virgin money RS - maturity

xylophone

Yes - got me rather confused. The legend says 'breached payment limits' or something close to that. The account now has £3,500.

Mine is the same - but it cannot be correct.

What has breached the limit is surely today's £250 and it is that which should have been returned to the current account?

The interest should have stayed in!

I have sent a message to Virgin and will await reply.

Frogletina

xylophone wrote: »

Mine is the same - but it cannot be correct.

What has breached the limit is surely today's £250 and it is that which should have been returned to the current account?

The interest should have stayed in!

I have sent a message to Virgin and will await reply.

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

guli

It's very simple, they want to avoid the 'double interest' issue....

Frogletina

guli wrote: »

It's very simple, they want to avoid the 'double interest' issue....

The double interest is the interest that is added on the final day - this is unlikely to have any affect on that

frogletina

Neil_Jones

Previously the interest payment was added to the account with no trouble.

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.

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