Virgin money RS - maturity

Neil_Jones

Well it only took two weeks this time for them to notice the double interest payment on Reg Saver 9, letter received this morning which itself took a week to arrive so...

I don't think I want any more Virgin Money online savers in all honesty now, at least the blurb on the website says "we're not like other banks" - I think its missing a "thats because our products don't mature properly" subtext.

gingercordial

I've also had letters re RS8 and RS9. Formulating my response...

londoninvestor

Neil_Jones wrote: »

at least the blurb on the website says "we're not like other banks" - I think its missing a "thats because our products don't mature properly" subtext.

Someone should make a list of all the banks that claim "we're not like other banks". It seems to be lengthening!

veryintrigued

Don't forget all your Virgin e-accounts receive their interest on the 11th March

veryintrigued

veryintrigued wrote: »

Don't forget all your Virgin e-accounts receive their interest on the 11th March

Bump......

Yorkshire_Pud

I don't understand what happens with the double interest thing after Virgin ask for the overpayment back?

What happens if you don't respond?

As some are serial recipients presumably they can hang on to the overpayment or do they not receive letters from Virgin money?

Is this 'a thing' to keep doing or is it an ill advised thing to do that has ramifications further down the line!?

molerat

Pushing the matter is likely to bring complaints and have ramifications for them with the regulator so asking nicely and hoping for the best is likely all they can do. Regularly cocking things up on a large scale does not go down well.

Neil_Jones

Presumably this is why they don't do the online savers anymore (at the moment anyway) because every single one from what I can see has suffered from the same issue of a double interest payment at maturity.

There's probably something in the bank software or code that's causing the issue that they can't fix without reissuing the accounts which could wipe their balances and if that happened, they'd be well up poop creek without a paddle. So presumably when all 12 savers mature they can start again hopefully with issue 13 and a fixed maturity issue. To be honest with one RS falling victim is unfortunate but for all nine to date to go like that is just tragic.

EachPenny

Neil_Jones wrote: »

Presumably this is why they don't do the online savers anymore (at the moment anyway) because every single one from what I can see has suffered from the same issue of a double interest payment at maturity.

There's probably something in the bank software or code that's causing the issue that they can't fix without reissuing the accounts which could wipe their balances and if that happened, they'd be well up poop creek without a paddle. So presumably when all 12 savers mature they can start again hopefully with issue 13 and a fixed maturity issue. To be honest with one RS falling victim is unfortunate but for all nine to date to go like that is just tragic.

A far simpler explanation is that they just don't want to do the online accounts anymore - reserving the best rate for accounts which require customers to have face-to-face contact with branch staff from time to time.

There are some very simple and obvious workarounds that Virgin could use if they were so inclined - I'm sure they have IT experts who could come up with some ideas. :silenced:

molerat

EachPenny wrote: »

There are some very simple and obvious workarounds that Virgin could use if they were so inclined - I'm sure they have IT experts who could come up with some ideas. :silenced:

With the track record of bank "IT experts" perhaps they don't want to risk an experience of TSB proportions, even the latest MBNA to Lloyds platform was not without some serious flaws