TSB to cut interest rate on its current account to 3% - MSE News

wizk1

YorkshireBoy wrote: »

Paul who? Hope you got his name right on the complaint.

What are you seeking by way of a resolution to your complaint?...5% for ever?...5% for another few months, maybe 6-12 months?...£25 to 'go away'? The first two aren't going to happen (because there's not only you involved). The last might happen, by way of goodwill. So what do YOU want? It's a question you'll be asked so might be an idea to have an answer ready.


EDIT: In hindsight, their lawyers should have stepped in and inserted something to the effect of "for as long as the Plus account is available".

My goal is to make TSB backtrack on their rate drop announcement. I'm not out for a quick buck and hush money.

It's the principle of the whole situation that's left a very bitter taste in my mouth and I want to prove a point to TSB that they can't get away with making every promise under the sun with their fingers crossed behind their backs. It sets a dangerous precedent for every other financial institution.

Silly? Pointless? Fruitless? We'll see. But at least I can say I tried.

masonic

wizk1 wrote: »

I made it perfectly clear that I would escalate this to the ombudsman if necessary.

Sadly I don't think that will carry much weight with TSB. TSB effectively used the FOS as an outsourced complaints handling firm, and the FOS dealt with nearly 6000 complaints about TSB since the IT meltdown, many of which TSB hadn't even looked at.

colsten

wizk1 wrote: »

My goal is to make TSB backtrack on their rate drop announcement. I'm not out for a quick buck and hush money.

It's the principle of the whole situation that's left a very bitter taste in my mouth and I want to prove a point to TSB that they can't get away with making every promise under the sun with their fingers crossed behind their backs. It sets a dangerous precedent for every other financial institution.

Silly? Pointless? Fruitless? We'll see. But at least I can say I tried.

Don't be ridiculous. The only achievement you can expect is a heart attack or nervous breakdown or high blood pressure, or all three. Open a bottle and relax.

bristolleedsfan

wizk1 wrote: »

I have already raised a complaint with TSB, citing the email promising the 5% rate would stay, along with the BBC interview with Paul Peston. I made it perfectly clear that I would escalate this to the ombudsman if necessary.

Snap :beer:

Brewer20

They could of course close your account, I guess they don't have to give a reason either.

wizk1

Brewer20 wrote: »

They could of course close your account, I guess they don't have to give a reason either.

Good! I also hold a (overpriced) mortgage with them. I hope they close that too and let me settle the outstanding balance without penalty

ceredigion

Brewer20 wrote: »

They could of course close your account, I guess they don't have to give a reason either.

Which one.

MDMD

I saw an advert on TV yesterday- I thought it was odd that they only said that the current account “pays interest”, no mention of a rate......

https://www.youtube.com/watch?v=6O2_DVX3Cow

Looks like they are also on a cost cutting drive before the new CEO arrives this month.....

https://uk.finance.yahoo.com/news/ceo-britains-tsb-plans-cost-cutting-drive-source-133743264--sector.html

Brewer20

ceredigion wrote: »

Which one.

The said TSB interest paying account.


My understanding is most banks can close your account(s) TSB state "any other reason" in their T&C's and they'll inform you in writing giving notice.
I'm sure if folk aren't happy then they'll give you the option to close your account or move to another of their accounts, again it's in the T&C's.
No harm in venting your disgust though if it makes someone feel better, we are a small fish......

uphilldownhill

I ditched TSB for Nationwide flexdirect after they went Sabadell. They have a history of poor banking IT upgrades. I still believe they are having some issues. The only positive outcome is when other banks make the upgrade of IT they will have learnt how not to do it.
All those windows server 2000 & 2003 banks must be worried about Monzo and others without legacy systems.