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pecunianonolet

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

Catplan

pecunianonolet said:

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

I’d call to discuss, if you have account numbers you can fund. You don’t mention registering for online access? Have you done that? I done similar minus the holiday, EA and RS books came quickly I funded applied for ERS, requested online access, got the book for ERS, no letter for online. Then got email saying it was 20 days since online details sent and I had 8 days. I phoned to request the code they couldn’t/wouldn’t give me it over phone. Said they’d post first class on Thursday, it arrived Saturday and I logged in this evening and funded the ERS. I think I recall when you request online access I’m pretty sure it says accounts need to be funded, not sure how strict they are on that point.

pecunianonolet

Catplan said:

pecunianonolet said:

Applied for the Monmouthshire reg savers the day they came out but went on holiday 2 days later for 2.5 weeks. The day before the reg savers came online I applied for their normal saver, just in case. When I got home I had received one passbook for the 8% account and two other letters telling me the account numbers of the 7% reg saver and the easy saver together with a form to sign. Posted both on the 14th of Sep and applied the same day online for internet access. Until now I have not heard anything back. I have also not funded any account as I only do that when I have also access to the funds.

Same procedure for OH, except no passbook at all and no sight of the 8% reg saver. Only difference is that letters to sign were posted on the 18th

Is there any hope that we will be be able to use the accounts as we would ideally want to make a September contribution and have normal access or is it better to forget about it and never touch that building society ever again? Rather frustrated by now about their unprofessionalism and how ridiculously slow everything is. Not sure if I can trust them with my cash.

Should I call and complain?

I’d call to discuss, if you have account numbers you can fund. You don’t mention registering for online access? Have you done that? I done similar minus the holiday, EA and RS books came quickly I funded applied for ERS, requested online access, got the book for ERS, no letter for online. Then got email saying it was 20 days since online details sent and I had 8 days. I phoned to request the code they couldn’t/wouldn’t give me it over phone. Said they’d post first class on Thursday, it arrived Saturday and I logged in this evening and funded the ERS. I think I recall when you request online access I’m pretty sure it says accounts need to be funded, not sure how strict they are on that point.

Yes, I applied for online access for myself and OH here the same day I posted my signed forms using the pre paid envelope. No letter or email at all for me or OH. 

Once I have access to my accounts I fund them. I am not sending money somewhere, when I can't access the account.

zagfles

Altior said:

I suspect some people are looking at it the wrong way. The '13th' payment is irrelevant. What is relevant is that if you used the workaround, you're effectively pulling forward the remaining payments after the first one, by almost a month. The overall 'effect' of that is similar to having a bonus payment at the beginning. 

The question for me would be is that risking the potential wrath of Nationwide. Almost certainly not, but the modest upside isn't worth the risk, even if it's a well worn tactic. 

Seriously? It's using the account the way it's designed to be used! NW have always done RS accounts like this, inc their "start to save" accounts. They are fully aware that nearly everyone will have 13 calendar months to increase their balance and that the second payment could be the day after the first if opened at the end of the month.

If they didn't like people doing this they'd have similar T&Cs to Santander where a "month" starts on the date the account is opened. 

There are some uber MSE ways of expoliting bank offers, such as using the NatWest "round up" facility to make hundreds of £1.01 debit card payments, that could well incur "wrath". But paying in £200 every calendar month to an account that allows £200 every calendar month? Nah...

Growingold

For info when I was on the phone to Monmouthshire (no easy task I might add) I asked the question when did the 12 months for their RS's start .  They said from date of deposit.  This was confirmed when I eventually got access to my accounts on line and made my first deposit.  Maturity/Interest  date showing 12 months from date of funding) Click more information when on your specific account page to see.

Wheres_My_Cashback

Altior said:

The question for me would be is that risking the potential wrath of Nationwide. Almost certainly not, but the modest upside isn't worth the risk, even if it's a well worn tactic. 

There really is no question, you're making non-valid assumptions and interpretations of terms.
Don't think you can risk the potential wrath of any organisation for implicitly following their terms by depositing funds as they suggest, once pcm up to the max permisable per month. There are dozens of organisations who operate like this.

The exceptions are those who stipulate an account maximum balance or those who only allow a monthly payment based upon account opening date...Santander/FD/HSBC/Coventry etc

It's not a loophole and no shenanigans are taking place, you're simply using the account in the most effective way.

Wheres_My_Cashback

Growingold said:

For info when I was on the phone to Monmouthshire (no easy task I might add) I asked the question when did the 12 months for their RS's start .  They said from date of deposit.  This was confirmed when I eventually got access to my accounts on line and made my first deposit.  Maturity/Interest  date showing 12 months from date of funding) Click more information when on your specific account page to see.

This has always been the case with Monmouthshire for their RS accounts though you may have read here otherwise as some make their own interpretations without checking first.
Their terms do actually state that an account is not classified as open until funds have been deposited for which you have 30 days to do so from receipt of account confirmation letter.

r6mile

I am having an absolute nightmare with MonBS. Letters take ages to arrive (I got a letter last week dated 1 September), their online system is a joke and the fact that resetting a password requires a letter to be sent in the post is ridiculously outdated! I am starting to think whether this is worth it really...

pecunianonolet

Wheres_My_Cashback said:

Growingold said:

For info when I was on the phone to Monmouthshire (no easy task I might add) I asked the question when did the 12 months for their RS's start .  They said from date of deposit.  This was confirmed when I eventually got access to my accounts on line and made my first deposit.  Maturity/Interest  date showing 12 months from date of funding) Click more information when on your specific account page to see.

This has always been the case with Monmouthshire for their RS accounts though you may have read here otherwise as some make their own interpretations without checking first.
Their terms do actually state that an account is not classified as open until funds have been deposited for which you have 30 days to do so from receipt of account confirmation letter.

But who is depositing any funds to an account they have no access to? 1.5 weeks to issue login details and post a letter should be enough when others manage similar things in 3 days.

r6mile said:

I am having an absolute nightmare with MonBS. Letters take ages to arrive (I got a letter last week dated 1 September), their online system is a joke and the fact that resetting a password requires a letter to be sent in the post is ridiculously outdated! I am starting to think whether this is worth it really...

Exactly my thinking too. Even a 10% reg saver would not make me touch them again. I'll wait if anything is in the post today, if not I give them a call and if that doesn't lead to anything they can keep their stuff and will be added to our black list (as the first on the list).

WillPS

pecunianonolet said:

Wheres_My_Cashback said:

Growingold said:

For info when I was on the phone to Monmouthshire (no easy task I might add) I asked the question when did the 12 months for their RS's start .  They said from date of deposit.  This was confirmed when I eventually got access to my accounts on line and made my first deposit.  Maturity/Interest  date showing 12 months from date of funding) Click more information when on your specific account page to see.

This has always been the case with Monmouthshire for their RS accounts though you may have read here otherwise as some make their own interpretations without checking first.
Their terms do actually state that an account is not classified as open until funds have been deposited for which you have 30 days to do so from receipt of account confirmation letter.

But who is depositing any funds to an account they have no access to? 1.5 weeks to issue login details and post a letter should be enough when others manage similar things in 3 days

No access? There are instructions in the passbook for making withdrawals by post, and in a pinch one could always have a day trip to the Welsh border.

I have no intention of removing any of the funds until maturity.