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Comments
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Monmouthshire BS
Most of the accounts affected will be coming up for maturity at the end of this month. I am slightly concerned that a small society such as MBS will become overwhelmed if there is a flood of individual complaints on the issue which has affected those of us who made a 13th payment in good faith, and that this will impede their efficiency in dealing with the maturity procedures later this month.I have decided not to make an individual complaint on the basis that Mon BS will be aware of the situation and, hopefully, will take more care next time. While inconvenienced slightly, my monetary loss has been minimal and compensation was never the issue here.11 -
chris_the_bee said:Snapdragon said:Snapdragon said:flaneurs_lobster said:surreysaver said:JamesRobinson48 said:Monmouthshire BS: RS 13th month
Yesterday I attempted to internally transfer £300 into my two in-flight Monmouthshire BS RS accounts (paying 8% and 7%), both of which mature later this month. Both transfers were declined, on the grounds that the account maximum balance would be exceeded. I had previously paid in the max £300 for 12 consecutive months, starting August 2023.
To the best of my knowledge, in each case the account T&Cs specify a monthly max of £300, but no max account balance is stipulated anywhere.
In other words, they're applying a "no 13th month" policy although none is stated in the account T&Cs.
Please, how did anyone in similar circumstances get on? I assume there would be many in the same boat.
EDIT: the MonBS has now sent me a secure message which states:
"The maximum account balance is £3600".
So best of luck to everyone trying for a 13th month!
My guess is no. When I tried to make a 13th payment to the Coronation Saver it took the best part of a week for the funds to be returned.
I hope they can cope with the incoming phone calls and complaints.5 -
What’s the payment reference for the Virgin RS please?
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Wheres_My_Cashback said:
- Based on £300 being paid into the account each month for 12 months - However this is just an example of possible interest earnings which is stated due to legal requirements and is not a declaration of what will/can be earnt.
In any case, this illustration is in the Summary Box and is not mentioned in the Regular SaverT&Cs.It is the latter, together with the General T&Cs For Savings, on which our contract with MBS is based.
0 - Based on £300 being paid into the account each month for 12 months - However this is just an example of possible interest earnings which is stated due to legal requirements and is not a declaration of what will/can be earnt.
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Stargunner said:chris_the_bee said:Snapdragon said:Snapdragon said:flaneurs_lobster said:surreysaver said:JamesRobinson48 said:Monmouthshire BS: RS 13th month
Yesterday I attempted to internally transfer £300 into my two in-flight Monmouthshire BS RS accounts (paying 8% and 7%), both of which mature later this month. Both transfers were declined, on the grounds that the account maximum balance would be exceeded. I had previously paid in the max £300 for 12 consecutive months, starting August 2023.
To the best of my knowledge, in each case the account T&Cs specify a monthly max of £300, but no max account balance is stipulated anywhere.
In other words, they're applying a "no 13th month" policy although none is stated in the account T&Cs.
Please, how did anyone in similar circumstances get on? I assume there would be many in the same boat.
EDIT: the MonBS has now sent me a secure message which states:
"The maximum account balance is £3600".
So best of luck to everyone trying for a 13th month!
My guess is no. When I tried to make a 13th payment to the Coronation Saver it took the best part of a week for the funds to be returned.
I hope they can cope with the incoming phone calls and complaints.
They've failed to include an important term in their Ts&Cs and I've had £600 earning no interest since the start of the month as a result and if they do not rectify the issue I'll potentially have missed out on having £300 at 8% and another £300 at 7% for 30 days (as it stands it'll have to sit at 5.6% instead). Thus I consider myself as having perfectly good grounds to complain.
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Hinckley & Rugby BS Interest Rate Reductions From 24/8/24:
Currently available:
Regular Saver 30 Day Notice Issue 2 from 5.1% to 4.85%
NLA:
Regular Saver 30 Day Notice from 5.25% to 5%
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Hattie627 said:Monmouthshire BS
Most of the accounts affected will be coming up for maturity at the end of this month. I am slightly concerned that a small society such as MBS will become overwhelmed if there is a flood of individual complaints on the issue which has affected those of us who made a 13th payment in good faith, and that this will impede their efficiency in dealing with the maturity procedures later this month.I have decided not to make an individual complaint on the basis that Mon BS will be aware of the situation and, hopefully, will take more care next time. While inconvenienced slightly, my monetary loss has been minimal and compensation was never the issue here.You make an excellent point. Of course, the degree of inconvenience will vary. In my case, for example, I withdrew money from a 2 month notice account, to fund MBS.Also it seems to me that MBS could have taken rapid action to limit the potential damage when their error first came to light. Instead they seem to be intent on brazening it out. So if maturity procedures are impeded, there would be a case for complaints and compensation for that as well.I am also irritated by the fact that MBS returned the funds without proper notification (even just an email linked to a secure message). I sometimes don't check my 0% interest feeder account for six or seven days so the £600 could have been sitting there earning nothing.7 -
GetRichOrDieSaving said:What’s the payment reference for the Virgin RS please?0
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GetRichOrDieSaving said:GetRichOrDieSaving said:What’s the payment reference for the Virgin RS please?
You could have left it blank.1 -
GetRichOrDieSaving said:What’s the payment reference for the Virgin RS please?1
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