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Hattie627

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.

Stargunner

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!

Mine is funded by standing order and the money hasn't come back

But has the money been credited to your account(s)?

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 have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

Have just had confirmation the £300 (13th Monmouthshire payment) has been returned to my bank.

Same here.
I hope they can cope with the incoming phone calls and complaints.

Is it really worth complaining, when all that we have missed out on is around a £1 of interest, considering that the deposit would have probably been earning around 5% elsewhere.

GetRichOrDieSaving

What’s the payment reference for the Virgin RS please? 

drphila

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.

Bridlington1

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!

Mine is funded by standing order and the money hasn't come back

But has the money been credited to your account(s)?

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 have both the 7% (opened early Sept) hence currently on 12th payment. The 8% (opened end of Aug) which I had left the standing order in place and tried to make 13th payment given that no max balance was mentioned in the T&Cs. Both SO's exit to Monmouth at the same time, 1st of month. The final payment to the 7% has already been credited as of the 2nd, the 13th payment to the 8% has NOT been credited, nor has it been returned yet.

Have just had confirmation the £300 (13th Monmouthshire payment) has been returned to my bank.

Same here.
I hope they can cope with the incoming phone calls and complaints.

Is it really worth complaining, when all that we have missed out on is around a £1 of interest, considering that the deposit would have probably been earning around 5% elsewhere.

IMHO yes and I put my complaint in a few hours ago. My approach is that I will make a complaint if the bank or building society in question is at fault and I have been negatively impacted due to events that were within their control.

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.

Bridlington1

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%

drphila

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.

GetRichOrDieSaving

GetRichOrDieSaving said:

What’s the payment reference for the Virgin RS please? 

Just gambled and put my customer number, which worked fine.

subjecttocontract

GetRichOrDieSaving said:

GetRichOrDieSaving said:

What’s the payment reference for the Virgin RS please? 

Just gambled and put my customer number, which worked fine.

Why would you need a payment reference if you have included your personal account number & the sort code ?
You could have left it blank.

Vortigern

GetRichOrDieSaving said:

What’s the payment reference for the Virgin RS please? 

Virgin does not need a reference. If your bank requires you to use a reference just make one up. First Direct insists on references for outgoing payments, XX fulfils the requirement.