Negative Interest Rate - I have one!

Zanderman

KeepOnKnitting said:

Well it won't be the first time I have been amused by something that no-one else found funny. I just wanted to share. I'll be over here on my own entertaining myself. See you later.

Edit to clarify without updating: No, until they have had a chance to rectify the situation, I will not be naming the bank. I happen to believe that genuine mistakes happen and I see no reason to give them negative publicity unless they decide not to rectify the error. I do not know what purpose it would serve other than maliciousness at this point.

It would scarcely be 'negative publicity' to name the bank here.  This is the MSE Forum not the national news. 

People are curious - that's all. 

It would certainly not be malicious either. 

It would, though, be polite.

Heidiho

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

rallycurve

Heidiho said:

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

Same here! I got -£0.09 a couple of months ago with an "Interest recovered" concept. Upon querying it via secure message, they rectified it promptly. So it is worth keeping an eye on Virgin Money's accounts and review the interest payments.

colsten

rallycurve said:

Heidiho said:

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

Same here! I got -£0.09 a couple of months ago with an "Interest recovered" concept. Upon querying it via secure message, they rectified it promptly. So it is worth keeping an eye on Virgin Money's accounts and review the interest payments.

What is the name(s) of the Virgin Money account(s) this happens on? What is leading to the recovery of interest?

Heidiho

colsten said:

rallycurve said:

Heidiho said:

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

Same here! I got -£0.09 a couple of months ago with an "Interest recovered" concept. Upon querying it via secure message, they rectified it promptly. So it is worth keeping an eye on Virgin Money's accounts and review the interest payments.

What is the name(s) of the Virgin Money account(s) this happens on? What is leading to the recovery of interest?

I can’t remember the name of the account but it was an “every-day savings” type account for me. 

It was in the days of when I had multiple virgin regular savers on the go at the same time. I used to transfer, say, £1000 to the everyday account once a month before moving it from there into the various regular savers a few minutes later (doing it this way meant I didn’t need to set up a new payee every time I opened a new R/S).

The first time I was “ charged” interest I was told it was an error and it was refunded. When it happened again I complained and was eventually told it wasn’t an error, it was because I was using my everyday savings account like a current account, which is not how they intend. 

To avoid the charge I was told to wait a day in between the transferral of money in and out of the account. This did indeed prevent the issue occurring again but it’s rather odd that their systems couldn’t cope with in/out transactions on the same day. ( I let it drop at that point as they chucked me a few quid as a sweetener!)

UncleK

You wanna try euros - I have some stuck because of a mortgage, so I can't move them - and I'm getting dinged at minus 0.12% - all above board!

colsten

UncleK said:

You wanna try euros - I have some stuck because of a mortgage, so I can't move them - and I'm getting dinged at minus 0.12% - all above board!

Many EU banks only charge those negative rates above certain amounts. Even Starling Bank's Euro account doesn't charge on deposits below £50k. I have even seen relatively attractive Euro savings rates, through Raisin's European outfit. Available to those who have an EU address.

moneysavinghero

rallycurve said:

Heidiho said:

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

Same here! I got -£0.09 a couple of months ago with an "Interest recovered" concept. Upon querying it via secure message, they rectified it promptly. So it is worth keeping an eye on Virgin Money's accounts and review the interest payments.

Sounds like deliberate theft by Virgin. They hope most people won't bother querying it and just say sorry and reverse it to the ones that do.

rallycurve

colsten said:

rallycurve said:

Heidiho said:

I will speculate and guess it’s Virgin, having had a similar experience with them (on more than occasion) in the past!

Same here! I got -£0.09 a couple of months ago with an "Interest recovered" concept. Upon querying it via secure message, they rectified it promptly. So it is worth keeping an eye on Virgin Money's accounts and review the interest payments.

What is the name(s) of the Virgin Money account(s) this happens on? What is leading to the recovery of interest?

My account was an easy access e-saver. They said this was "due to the way in which our system has updated following your withdrawal made on the xx" Funny thing is I did not withdraw any money on that day but a few weeks earlier. And the only transaction I had that month was that withdrawal so it was nothing similar to what Heidiho mentions above

colsten

Sounds like a great case for a complaint. They'll probably pay you £30 for raising it.