Nationwide made two Technical Errors on my Switch. How much compensation should I ask for?

trail32uk

Dear Money Savers,

I switch accounts from Bank of Scotland to Nationwide to get a £125 switch bonus.

However first Nationwide due to a technical error, which they admitted to only after I chased them, did not switch me on the due switch date, but a week latter.

Secondly when they did switch me they sent me a text saying I was not eligible to get the switch bonus afterwards without further explanation.

Again I complained and asked for my bonus and for the compensation for the interest I would have got if they had done original  switch on time.

They wrote back and admitted that they had made yet another technical error and offered me £25 compensation and said that they would give me the £125 within seven days.

They questioned if I would of had the £1500 pounds available if they had done the original switch on time.

I am wondering if £25 pounds is enough as the current account switch service is meant to be simple, reliable and stress-free, they have failed on all these accounts and have caused worry, stress and doubt.

Any advice? Did something like this happen to anyone else?

Regards,

Neil

cymruchris

Things can go wrong on a switch, just like pretty much anything else in life. If you're getting your bonus and a £25 gesture - take it. You're not 'entitled' to anything - and they don't have to give you anything at all - so if that's their offer - take it and get on with life. Aside from an hour of your time, and a couple of pennies interest, you haven't lost anything. 

Sensory

£25 is more than enough compensation. Interest lost on £125 over two weeks is £0.07 at 1.5%, and £24.93 is excellent for the inconvenience caused.

You switched for the bonus and you got the bonus, plus another 20%. If you can prove that their two errors caused you financial loss and not just frustration at the prospect of missing out on free money, you could have a case.

veryintrigued

Take the £25 and move on

Rodders53

I'd say the £25 is far too much.  
As is the £125.

No wonder the interest they pay me is so low.

Daliah

How big was your financial loss?

EssexHebridean

I may be missing something here but it looks like they have already offered you £25 compensation? Not sure why you feel they should be offering more? As asked above, what have you actually lost, due to the late switch? 

PRAISETHESUN

How much loss has their fault actually cost you? You need to focus on actual quantifiable losses - "inconvenience" or "stress" don't really count I'm afraid. The fact that you're getting the switch incentive paid, plus a small gesture of goodwill on top which puts you into a better situation that you would've been otherwise had everything worked as expected, is more than fair IMO.

blue.peter

The general principle is that you should be put into the position in which you would have been had the error(s) not occurred. You have been, so you haven't suffered any loss, bar maybe a few coppers in interest. The only thing for which any compensation is due here is distress and inconvenience caused to you. £25 doesn't sound unreasonable to me in context.

As others have said, you've been offered all that you could reasonably expect. You'd best accept it and leave it at that.

EDIT: I can't see FOS awarding any more compensation than you've already been offered if you try pursuing the complaint with them.

BReasonable

I wouldn't rock the boat, the £25 is very fair and when the time comes for you to switch out of Nationwide in order to cop another bonus you don't want the other banks to figure out that you're someone who might give them trouble,
They can always refuse offers of new business 

harz99

trail32uk said:

Dear Money Savers,

I switch accounts from Bank of Scotland to Nationwide to get a £125 switch bonus.

However first Nationwide due to a technical error, which they admitted to only after I chased them, did not switch me on the due switch date, but a week latter.

Secondly when they did switch me they sent me a text saying I was not eligible to get the switch bonus afterwards without further explanation.

Again I complained and asked for my bonus and for the compensation for the interest I would have got if they had done original  switch on time.

They wrote back and admitted that they had made yet another technical error and offered me £25 compensation and said that they would give me the £125 within seven days.

They questioned if I would of had the £1500 pounds available if they had done the original switch on time.

I am wondering if £25 pounds is enough as the current account switch service is meant to be simple, reliable and stress-free, they have failed on all these accounts and have caused worry, stress and doubt.

Any advice? Did something like this happen to anyone else?

Regards,

Neil

Pretty much the same as what happened to my OH, if they offer her £25 we'll happily take it, but so far all they've  done is writing telling us what we already know (what happened and they've now paid £125) and saying they are "really sorry", we're now awaiting a response to a further secure message.