Santander 123 cashback query

2

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  • youngretired
    youngretired Posts: 602 Forumite
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    Problem is I opened the account in 2013 as a 123 acc and then converted it to the 123 Lite when charges went up to £5 so a few years ago, this is when the statements changed to 28th-27th monthly. So is my monthly period 28th-27th or the originally opening date 10 years ago of my original 123? 
  • Neil_Jones
    Neil_Jones Posts: 9,507 Forumite
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    Problem is I opened the account in 2013 as a 123 acc and then converted it to the 123 Lite when charges went up to £5 so a few years ago, this is when the statements changed to 28th-27th monthly. So is my monthly period 28th-27th or the originally opening date 10 years ago of my original 123? 

    When you changed your account it becomes your new "month".

    So if it was originally on (for argument's sake) the 2nd of the month to the 1st of the following month and you converted your account on the 17th, your new calender month becomes the 17th to the 16th of the following month.
  • WillPS
    WillPS Posts: 4,919 Forumite
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    Problem is I opened the account in 2013 as a 123 acc and then converted it to the 123 Lite when charges went up to £5 so a few years ago, this is when the statements changed to 28th-27th monthly. So is my monthly period 28th-27th or the originally opening date 10 years ago of my original 123? 
    The day before your cashback is paid and monthly fee taken.
  • blue.peter
    blue.peter Posts: 1,354 Forumite
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    WillPS said:
    Problem is I opened the account in 2013 as a 123 acc and then converted it to the 123 Lite when charges went up to £5 so a few years ago, this is when the statements changed to 28th-27th monthly. So is my monthly period 28th-27th or the originally opening date 10 years ago of my original 123? 
    The day before your cashback is paid and monthly fee taken.

    Normally, yes. However, it's not always this simple. My month ends on the 19th. However, my cashback/monthly fee day isn't always the 20th. In both February and March, for example, cashback day was the 19th (Sundays). Fee days in those months were 19th and 21st respectively.
  • youngretired
    youngretired Posts: 602 Forumite
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    Yes but as blue.peter has said it's not that simple, my fee is always taken on the 24th of the month, cashback paid on the 27th and statement is produced on the 28th monthly. So when is my monthly period?
  • blue.peter
    blue.peter Posts: 1,354 Forumite
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    Yes but as blue.peter has said it's not that simple, my fee is always taken on the 24th of the month, cashback paid on the 27th and statement is produced on the 28th monthly. So when is my monthly period?

    I suggest that the easiest way to find out for sure is to phone Santander and ask them.
  • eskbanker
    eskbanker Posts: 36,338 Forumite
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    Yes but as blue.peter has said it's not that simple, my fee is always taken on the 24th of the month, cashback paid on the 27th and statement is produced on the 28th monthly. So when is my monthly period?
    It'll be the period specified at the top of the statement.
  • youngretired
    youngretired Posts: 602 Forumite
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    I've raised a complaint as my 28th June statement says 29th May - 27th June and shows over £500 being credited. I'll see what they say, as how does a customer know when the £500 funding requirement is, if nowhere stipulates it except monthly from date opened. Normally the £500 is funded in plenty of time, it was only this month due to being abroad and no wifi access. I did send funds at 9pm from Lloyd's on the 26th, but Santander for the 1st time ever didn't credit it straight away like normal but the following day. 
  • See if you can bring forward your direct debits by a day or two to ensure they are collected before the 27th.
  • Regarding the timing of paying the £500, if you missed the cut off for the June then you can reset the date to the 30th of each month as the payment in for July has been received at the beginning of the monthly period so there's no need to pay in another £500 by the 27th July.
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