Chase: Missing Interest

Thrugelmir

RG2015 said:

Thrugelmir said:

Have you calculated how much interest you should have been paid? 

A "substantial" amount was deposited on 28th March.

Let's say £1,000 although it was probably more like £10,000

£1,000 x 1.49% x 4/365 = £0.16.

£10,000 would be £1.63

I am obsessed with arithmetic, but in truth the amount is irrelevant, it is the process that matters. 

I've spent a lifetime working in finance so have no issue with numbers. 

1882

From mental arithmetic due to a few deposits over a couple of days I'd estimate my missing interest at around £2.50

1882

Oh well still no response whatsoever after 10 days (including a follow up message I sent after 7 days) so I'm now considering going back to Cynergy as they never gave me any problems and have a fairly decent interest rate although I do have to keep changing their accounts to get the latest rate. 

Daliah

1882 said:

Oh well still no response whatsoever after 10 days (including a follow up message I sent after 7 days) so I'm now considering going back to Cynergy as they never gave me any problems and have a fairly decent interest rate although I do have to keep changing their accounts to get the latest rate. 

Cynergy pays you substantially less than Chase. Chase will have to pay what you are entitled to - and may be more if you have to take them to the FOS.

1882

Substantially less than nothing isn't possible. 

Stubod

1882 said:

Substantially less than nothing isn't possible. 

..unless they actually take money off you...

Daliah

1882 said:

Substantially less than nothing isn't possible. 

they cannot pay you less than they owe you

RG2015

The sooner the OP gets their £2.50 the better.

Daliah

1882 said:

I have previously mentioned this in the general thread but it gets lost there and I have an update.

I opened a Chase current account and savings account which I funded with a substantial amount in late March and didn't get any interest paid on 1st April.  After checking with others that the savings account should indeed have had it credited I contacted Chase via the app and they apologised and said they'd look into it. Now a whole week later I'm still awaiting a reply and any interest.

Am I the only one who's had this issue?

@1882, could you get the issue resolved? 

1882

Sorry for not updating you on the outcome of this! It took them quite a while to get back to me and it turns out (as one poster suggested) I'd inadvertently opened an additional current account rather than a savings account and therefore it wasn't due any interest.

I confused the matter by giving it the name savings account which made me think otherwise. On the basis that the customer service agent didn't (as would have seemed reasonable) immediately pick up on this and instead opened an investigation into it I was given compensation of an amount a bit higher than the interest I missed out on.