Virgin Money 10.38% regular monthly saver

subjecttocontract

I have numerous secure keys for many of the bank accounts I hold. I've found that some banks secure keys do work on different banks. Stumbled on it by accident a few times when doing a transaction and had picked up the wrong secure key for the bank I was dealing with.

So, chances are one secure key will work for both of you as you will each have your own pin number to activate it for your individual accounts.

pafpcg

subjecttocontract said:

I have numerous secure keys for many of the bank accounts I hold. I've found that some banks secure keys do work on different banks. Stumbled on it by accident a few times when doing a transaction and had picked up the wrong secure key for the bank I was dealing with.

So, chances are one secure key will work for both of you as you will each have your own pin number to activate it for your individual accounts.

No, the VM/Clydesdale secure key device (credit-card-sized calculator-like, branded "Token One") is locked to the user.  My partner & I each have a secure key device - pick the wrong one and it fails to work (so each one is boldly marked with our names).  (The device is the worst bank-supplied key-pad security device I've come across with tiny keys & screen.)

fuzzzzy

clivep said:

allegro120 said:

Try to withdraw 2 x £500 from your current account and then the rest from your former RS.  This worked for me.  I have two current accounts, so I was able to transfer the whole balance out of VM in few minutes.  The last segment was £500+interest and it went through despite the £1k restriction.

This is what I thought I would be able to do but could not...

I transferred £1000 from RS to C/A then 2 x £500 out of C/A. I was then blocked from the 2 x £500 transfers out of the RS that I had planned.

To avoid this problem next year, I tried to find how to get a security token. I couldn't find any info about how to order one so sent a secure message. They've replied "Thanks for your message I can issue this for you now, just to make you aware before doing so this will stop any mobile app access".

As I don't intend to use the app, I confirmed I wanted a secure key sending. Now to order one for my wife as I presume the secure key I get will only work for my accounts.

I am a bit curious why if there is a £1k limit, I managed to move £1250 out, and then got the next £500 blocked by the fraud team, which was then processed when I phoned up, meaning I actually managed to move £1750 in one day. You would think that you would just get an error message saying you had exceeded the daily transfer limit.

TheBanker

francoghezzi said:

masonic said:

Eco_Miser said:

redpete said:

boingy said:

I'm a bit shocked that their online closure procedure requires me to type my name, address, sort code and acc no for closing account and sort code and acc no for closing balance to go to.

I'm blooming well logged in. They know who I am, where I live and which account I want to close and in my case I have a VM current account to receive the balance. That should have taken a couple of clicks to achieve. And in the case of a regular saver they could have asked us in advance what we want to do when it matures.

It's because that process is designed for closing the current account, which would normally involve moving to another institution.

That explains why you have to specify the receiving account, but not why the rest of the form isn't pre-populated with your details.

As mentioned before, the explanation for that is that the page is not on the internet banking website. It's on the main website at https://uk.virginmoney.com/vmforms/current-accounts/account-closure-request/

You don't have to be registered for internet banking to use it, and it's therefore available to all. I'm not sure about the security implications of that however! Anyone knowing your details could potentially fill it out. Mitigated in part by the fact it has to be empty.

I have written twice that I would never send a penny to Monmouth BS because I don't like their XIII century way of doing business but I must admit that the show put up by Virgin in the last few days was dreadful at best. I had no problem at opening the new saver but having to write in order to close the old one so as not to wait 2 months to receive July's interests is anachronistic (I have many RS and none of them needs more than a minute when they mature). I love both Virgin and Nationwide and I had hundreds of pounds from them in the last 3 years, so I would never close my accounts with these banks, but to be fair the show, this time, was appalling. Good luck to Nationwide when and 'if' they will try to sort up the Virgin app and online banking sector.

On the other hand, all went well for me. I transferred the maturity funds to Santander and opened a new Regular Saver with no issues. The only thing I am awaiting is my closure instruction to be actioned so I get the last month's interest before September. 

jimjames

fuzzzzy said:

clivep said:

allegro120 said:

Try to withdraw 2 x £500 from your current account and then the rest from your former RS.  This worked for me.  I have two current accounts, so I was able to transfer the whole balance out of VM in few minutes.  The last segment was £500+interest and it went through despite the £1k restriction.

This is what I thought I would be able to do but could not...

I transferred £1000 from RS to C/A then 2 x £500 out of C/A. I was then blocked from the 2 x £500 transfers out of the RS that I had planned.

To avoid this problem next year, I tried to find how to get a security token. I couldn't find any info about how to order one so sent a secure message. They've replied "Thanks for your message I can issue this for you now, just to make you aware before doing so this will stop any mobile app access".

As I don't intend to use the app, I confirmed I wanted a secure key sending. Now to order one for my wife as I presume the secure key I get will only work for my accounts.

I am a bit curious why if there is a £1k limit, I managed to move £1250 out, and then got the next £500 blocked by the fraud team, which was then processed when I phoned up, meaning I actually managed to move £1750 in one day. You would think that you would just get an error message saying you had exceeded the daily transfer limit.

I guess there isn't a daily transfer limit, it's purely an internal limit for certain methods. I transferred the whole £3300 without any problems (using the app)

Nasqueron

boingy said:

I'm a bit shocked that their online closure procedure requires me to type my name, address, sort code and acc no for closing account and sort code and acc no for closing balance to go to.

I'm blooming well logged in. They know who I am, where I live and which account I want to close and in my case I have a VM current account to receive the balance. That should have taken a couple of clicks to achieve. And in the case of a regular saver they could have asked us in advance what we want to do when it matures.

I'm shocked that they can't do it simply via automated chat while logged in like I have done with other banks!

Beddie

Nasqueron said:

boingy said:

I'm a bit shocked that their online closure procedure requires me to type my name, address, sort code and acc no for closing account and sort code and acc no for closing balance to go to.

I'm blooming well logged in. They know who I am, where I live and which account I want to close and in my case I have a VM current account to receive the balance. That should have taken a couple of clicks to achieve. And in the case of a regular saver they could have asked us in advance what we want to do when it matures.

I'm shocked that they can't do it simply via automated chat while logged in like I have done with other banks!

Me too - they have very antiquated systems that have not been updated in years. And it will be a good while before their new owners Nationwide improve it, as their systems are old and clunky too!

MoneyMan01

Has anyone had their interest paid yet, after requesting closure?

I'm debating whether the hassle is worth it. How much do you even gain by closing it early? Or are you closing it out of principle of them having around £20 worth of your money for 20ish days?

Section62

pafpcg said:

subjecttocontract said:

I have numerous secure keys for many of the bank accounts I hold. I've found that some banks secure keys do work on different banks. Stumbled on it by accident a few times when doing a transaction and had picked up the wrong secure key for the bank I was dealing with.

So, chances are one secure key will work for both of you as you will each have your own pin number to activate it for your individual accounts.

No, the VM/Clydesdale secure key device (credit-card-sized calculator-like, branded "Token One") is locked to the user.  My partner & I each have a secure key device - pick the wrong one and it fails to work (so each one is boldly marked with our names).  (The device is the worst bank-supplied key-pad security device I've come across with tiny keys & screen.)

Yes, the VM/Clydesdale token is user profile specific - the last time I changed mine I had to call when it arrived to go through a process of linking it to my profile and removing the old one.

Personally I think the HSBC/M&S token is worse... the VM/Clydesdale one is slightly larger, and the battery can be replaced.  Whereas as soon as the battery voltage on the HSBC/M&S drops below a certain level the whole device is toast.

The PINsentry-type cardreader devices are interchangeable between the banks which use them.

pafpcg

Section62 said:

pafpcg said:

subjecttocontract said:

I have numerous secure keys for many of the bank accounts I hold. I've found that some banks secure keys do work on different banks. Stumbled on it by accident a few times when doing a transaction and had picked up the wrong secure key for the bank I was dealing with.

So, chances are one secure key will work for both of you as you will each have your own pin number to activate it for your individual accounts.

No, the VM/Clydesdale secure key device (credit-card-sized calculator-like, branded "Token One") is locked to the user.  My partner & I each have a secure key device - pick the wrong one and it fails to work (so each one is boldly marked with our names).  (The device is the worst bank-supplied key-pad security device I've come across with tiny keys & screen.)

Yes, the VM/Clydesdale token is user profile specific - the last time I changed mine I had to call when it arrived to go through a process of linking it to my profile and removing the old one.

Personally I think the HSBC/M&S token is worse... the VM/Clydesdale one is slightly larger, and the battery can be replaced.  Whereas as soon as the battery voltage on the HSBC/M&S drops below a certain level the whole device is toast.

The PINsentry-type cardreader devices are interchangeable between the banks which use them.

Gosh, I'd forgotten those horrible little things!  I guess my subconscious had wisely blocked them from my memory.  Fortunately, HSBC/FirstDirect/M&S supplied on request the lovely Digipass302 desktop-calculator-sized devices which not only have a decent keypad and display - there's audio instructions including the playback of the security key to be entered. The only downside - there's no visible way to replace the battery.  Sorry, I've wandered way off topic.