What are we all doing about the Mon BS fiasco?

Wheres_My_Cashback

gravel_2 said:

All this over <£2?

Less than half that for the majority probably as the funds would have come from an interest earning a/c, so it's only the difference which has been lost.
I think people should be holding their horses as it's still an unknown quantity atm.

Rudyson

What I'm doing is being extremely grateful to Mon BS for allowing me to set up two RS accounts putting in £600 a month at an average 7 and a half percent. How many RS deals have been better than that?

What I'm very definitely not doing is creating any sort of fuss, or worse still putting in a complaint.

I find it interesting that the companies who've offered the best rates (Mon BS, FD, Virgin, Progressive) are the ones which get all the stick for their antiquated systems. I'm convinced many people on here would be happier to only get 6% as long as there was an app that did everything instantly and perfectly. Personally, I'll settle for the higher rate, and companies that give last century service (like answering the phone quickly with helpful, and reasonably knowledgeable people) rather than state of the art tech and lower rates.

Please take a moment to think before slamming Monmouth 'on a matter of principle.' I sincerely hope that anyone who does complain is refused an account next time there's a great offer.

simonsmithsays

Rudyson said:

' I sincerely hope that anyone who does complain is refused an account next time there's a great offer.

Speaking of which do we know if there are any follow on RS accounts for these two RS which are about to mature.

They'll be a mini riot, from some, if there is and they allow you to keep the same standing order with the same details as the ones people have intentionally left open (and then closed).

😂

financialbliss

Just had the 13th payment returned. Timed 17.02 "Monmouthshire BSoc".

Back to Chase if that helps.

pafpcg

Funds returned from MonmouthBS at 17:03

FishInGlass

Ditto - They have also changed my Limited Access Saver from pending after I chased it up in branch today. Will fund that with a small amount to maintain my membership once the RS's mature.

eskbanker

Hopefully the riot police have been mobilised....

dcs34

fabsaver said:

They have replied to my secure message and indicated that the 13th payments will be returned to me later today, as I have already made 12 payments of £300 into the accounts.

The T&C for these accounts do not specify a maximum balance or maximum number of deposits. They state "The maximum overall amount that can be paid into the account is £300 each calendar month". As far as I am aware August is a calendar month!

My response from them was:

"Your account has reached the maximum balance of £3600.00 and/or received all 12 monthly payments of £300.00. We will send funds back to your bank account by midnight this evening."

And as of 5pm both sets of £300 returned. I have queried their response as the reasons they have stated are not in line with the published T&Cs which do not state a maximum balance or limitation to 12 payments.

And before people get on their high horses about chasing small amounts of interest or "compo" (remind me the purpose of this site again), I'd simply like the companies to follow their own rules and ensure their product literature says what they want it to mean, not what they think it means. It takes 5 minutes to double check your document against previous issues before publishing it. If nothing else they might be better the next time they launch a regular saver and avoid misleading customers. I'm sure they're not so lax about collecting mortgage payments each month!

gt94sss2

For those interested:
https://www.monbs.com/complaints-procedure/

Hoenir

Transparent enough: 

Minimum / Maximum Regular Deposit: £0 minimum - £300 maximum per month.