Plum being scammy..?

Organgrinder

I had a plum account last year. They changed the way interest was paid from 1st to last day of the following month part way through the year. The forfeit of interest was I believe partly a result of that. 

I transferred out in April. The transfer process seems on the face of it to potentially lose you up to a month's interest. I believe any annual bonus would still get transferred though. 

However if you leave £100 in the account it doesn't matter what day you do the transfer as they will subsequently credit you the interest. I think you may then lose the following month's interest if you then close or transfer but loss of interest on £100 (30p?) is a lot better than on £20,000 (£60?).

masonic

Organgrinder said:

However if you leave £100 in the account it doesn't matter what day you do the transfer as they will subsequently credit you the interest. I think you may then lose the following month's interest if you then close or transfer but loss of interest on £100 (30p?) is a lot better than on £20,000 (£60?).

If you transfer out at the beginning of the following month then even the 30p is not lost. It can be transferred or withdrawn at the start of the next month.

Organgrinder

masonic said:

Organgrinder said:

However if you leave £100 in the account it doesn't matter what day you do the transfer as they will subsequently credit you the interest. I think you may then lose the following month's interest if you then close or transfer but loss of interest on £100 (30p?) is a lot better than on £20,000 (£60?).

If you transfer out at the beginning of the following month then even the 30p is not lost. It can be transferred or withdrawn at the start of the next month.

True although I had no choice of transfer date. I had an unspecified lead time of up to 14 days due to the sheer volume of transfers taking place. I thought it easier to leave a small balance (in hindsight lower!) and potentially forfeit the 30p!

I think also the £100 only applies to the higher interest rate but hey, it means I still get my annual bonus so I'm happy with that.

Uriziel

masonic said:

Uriziel said:

It has now been a whole calendar month and this still is ongoing. I want to now do a formal complaint so that I can send this to the FCA. Can someone please tell me whether I have to complain to Monument or Plum?

The FCA does not get involved in consumer complaints. You would need to wait 8 weeks after raising the complaint before you can refer it to the Financial Ombudsman Service. This is why I suggested getting in early with your initial complaint on 2nd May.

You would normally raise a complaint against the receiving provider, since they are responsible for managing the transfer. However, this is not set in stone and if there are clear failings on the part of Plum, then you could opt to complain to Plum, or raise complaints against both. You can then choose which to pursue further as you learn more.

Plum have now sent me a message saying that they need further assistance from the "Wealth Operations Department". This is despite them telling me all the time that the transfer was complete. Do you have any idea what this means at all? Is it just a way of fobbing me off?

masonic

Uriziel said:

masonic said:

Uriziel said:

It has now been a whole calendar month and this still is ongoing. I want to now do a formal complaint so that I can send this to the FCA. Can someone please tell me whether I have to complain to Monument or Plum?

The FCA does not get involved in consumer complaints. You would need to wait 8 weeks after raising the complaint before you can refer it to the Financial Ombudsman Service. This is why I suggested getting in early with your initial complaint on 2nd May.

You would normally raise a complaint against the receiving provider, since they are responsible for managing the transfer. However, this is not set in stone and if there are clear failings on the part of Plum, then you could opt to complain to Plum, or raise complaints against both. You can then choose which to pursue further as you learn more.

Plum have now sent me a message saying that they need further assistance from the "Wealth Operations Department". This is despite them telling me all the time that the transfer was complete. Do you have any idea what this means at all? Is it just a way of fobbing me off?

I've no idea. I expect it is a department that actually exists, and who knows, they might be able to help.

Uriziel

I have now had an update from Plum telling me that they made the transfer on the 4th and they gave me a reference which I sent to Monument. Monument said I will receive an update within 48 hours... is it possible it was their fault all along?

masonic

Uriziel said:

I have now had an update from Plum telling me that they made the transfer on the 4th and they gave me a reference which I sent to Monument. Monument said I will receive an update within 48 hours... is it possible it was their fault all along?

Possible. If it suddenly appears now in your Monument account, I'd say likely. The electronic ISA transfer system doesn't leave much room for error on the side of the sending ISA manager. If it was indeed sent on the 4th, then you should push for interest to be backdated to that date.

Uriziel

Monument have now called and said the money was in an account that they do not normally check. I don't know what that means but they said they will try to move the money to my account with interest within 48 hours. It is very honourable of them to add the interest without me having to ask for it.

Uriziel

I have just received the payment and also received £51.07 of interest. I am glad this is finally over but sadly Plum is going to be paying me interest at the end of the month, due to their sickening T&C, meaning I will have to do another transfer... looking forward to it..