Shawbrook Bank - Ignores undelivered maturity emails- assumes you've received them.

HUMBUG

fuzzzzy said:

I've always quite liked Shawbrook and do think the onus is on the account holder to keep contact details updated, but I might think twice about them now knowing that matured funds are put in a holding account with such a dismal rate of interest if maturity options aren't received.

It is all too easy, especially as you get older, to find yourself needing to go into hospital or something, and financial admin going on the backburner for a bit. I would like to think that if I could not manage my finances for any reason that any maturing funds would at least mature into an easy access account with an interest rate on a par with other offerings available at the time.

I also remember when my dad died he had a lot of fixed rate accounts, and there were a few institutions that had accounts mature into holding accounts with these very low interest rates. It was particularly irksome because probate took many months. I can't remember which institutions but one of them could well have been Shawbrook as I do remember he had an account with them.

Yes , I don't think Shawbrook would be an ideal bank for savings  if you are an old forgetful person like me.  I wanted to transfer all my cash isa's to another provider once I learnt they'd parked mine in that 0.1% account. But that would mean losing another £5 a day in lost interest for 10-15 days to do a transfer , so decided to reinvest in their 1 Year fixed cash ISA at 4.11% . 

But I will move to another provider on maturity next year.

In the meantime , I have contacted 9 different online banks/building societies to check what process they follow when their automated 'maturity'  emails get bounced back to them (for whatever reason).  Will be interesting to check which ones actively try and contact end customers to fix communication issues.

I've also sent an email to Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

Middle_of_the_Road

HUMBUG said:

I've also sent an email the Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

No no... Don't mention the ISAs 🤐

I mentioned it once, but I think I got away with it. 🤕

Hoenir

HUMBUG said:

I've also sent an email to Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

Employing people to perform unneccesaary administration functions is highly expensive. The cost needs to be recouped from somewhere. Penalising all account holders would be unfair. 

Base cost of employing someone on the National Living Wage is now £26,390. On top of which there's holidays, sickness, maternity and paternity leave to cover. Office rent and rates, insurance, training, telephone, provision of computer equipment etc to be paid for. Easily rise to £50K.

Rich1976

HUMBUG said:

fuzzzzy said:

I've always quite liked Shawbrook and do think the onus is on the account holder to keep contact details updated, but I might think twice about them now knowing that matured funds are put in a holding account with such a dismal rate of interest if maturity options aren't received.

It is all too easy, especially as you get older, to find yourself needing to go into hospital or something, and financial admin going on the backburner for a bit. I would like to think that if I could not manage my finances for any reason that any maturing funds would at least mature into an easy access account with an interest rate on a par with other offerings available at the time.

I also remember when my dad died he had a lot of fixed rate accounts, and there were a few institutions that had accounts mature into holding accounts with these very low interest rates. It was particularly irksome because probate took many months. I can't remember which institutions but one of them could well have been Shawbrook as I do remember he had an account with them.

Yes , I don't think Shawbrook would be an ideal bank for savings  if you are an old forgetful person like me.  I wanted to transfer all my cash isa's to another provider once I learnt they'd parked mine in that 0.1% account. But that would mean losing another £5 a day in lost interest for 10-15 days to do a transfer , so decided to reinvest in their 1 Year fixed cash ISA at 4.11% . 

But I will move to another provider on maturity next year.

In the meantime , I have contacted 9 different online banks/building societies to check what process they follow when their automated 'maturity'  emails get bounced back to them (for whatever reason).  Will be interesting to check which ones actively try and contact end customers to fix communication issues.

I've also sent an email to Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

Why would an MP even be interested ? This is just getting laughable now. Just accept you made a mistake and move on. As everyone is fond of saying these days, ‘ it is what it is’.

Jimbobdibob

Rich1976 said:

Why would an MP even be interested ? This is just getting laughable now. Just accept you made a mistake and move on. As everyone is fond of saying these days, ‘ it is what it is’.

Because as elected officials they should be.

0.1% is not right.

HUMBUG

Rich1976 said:

HUMBUG said:

fuzzzzy said:

I've always quite liked Shawbrook and do think the onus is on the account holder to keep contact details updated, but I might think twice about them now knowing that matured funds are put in a holding account with such a dismal rate of interest if maturity options aren't received.

It is all too easy, especially as you get older, to find yourself needing to go into hospital or something, and financial admin going on the backburner for a bit. I would like to think that if I could not manage my finances for any reason that any maturing funds would at least mature into an easy access account with an interest rate on a par with other offerings available at the time.

I also remember when my dad died he had a lot of fixed rate accounts, and there were a few institutions that had accounts mature into holding accounts with these very low interest rates. It was particularly irksome because probate took many months. I can't remember which institutions but one of them could well have been Shawbrook as I do remember he had an account with them.

Yes , I don't think Shawbrook would be an ideal bank for savings  if you are an old forgetful person like me.  I wanted to transfer all my cash isa's to another provider once I learnt they'd parked mine in that 0.1% account. But that would mean losing another £5 a day in lost interest for 10-15 days to do a transfer , so decided to reinvest in their 1 Year fixed cash ISA at 4.11% . 

But I will move to another provider on maturity next year.

In the meantime , I have contacted 9 different online banks/building societies to check what process they follow when their automated 'maturity'  emails get bounced back to them (for whatever reason).  Will be interesting to check which ones actively try and contact end customers to fix communication issues.

I've also sent an email to Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

Why would an MP even be interested ? This is just getting laughable now. Just accept you made a mistake and move on. As everyone is fond of saying these days, ‘ it is what it is’.

It's not laughable if someone's relative died and Shawbrook moved their funds into a 0.1% account and didn't allow the executor access until Probate , which could take 5-6 months (even more if the estate was complex).  It happened to a person who posted on Trustpilot and they basically lost £1000's in potential lost interest. 

The same thing happened to me when my mother died and I think it was Skipton who parked over 80k in a low interest holding account for 4 months.  I kicked up a stink writing to their CEO and they decided to give a goodwill payment.  If you don't complain if something 'doesn't smell right' , then that's your prerogative. 

HUMBUG

Hoenir said:

HUMBUG said:

I've also sent an email to Emma Reynolds MP (Economic Sec to the Treasury)  asking whether actions are going to be taken to prevent banks parking customers matured funds in these low interest accounts. It does seem like blatant profiteering to many.

Employing people to perform unneccesaary administration functions is highly expensive. The cost needs to be recouped from somewhere. Penalising all account holders would be unfair. 

Base cost of employing someone on the National Living Wage is now £26,390. On top of which there's holidays, sickness, maternity and paternity leave to cover. Office rent and rates, insurance, training, telephone, provision of computer equipment etc to be paid for. Easily rise to £50K.

It's a high tech world out there and everything can be automated.  In fact , monitoring and fixing customer email issues might reduce calls/complaints/disputes in the long run.

masonic

The email issue is a bit of a red herring. It is a shame you forgot to update the email address, but non-delivery can happen for other reasons, some of them undetectable, so email notifications should not be 100% relied upon. Email is sometimes temporarily rejected as a strategy to reduce spam (greylisting), which can lead to false rejection notifications. Some providers embed tracking pixels in their email to get confirmation that they were opened, but this is unreliable because privacy conscious services and users block these. It is therefore infeasible to set up a system that reliably detects emails that have not been received.

You were not prevented from logging in at any time to review your messages and transactions. It is something all customers should do from time to time. You should manage the number of banks and building societies you have accounts with so that this doesn't become too arduous a task (coming from someone juggling about 30 providers, though some are passbook accounts with no online access).

This would allow you not only to pick up on any communications or transactions you have missed, but also check that everything is in order and your account hasn't been compromised.

It is a good thing you are no longer using an ISP provided email address as this was always a bad idea.

FWIW, I had a slightly different issue with Lloyds in the past. Signing up for my Club Lloyds benefit, I opted to receive a code for a free Rakuten movie code each month. Every month I got the code by email, and also a week or so later, a letter with the same code telling me they couldn't deliver it to my email address, despite there being no problem at all. So even when these systems are in place they seem unreliable. Needless to say, I found the scenario curious and slightly amusing, but did not feel the need to take any action. False positives like this might annoy some folk though, so I can understand a firm wishing to avoid that.

surreysaver

Don't you keep a record of your accounts so you know when they mature? I do, it helps me organise my cashflow 

Barkin

Whenever I open an account with a maturity date, I add a reminder in my Google calendar.
Takes less than a minute. Job done