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

Hoenir

HUMBUG said:

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.

Who is going to pay for this technology. Everybody wants free lunches these days at someone elses expense. 

Personally I use Google calendar. Means that I can diarise events and receive reminders. A really usefull tool. 

ColdIron

My life revolves around Google Calendar, I couldn't function without it. Especially now that I'm retired and every day is a Saturday (except Sunday when Waitrose closes at 4:00 PM)

It certainly solves all my banking, maturity, payment etc date issues

VNX

This thread is so unedifying

dunnm1

VNX said:

This thread is so unedifying

I think anything but.

HUMBUG

surreysaver said:

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

Yes , I do but for some reason I didn't spot the Shawbrook maturity dates . It was unfortunate that these specific accounts were still linked to my plusnet webmail , while all the others linked to my gmail.  I had setup the plusnet link to my Shawbrook profile back in 2010 , but because plusnet webmail was so useless (incredibly slow and prone to errors) I used the 'import' facility using my gmail .  This meant as soon as an email is received into my plusnet webmail , a copy is imported into my gmail .  So after a while (ie. 15 years) one just forgets that the Plusnet webmail exists because I've never actually logged into it, because there is no need.

Then when my broadband using the copper network went faulty a few months before the maturity of these 2  cash isas, and couldn't be fixed by Openreach , they moved me to fiber broadband under Plusnet's sister company EE.  As soon as they did this , my Plusnet webmail was closed down .  This means that any Shawbrook emails going to my old Plusnet webmail would be rejected as undelivered and I would never see them imported into my gmail account.

So it seems a bizarre set of circumstances coupled with my inability to spot the maturity dates on my spreadsheet for just those 2  affected accounts. I think using a google reminder for maturity dates might be a good idea.  

surreysaver

I think you'll need to chalk this up to experience, and learn a lesson from it. You cannot expect other people or organisations to do your life admin for you 

HUMBUG

VNX said:

This thread is so unedifying

Why do you find it unpleasant to debate about?  Obviously I am not as perfect as some with regards managing maturity dates for saving accounts, but parking customer accounts at 0.1% interest rates is rather unedifying too. 

Anyhow, I think I have a good chance of getting a big chunk of my lost potential interest as I have now confirmed a clause in their T&C's that does apply to my 2 cash isas. Previously , I thought it wouldn't apply but I've checked the T&C's since 2023 and it still seems to be applicable.

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 6.3. We will contact you by text message, by email and by Secure Message to give you information about your savings account or to let you know that a statement or document is ready to view in your account.
------------------------------------

They haven't stipulated text or email or Secure Message but implied all three.  Therefore , if it goes to the Financial Ombudsman he will find a contradiction in their T&C's . One clause states that they will only send email about maturity documents being available online , while the above suggests they will also send me an SMS text regarding any document (which I assume includes maturity documents), which they didn't.

HUMBUG

surreysaver said:

I think you'll need to chalk this up to experience, and learn a lesson from it. You cannot expect other people or organisations to do your life admin for you 

Yes, but I didn't expect organisations to be using profiteering tactics by parking customer funds in a 0.1% interest holding account . Many organisations automatically reinvest your savings accounts into similar ones at a higher rate , while others move them into their current easy access accounts at a much higher interest rate than 0.1%. 

In Shawbrook's T&C's , they state they will be move the funds into a 'Matured Funds' account but never stipulated that it would be at an interest rate of 0.1%  (I wonder why?).

Eyeful

 Shawbrook, should have moved you on to an easy access account paying a fair interest rate, not one paying 0.1%. 

1. If you move house, you would be expected to tell Shawbrook your new house address.
2. If you move your Email address you would be expected to tell Shawbrook your new Email address.
3. You could have told Shawbrook this new Email address, as soon as you changed it, but you did not.
4. Now you want others to pay you £670, for something you did not do but should have. 
  

Section62

HUMBUG said:

...

In Shawbrook's T&C's , they state they will be move the funds into a 'Matured Funds' account but never stipulated that it would be at an interest rate of 0.1%  (I wonder why?).

Because the T&C's when you take the account out for a reasonable length of time can't accurately predict what the prevailing interest rate will be at maturity.  Although some providers do refer to their current easy access product as an example.

It wasn't that long ago that 0.1% would have been considered an Ok rate for a maturity product (though most MSEers wouldn't agree), with many old easy access accounts paying 0.01%.