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

Eyeful

1. It makes no difference.
You changed your Email address & could have contacted Shawbrook at any time to tell them of your changed Email address but did not.
You now want others to pay you more than £670, for something you should have done but did not.

2. Fairness works both ways.
If it is not fair that Shawbrook, only paid you 0.1% on your matured funds.
Then It is not fair of you, to expect others to pay you money, when you did not to tell Shawbrook of your new Email address.

3. It appears like you are looking for any reason to avoid losing money, that resulted from
you choosing not to tell them of the new Email address.

Jimbobdibob

Eyeful said:

1. It makes no difference.
You changed your Email address & could have contacted Shawbrook at any time to tell them of your changed Email address but did not.
You now want others to pay you more than £670, for something you should have done but did not.

2. Fairness works both ways.
If it is not fair that Shawbrook, only paid you 0.1% on your matured funds.
Then It is not fair of you, to expect others to pay you money, when you did not to tell Shawbrook of your new Email address.

3. It appears like you are looking for any reason to avoid losing money, that resulted from
you choosing not to tell them of the new Email address.

Gobbledygook 

rallycurve

HUMBUG said: 

Also I'm asking for more than £670 now after working out the interest I would have accrued if I'd reinvested in the 4.49% fixed cash Isa account that was available at the time of maturity.

You may as well ask for a million. You are probably going to get the same: nothing, or perhaps a goodwill gesture of a few pounds if they feel generous...

HUMBUG

You can try and spin it any way you like but there is no defending a paltry 0.1%.

HUMBUG

rallycurve said:

HUMBUG said: 

Also I'm asking for more than £670 now after working out the interest I would have accrued if I'd reinvested in the 4.49% fixed cash Isa account that was available at the time of maturity.

You may as well ask for a million. You are probably going to get the same: nothing, or perhaps a goodwill gesture of a few pounds if they feel generous...

You've not read my posts quoting their T&C's. It says they will contact me by SMS and email but didn't send an SMS. 

I think I've got a very good chance and it won't be a few pounds compensation . Skipton did the same when my mother died and stuck her savings in a low interest account but I complained to their CEO suggesting they were profiting from the deceased and received £500 goodwill credit.

gt94sss2

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.

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.

Am just catching up with this thread. It does sound as if the underlying issue is down to your failure to update your contact details. 

While you may get a compensation payment of some sort following your complaint, your belief in what financial institutions can and should do with undelivered emails is unrealistic.

I assume the fact that funds would go into the matured account are also covered in their T&C/Key Facts Documents you agreed to when opening the ISA.

Anyway, the main reason I am posting now, is to ask if Emma Reynolds is your MP? If not, don't expect a response.

I would also be surprised if you got accurate/knowledgeable responses from all 9 other institutions you contacted.

happybagger

I'm surprised this thread is still going.

OP forgot to update their email address. OP didn't make a note of when their account matured, and had forgotten what happens on the maturity. Or perhaps didn't read the t&c's initially. OP feels hard done by and wants to complain and be compensated.

OP says they have contacted 9 other institutions about their policies. But has OP complained yet about their case to their own provider Shawbrook? If so, await the response. If not, why not?

HUMBUG

gt94sss2 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.

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.

Am just catching up with this thread. It does sound as if the underlying issue is down to your failure to update your contact details. 

While you may get a compensation payment of some sort following your complaint, your belief in what financial institutions can and should do with undelivered emails is unrealistic.

I assume the fact that funds would go into the matured account are also covered in their T&C/Key Facts Documents you agreed to when opening the ISA.

Anyway, the main reason I am posting now, is to ask if Emma Reynolds is your MP? If not, don't expect a response.

I would also be surprised if you got accurate/knowledgeable responses from all 9 other institutions you contacted

1. Emma Reynolds MP

Economic Secretary to the Treasury

The Economic Secretary to the Treasury (EST) is the City Minister and is responsible for:

Financial services policy, reform and regulation including:

Financial conduct, including relationship with the FCA

There is a specific contact email for issues concerning her position as Economic Sec, not her constituency.

--------------------------

2. I always get a response when I write to MP's .

3. Why do you think I won't get accurate/knowledgeable responses from all 9 other institutions contacted? One has already replied and says they will contact the customer if they get a returned email.

4. I've already posted the T&C's where Shawbrook state they will send an SMS text as well as email . Even if they don't have a process to deal with undelivered emails , they should have sent an SMS text.  So it has nothing to do with unrealistic expectations, they state what they do and didn't comply.

5. Yes , the T&C's state that matured funds go into a maturity account, so what?  The issue is the paltry 0.1% interest they apply.

HUMBUG

happybagger said:

I'm surprised this thread is still going.

OP forgot to update their email address. OP didn't make a note of when their account matured, and had forgotten what happens on the maturity. Or perhaps didn't read the t&c's initially. OP feels hard done by and wants to complain and be compensated.

OP says they have contacted 9 other institutions about their policies. But has OP complained yet about their case to their own provider Shawbrook? If so, await the response. If not, why not?

Best you read the previous posts but yes I have raised a dispute and have given them 8 weeks to respond. I have read the T&C's and clause 6.3 states they will use all 3  channels to contact me , but they didn't send me an SMS message.

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.

VNX

dunnm1 said:

Eyeful said:

1. It makes no difference.
You changed your Email address & could have contacted Shawbrook at any time to tell them of your changed Email address but did not.
You now want others to pay you more than £670, for something you should have done but did not.

2. Fairness works both ways.
If it is not fair that Shawbrook, only paid you 0.1% on your matured funds.
Then It is not fair of you, to expect others to pay you money, when you did not to tell Shawbrook of your new Email address.

3. It appears like you are looking for any reason to avoid losing money, that resulted from
you choosing not to tell them of the new Email address.

Gobbledygook 

It’s really not