Cynergy Maturity Issue FYI

mebu60

A one year bond matured this morning with instructions to pay the proceeds into my EA account. The amount deposited was the original capital MINUS the interest amount! 

Having a hard job getting them to understand, they keep telling me the interest is not paid until 7pm. I don't recall maturity proceeds being split previously but even so the capital has a shortfall equivalent to the interest amount which is a rather pertinent issue. 

I have an email confirming the correct amount but that states sent to my nominated account, a term usually associated with the linked bank current account rather than the EA I instructed them to pay it into. I am not risking confusing the matter further by raising that at this stage. 

The call handler has 'escalated it high priority' to the bonds team

cloud_dog

Just an initial comment... The term 'nominated account ' is a relative term.  Yes it is used when you link a savings account with a current account, but you have also nominated (or selected) an account to receive the output from the fixed rate account.  It's use is appropriate in both instances.

Assuming you deposited / made a payment of £1k with interest of £50 (5%), are you saying £1k or £950 has been deposited into the nominated account?

If it is £1k, then I have experienced this with another provider, and the £50 interest is deposited separately.  If £950 then that is weird.

Ch1ll1Phlakes

mebu60 said:

A one year bond matured this morning with instructions to pay the proceeds into my EA account. The amount deposited was the original capital MINUS the interest amount! 

Having a hard job getting them to understand, they keep telling me the interest is not paid until 7pm. I don't recall maturity proceeds being split previously but even so the capital has a shortfall equivalent to the interest amount which is a rather pertinent issue. 

I have an email confirming the correct amount but that states sent to my nominated account, a term usually associated with the linked bank current account rather than the EA I instructed them to pay it into. I am not risking confusing the matter further by raising that at this stage. 

The call handler has 'escalated it high priority' to the bonds team

Just a suggestion but sometimes systems take a while to update with interest and I've seen this myself. The interest may show in the EA along with the capital of the bond tomorrow when the system has been able to update at the end of the day. 

Again, only a possibility but as you've contacted Cynergy it should be sorted within a day or two.

mebu60

Capital deposited £20,000
Interest due £1032
Amount paid into EA £18968
Shortfall £2064 = 2 x interest amount
Weird is one way of describing it! 

There are so many alternative words to 'nominated' e.g. selected, chosen, specified, and on the maturity instructions they themselves use the term nominated account for the linked account, so when you select the EA for the proceeds and the email says we've sent (the £21032!) to your nominated account my first reaction was why did they do that when I clearly instructed them to use the EA. 

I immediately logged on and the above fiasco became the overriding concern instead. The bond shows as closed which implies the interest process has completed and the maturity proceeds have been distributed. 

mebu60

Ch1ll1Phlakes said:

mebu60 said:

A one year bond matured this morning with instructions to pay the proceeds into my EA account. The amount deposited was the original capital MINUS the interest amount! 

Having a hard job getting them to understand, they keep telling me the interest is not paid until 7pm. I don't recall maturity proceeds being split previously but even so the capital has a shortfall equivalent to the interest amount which is a rather pertinent issue. 

I have an email confirming the correct amount but that states sent to my nominated account, a term usually associated with the linked bank current account rather than the EA I instructed them to pay it into. I am not risking confusing the matter further by raising that at this stage. 

The call handler has 'escalated it high priority' to the bonds team

Just a suggestion but sometimes systems take a while to update with interest and I've seen this myself. The interest may show in the EA along with the capital of the bond tomorrow when the system has been able to update at the end of the day. 

Again, only a possibility but as you've contacted Cynergy it should be sorted within a day or two.

Cynergy have not repaid me the original capital and I am now awaiting the interest. I have been paid the original capital minus an amount equivalent to the interest so I have less than the amount deposited a year ago. If the interest amount was added it would bring the total back to the amount of the original deposit. 

Ch1ll1Phlakes

mebu60 said:

Capital deposited £20,000
Interest due £1032
Amount paid into EA £18968
Shortfall £2064 = 2 x interest amount
Weird is one way of describing it! 

There are so many alternative words to 'nominated' e.g. selected, chosen, specified, and on the maturity instructions they themselves use the term nominated account for the linked account, so when you select the EA for the proceeds and the email says we've sent (the £21032!) to your nominated account my first reaction was why did they do that when I clearly instructed them to use the EA. 

I immediately logged on and the above fiasco became the overriding concern instead. The bond shows as closed which implies the interest process has completed and the maturity proceeds have been distributed. 

Ok that is just weird. Really don't know what they've done, hopefully it gets sorted for you shortly.

Just as a note, have you checked your current account that is linked to Cynergy in case for some weird reason funds have been sent there

mebu60

Ch1ll1Phlakes said:

Just as a note, have you checked your current account that is linked to Cynergy in case for some weird reason funds have been sent there

Yep. They haven't.

The only transactions listed in the Cynergy closed account are deposit £20,000 a year ago and transfer out £18968 today. Balance = £0. And closed. No audit trail of how that was arrived at! 

Ch1ll1Phlakes

mebu60 said:

Ch1ll1Phlakes said:

Just as a note, have you checked your current account that is linked to Cynergy in case for some weird reason funds have been sent there

Yep. They haven't.

The only transactions listed in the Cynergy closed account are deposit £20,000 a year ago and transfer out £18968 today. Balance = £0. And closed. No audit trail of how that was arrived at! 

That's poor. Haven't used Cynergy myself but no bank or building society should be having an issue where your interest goes missing never mind your deposits. Though of course human error always can play a part.

Let the forum know when you get sorted. Oh, and complain once you get sorted too as this shouldn't have happened.

mebu60

Seven hours since my initial call, the silence is deafening.

Rang again, call handler can only chase the bond team. Pointed out we are getting into loss of interest territory on the reduced balance amount in the EA account if not resolved today and that I would be seeking compo. 

I have raised a formal complaint and have a case reference number. 

mebu60

Overnight the missing £2064 has appeared, albeit in the fixed rate bond that is magically no longer closed despite showing as matured yesterday. At least it's not rolled over for another year! 

Will give them the morning to reach out (as I have to go out) before I call them yet again.