Cynergy Maturity Issue FYI

mebu60

Thanks. Being able to see the money is a definite improvement.

They called mid-morning. The funds will be transferred to the EA 'today'. Hasn't happened yet! 

Someone else will call me about compo. 

Ch1ll1Phlakes

mebu60 said:

Thanks. Being able to see the money is a definite improvement.

They called mid-morning. The funds will be transferred to the EA 'today'. Hasn't happened yet! 

Someone else will call me about compo. 

Well at least they realised they mucked up. 

SpanishBlue

mebu60 said:

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! 

Even if it did roll over for another year, you would still have a period of time (14 days I believe?) to choose another option.

A few years ago Cynergy "lost" £10,000 of mine a few days before I was about to use the money to buy a property.

I sent a secure message to them as it was late at night when I discovered it, and phoned them the next morning.

They said they would get back to me but never did, but the missing £10,000 reappeared later on in the day.

mebu60

The funds had not transferred by 6:30pm yesterday despite the promise of it happening yesterday and having been instructed to 'keep an eye out for it' when they could not tell me when it would happen that day. Still hadn't happened at 8:20am this morning. Contact centre does not open until 9 which was also when I needed to leave the house. Cynergy had no goodwill left in my book after failing to do what they said and rectify their original error yesterday plus I was now going to be late so when matey started talking about '3 to 5 days' I thought I might combust! It took great self-control to just state assertively what I required to be done. 

Home now and much to my surprise / relief the remaining funds are there. Or were there! That was into EA Issue 89 opened as long ago as last Saturday at 4.41%. Opened EA Issue 90 last night at 4.45%, thanks @Bridlington1

My only remaining bond with Cynergy matures in March. Hopefully they will have their act together by then. 

alanwsg

I just had a similar experience.

I had an EA account earning 4.00%, so I opened the new issue 89 @ 4.41% and used the transfer&close option to move funds into the new account.

The correct amount (including closing interest) did appear in my new account.
But in the closed account it didn't show the closing interest - just the correct amount mysteriously transferring out.
By my rough calculations, the numbers were about right so I decided to leave it a couple of days to see what happened.

Just checked today and the interest is shown on the closed account but dated after the closing withdrawal.
So the account "goes negative" and then gets corrected up to zero by the interest payment

Odd, but I suppose we got there in the end.
Can't be bothered to switch to issue 90 for an extra 0.01%

mebu60

alanwsg said:

Can't be bothered to switch to issue 90 for an extra 0.01%

Extra 0.04%. 

jak22

I'm seeing something similar. Upon transfer and close to a new account, interest is added to the balance transfered, but doesnt appear if an interest statement is requested, and doesnt appear as a seperate item when listing transactions, either for the closed or newly opened accounts. Instead the interest gets added to the balance shown throughout the account history. For such a common occurance, close and transfer, its worrying to see a banking system do this. Ive havent checked the interest calculation.

alanwsg

mebu60 said:

alanwsg said:

Can't be bothered to switch to issue 90 for an extra 0.01%

Extra 0.04%. 

OH NO! - you're right. That's almost £6 I've missed out on!

NoviceMSE

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

I've had the same issue!

I had a £16,000 bond with an expected interest of £838.11 due on Wednesday.

Instead they transferred £15,161.89 into my EA account and closed the bond!!

A lot off faffing around with CS and now at least I can see my interest (plus the debit) in the re-opened bond....but still can't access it yet.

Completely unacceptable from a bank and my confidence on them has been severely dented.  

mebu60

Makes you wonder how a systemic issue like this can get into production through all the checks and testing you'd hope they would do. Given my interactions with them this week I have no expectation that they would do anything proactive to remedy the situation for customers or communicate with them. It's been a shockingly poor customer experience but I have two live bonds still with them well into next year and the latest EA at 4.45% is not to be sniffed at in the current environment.