Monmouth Building Society is so slow

clivep

friolento said:

Giammy85 said:

I tried opening the Regular Saver via the MonBS app yesterday and hit a wall.

After entering my Virgin Money account as the nominated bank account (NBA), I got the following message: "We were unable to verify your NBA details. Please contact the MonBS team to verify your NBA."

Seriously— Everything I entered was correct. Has anyone else had this issue? Is this a glitch, or does MonBS not support Virgin accounts for verification?

Would appreciate any insight before I waste more time trying to get through to support.

It is almost certainly to do with the plethora of different systems VM are using. Not all, or may be even none, of the CoP checking systems cater for all the VM systems. You should be doing as advised and contact MonBS, or if you have a current account at another bank, use that one.

I wouldn't blame Virgin...

My wife and I applied online. After being told about the delay in processing, I tried in the app. My attempt via the app failed with the NBA problem so I thought I'd leave it for letters to arrive. I had entered my Bank of Scotland a/c. Letters received and my wife's online application got approved but mine didn't.  They wanted my proof of ID posting to them so I tried the app again with the joint Nationwide a/c that my wife was successful with - NBA problem again.

I phoned them and then, as requested, emailing them a Nationwide bank statement. This then allowed me to proceed in the app which led me to scan in my passport and record a video of me smiling. This processed successfully but the app then showed "We are unable to verify your details" and "Please re-try by selecting the button below" but there was no button below other than the "Contact Us" one!

Emailled them again and awaiting reply.

HillStreetBlues

Giammy85 said:

I tried opening the Regular Saver via the MonBS app yesterday and hit a wall.

After entering my Virgin Money account as the nominated bank account (NBA), I got the following message: "We were unable to verify your NBA details. Please contact the MonBS team to verify your NBA."

Seriously— Everything I entered was correct. Has anyone else had this issue? Is this a glitch, or does MonBS not support Virgin accounts for verification?

Would appreciate any insight before I waste more time trying to get through to support.

I never got past that either, used Natwest, Nationwide & Chase, all no can do.

Growingold

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

badger09

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

I think 6% is worth it, assuming you have the higher paying ones. 

Why didn’t you close the previous MONBS account when the rate became unacceptable?
If you can fund both, why not do so? Or, pay £250 into the VM RS & whatever you can afford (up to £500) into the MONBS RS until the rate drops to unacceptable level?

Growingold

badger09 said:

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

I think 6% is worth it, assuming you have the higher paying ones. 

Why didn’t you close the previous MONBS account when the rate became unacceptable?
If you can fund both, why not do so? Or, pay £250 into the VM RS & whatever you can afford (up to £500) into the MONBS RS until the rate drops to unacceptable level?

I hadn't realised I could close it as with that issue they said no withdrawals allowed until maturity so I stopped funding it.  At least their current offering though variable allows withdrawals.

badger09

Growingold said:

badger09 said:

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

I think 6% is worth it, assuming you have the higher paying ones. 

Why didn’t you close the previous MONBS account when the rate became unacceptable?
If you can fund both, why not do so? Or, pay £250 into the VM RS & whatever you can afford (up to £500) into the MONBS RS until the rate drops to unacceptable level?

I hadn't realised I could close it as with that issue they said no withdrawals allowed until maturity so I stopped funding it.  At least their current offering though variable allows withdrawals.

I hit the same apparent brick wall as that issue did not mention the ability to close early. However, several posters had said they had closed early & received interest as expected. So I did the same. 

Irrelevant I know, but I felt it unfair that a savings account could reduce its rate several times while denying customers the chance to exit. 

WillPS

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

The one lesson I've learned above all others from this thread and it's predecessor - you've got to be in it to win it.

clowning

I downloaded the MBS app on 1st Aug and opened a regular saver account. I didn’t have to open any other account first. I funded it straightaway with £500 which showed in the app yesterday. My nominated account is with HSBC. No problems at all

35har1old

badger09 said:

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

I think 6% is worth it, assuming you have the higher paying ones. 

Why didn’t you close the previous MONBS account when the rate became unacceptable?
If you can fund both, why not do so? Or, pay £250 into the VM RS & whatever you can afford (up to £500) into the MONBS RS until the rate drops to unacceptable level?

Given that the account began life at 6% and after three BOE rate drops it has descended to 4.9%  1.1% compared 0.75% BOE.  Offering this new account  at 6% suggest they had no reason to drop the previous account 
Given they have offered this new account at 6% with the BOE rate at at a lower threshold would suggest a quicker descent  perphaps?

Kim_13

35har1old said:

badger09 said:

Growingold said:

I personally wonder if Monmouthshire RS is worth all the hassle being reported to open it.   So it is 6% Variable but I have an Exclusive RS maturing this month with them started off 6% now 4.90%!   I was considering it but now Virgin Exclusive RS at 6.50% fixed has come along although max monthly payment on that is £250 compared to £500 with Monmouthshire. 

I think 6% is worth it, assuming you have the higher paying ones. 

Why didn’t you close the previous MONBS account when the rate became unacceptable?
If you can fund both, why not do so? Or, pay £250 into the VM RS & whatever you can afford (up to £500) into the MONBS RS until the rate drops to unacceptable level?

Given that the account began life at 6% and after three BOE rate drops it has descended to 4.9%  1.1% compared 0.75% BOE.  Offering this new account  at 6% suggest they had no reason to drop the previous account 
Given they have offered this new account at 6% with the BOE rate at at a lower threshold would suggest a quicker descent  perphaps?

Or that they need money in a way that they didn’t before. My Exclusive Issue 2 has only the £50 I opened it with, and I suspect there are many others with little in them given how quickly they started dropping the rate. It must cost them money to keep accounts running like this, perhaps explaining reinstating the withdrawals so that people don’t hesitate over using the account. Hopefully that their app is now up and running keeps costs down for them, so that they don’t implement insulting cuts this time around.

That it is not Exclusive and accepts £500 rather than the £300 of the 2023 issue works against that.