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Shawbrook Bank - how do they get away with it?
Comments
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What do you think they should have done? "Transfer out" isn't something that Shawbrook can do, all they can do is wait for you to arrange it. You've already told them you're not staying as their customer so there's no incentive for them to bend over backwards.
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There's a bit more detail in the other thread. A transfer request was received and acknowledged prior to maturity, but as is standard procedure, the transfer starts from the date of maturity and is processed according to normal timelines. It is unclear what's gone wrong in this case, as it's been over 6 weeks since maturity, and the OP has only just come back to reignite discussion.
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They had 1 month to action the transfer out on the date of maturity - not too difficult is it?? They have NO PROBLEM at all in transferring to an account with them if that's what I instructed them to do - strange that eh?? Nope they are a unethical outfit and need exposing.
Bringing Happiness where there is Gloom!0 -
I've come back as I have been giving them the chance to come clean about this disgraceful behaviour - today they closed their investigation, therefore I informed them that their process is unfair and unethical and as such I will be broadcasting that as far as I can. Family and friends have been warned too …..
Bringing Happiness where there is Gloom!0 -
They had 1 month to action the transfer out on the date of maturity - not too difficult is it?? They have NO PROBLEM at all in transferring to an account with them if that's what I instructed them to do - strange that eh?? Nope they are a unethical outfit and need exposing.
Bringing Happiness where there is Gloom!0 -
But isn;t it the institution that is going to receive the funds that initiates the transfer ?
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@MrRee_2 as above. you've got it !!!!!! about face, telling Shawbrook you intended to transfer out is certainly not a maturity option with any bank.
They have done entirely the correct thing and put it in the default option and were then awaiting you to instruct your new provider to contact them to transfer the funds.
Shawbrook 1 Customer 03 -
When you give advance notice and say that you don't want to break the fix and pay the relevant penalty, then you are instructing them not to start the transfer until after maturity. It seems they followed your instructions and pended your transfer instruction in line with HMRC rules. There are several reports of them processing transfers within 1-2 days after maturity, which is a good outcome. You've failed to mention how long your transfer actually took (not including the period of time you asked them to wait before starting it).
It is incorrect and deceptive to suggest they had a month to do something when you explicitly asked them to wait.
It is unethical to misrepresent the facts and against forum rules to abuse this site for personal vendettas and boycott campaigns, especially bumping your old thread with no new information and reposting the same content across multiple threads (spamming). By creating this additional thread, others have missed vital information about your transfer request and wasted their time writing replies based on partial information.
You are harming your own case through your conduct here. You've already been given good advice about how to pursue this issue in your other thread.
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You clearly do not understand the difference between a maturity instruction and a transfer instruction
A maturity instruction is what you want Shawbrook to do the day your fixed rate bond matures.The default is to put it into a 0.1% account but you could have asked them to put it into a easy access paying 2.7
Once the bond matures then it is instant access and the transfer instruction (which you sent in advance) can be processed. They are allowed 15 days for this.The money in your instant access account will be earning 0.1% or 2.7% (depending on what maturity instructions you gave) whilst they process the transfer.
Google is your friend if you want to learn
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Ah, the absolute signifier that rational discussion has failed.
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