? Interest Claw Back from Capital - West Bromwich

cmh4135

Question for the knowledgeable out there:

I opened an account with West Brom BS and funded it. Interest was paid to a nominated account outside of West Brom.

I sent a letter to West Brom asking them to transfer the capital amount to a new account.

What in fact happened was that they paid interest to the end of the month to my nominated account then clawed back the "overpayment" from the capital amount deposited and so transferred less than the original balance to the new account. This only came to light recently when I asked for an closing statement on the original account to satisfy the tax man...

Now, we're not talking huge figures here BUT there is a loss of interest and a failure to follow my instructions. Had I not asked, this would have gone unnoticed and lost in the annals of time.

Thoughts?

RayWolfe

If the account was closed before the end of the month for which they paid you the interest, what would you expect then to do?

cmh4135

I'd expect them to either reverse the interest payment or to at least tell me that they were deducting the overpayment from the capital amount. Given no statements have EVER been issued on the account I was completely unaware that the capital amount invested had changed (and it meant that I lost out on interest on the transfer as less was transferred than was expected).

Making matters worse, the instruction to close was received well before the interest payment date - it was their choice to close the account after the payment date.

chris1

cmh4135 wrote: »

I sent a letter to West Brom asking them to transfer the capital amount to a new account.

cmh4135 wrote: »

I'd expect them to ... at least tell me that they were deducting the overpayment from the capital amount. Given no statements have EVER been issued on the account...
Making matters worse, the instruction to close was received well before the interest payment date - it was their choice to close the account after the payment date.

West Brom's admin is about the worst I've come across. I sent a letter in January asking them to change my linked bank account. I know they received it because they dealt with the other item in the envelope, but they ignored the letter. Then I sent another letter to close an account and transfer the balance, received no documentation regarding the closure but three end of year tax certificates all of which were different and ALL wrong. I wrote again about this in early April, when I chased them up a few days ago they helpfully admitted they had received the letter, because they had scanned it in - oh, that's all right then. Has anyone done anything about it since you scanned it in two MONTHS ago? er, no....

cmh4135

I've always found the telephone staff pleasant and friendly but they just don't seem to act on instruction. Shame as they offer good products.

PS: I'm pretty sure my Tax statement is incorrect, but, due to the clawback confusion I can't be sure until I get the statements...