Virgin RS issue 4 maturity

veryintrigued
veryintrigued Posts: 3,843 Forumite
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in Savings & investments
Can we discuss it here rather than clogging up the new issues thread?

My interest has been cleared so I'll move the balance.
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  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    Mine too

    Westie983
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  • molerat
    molerat Posts: 31,818 Forumite
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    edited 19 April 2018 at 11:52PM
    Looks like they have managed to foul it up again. £8.18 interest at transfer to EA13 so available balance of £3546.43 but when withdrawn it shows as £3554.51. Will have to wait and see what turns up in my account :o
  • Frogletina
    Frogletina Posts: 3,886 Forumite
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    edited 19 April 2018 at 11:56PM
    veryintrigued wrote: »
    Can we discuss it here rather than clogging up the new issues thread?

    My interest has been cleared so I'll move the balance.

    Well, they have still not sorted the problems out.

    I have transferred my balance, including £8.18 interest, and I was totally confused when on checking my receiving bank - they have transferred it with an extra £8.08

    I expect that I will have to repay this as I did the previous account - I eventually got a letter asking me to credit my esaver account.

    No compensation for them messing that up, but I am annoyed that they get things wrong so many times.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • Frogletina
    Frogletina Posts: 3,886 Forumite
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    molerat wrote: »
    Looks like they have managed to foul it up again. £8.18 interest at transfer to EA13 so available balance of £3546.43 but when withdrawn it shows as £3554.51. Will have to wait and see what turns up in my account :o

    You've got 2p more than me molerat!

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    I've never understood why people close their accounts on the 20th.the account matures on the 20th meaning that to get the final day's interest the balance needs to be there at the end of the day and withdrawal by closure should be on the 21st.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Frogletina wrote: »
    Well, they have still not sorted the problems out.

    I have transferred my balance, including £8.18 interest, and I was totally confused when on checking my receiving bank - they have transferred it with an extra £8.08

    I expect that I will have to repay this as I did the previous account - I eventually got a letter asking me to credit my esaver account.

    No compensation for them messing that up, but I am annoyed that they get things wrong so many times.

    frogletina

    Exactly the same as me.

    They really are poor.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    AirlieBird wrote: »
    I've never understood why people close their accounts on the 20th.the account matures on the 20th meaning that to get the final day's interest the balance needs to be there at the end of the day and withdrawal by closure should be on the 21st.

    Don't be confused - as has been stated above the closing interest has been added so hence why many of us close.

    The fact Virgins inept systems let us down is a 'bonus'.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    I've had £16.51 interest at closure instead of £8.18. if they do ask me to repay the extra £8 odd I will (as before) lodge a formal complaint which will result in compensation of £25. This is the 5th.consecutive maturity they have messed up for me (20 October, 20 December, 20 February, 20 March, 20April). I started off contacting them when I received too much interest but don't bother anymore.
  • Sea_Shell
    Sea_Shell Posts: 9,344 Forumite
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    I've just asked for closure and transfer, so i'll see what turns up!!!
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
    veryintrigued wrote: »
    Don't be confused - as has been stated above the closing interest has been added so hence why many of us close.

    The fact Virgins inept systems let us down is a 'bonus'.

    I'm not excusing Virgin's IT issues, but we know about the issue because people have been withdrawing money on the 20th on previous issues. Therefore they would be missing out on a day's interest if it were not for the double payment. You should be closing on the 21st.

    VM seem to be attempting to get around the issue by maturing accounts a day early, paying interest to the 19th plus the 1.25% difference between the regular saver rate and the Reward rate for the 20th. But because people are impatient and can't wait until the morning to transfer money out the problem has now been moved to the evening of the 19th.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
This discussion has been closed.
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