Stoozing Forum - I've been stung - so you don't have to!

souldeep

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I've been stung - so you don't have to!
Mar 4^th, 2010 at 10:15am

I'm absolutly LIVID with Abbey r.e. my 6% current accounts.

I checked my interest today and last month I earn't 15p instead of £10 on each account

Apparently money needs to hit the account from the 2nd to the last working day of the month. I of course transfered the money in on the 1st Feb.

Anything I can do? I doubt it as apparently its in the conditions. What a scam - why the 2nd rather than the 1st!?!?!? Angry

Gonna go make a green tea to calm down.

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tipsychick

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Re: I've been stung - so you don't have to!
Reply #1 - Mar 4^th, 2010 at 10:57am

It really pees me off when my carefully laid plans get mucked up like that!

I think you're okay cycling the money through the Halifax Rewards accounts very early in the month but from what I've admittedly skim read on MSE, I'd leave it a few days into each month with the Lloyds Vantage accounts because their definition of one month end/the next month start is similarly peculiar and what with bank holidays, such as with Easter next month, it's very easy to fall foul of the small print.

As far as appealing goes, I'd dig out the t&cs and check whether they're right but I imagine they probably are, although it doesn't stop it being very annoying.

You have my sympathies!

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CannyJock

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Re: I've been stung - so you don't have to!
Reply #2 - Mar 4^th, 2010 at 12:07pm

Min funding is £1000 per month. I pay mine in a couple of £500 transfer by standing order

16 Feb 10	STANDING ORDER PAYMENT TO LTSB VANTAGE	500.00		2,500.00
11 Feb 10	FASTER PAYMENTS RECEIPT		500.00	3,000.00
08 Feb 10	STANDING ORDER PAYMENT TO LTSB VANTAGE	500.00		2,500.00
01 Feb 10	FASTER PAYMENTS RECEIPT		500.00	3,000.00

Half my payment goes in by FP on the 1st. Sounds like you spoke to a CS person who's making up stuff?

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souldeep

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Re: I've been stung - so you don't have to!
Reply #3 - Mar 4^th, 2010 at 12:15pm

CannyJock wrote on Mar 4^th, 2010 at 12:07pm:

Half my payment goes in by FP on the 1st. Sounds like you spoke to a CS person who's making up stuff?

It was Abbey 6% accounts - not LTSB Vantage.

BTW - You leave a big gap between money entering and leaving account. I FP most of mine same day but with Abbey I FP in then take a lunctime stroll, pull the money back out and walk it back into Barclays (my manual FP method) Wink

That green tea didn't help - still fuming Angry

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souldeep Long Serving Offline Stoozing.com Posts: 556 Sooooooouf London Stoozpot £: 0	Re: I've been stung - so you don't have to! Reply #4 - Mar 4^th, 2010 at 12:16pm tipsychick wrote on Mar 4^th, 2010 at 10:57am: You have my sympathies! Thank you and yes - I'll have to go back through T&C's!
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CannyJock

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Re: I've been stung - so you don't have to!
Reply #5 - Mar 4^th, 2010 at 12:25pm

souldeep wrote on Mar 4^th, 2010 at 12:15pm:

It was Abbey 6% accounts - not LTSB Vantage.

BTW - You leave a big gap between money entering and leaving account. I FP most of mine same day but with Abbey I FP in then take a lunctime stroll, pull the money back out and walk it back into Barclays (my manual FP method) Wink

That's from my Abbey 6% statement - payment goes in on the 1st and the 11th. Tweaked the table to show the ins and outs clearer.

I've a standing order setup to take it back out on the 6th and 16th. Belt and braces approach incase the FP fails for any reason and it takes the standard 3 days for a BACS payment (plus 2 days for a weekend getting in the way). Could have made it an extra day for a weekend with a bank holiday in it.

I prefer to automate as much as possible so I've got less to manage. When you've got as many accounts as I have it works out better IMHO Cheesy

Only one I transfer manually is my HBOS Reward where I log in around the 2nd, bounce the money through my 3 accounts manually then pull it back out by FP, leaving only a £1 balance on my accounts

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souldeep

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Re: I've been stung - so you don't have to!
Reply #6 - Mar 4^th, 2010 at 12:31pm

CannyJock wrote on Mar 4^th, 2010 at 12:25pm:

That's from my Abbey 6% statement - payment goes in on the 1st and the 11th.

So it definitely hits your Abbey account on the 1st?

I've gone through the account options and T%c's and no where can I find any small print that says the 2nd! (http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&c...)

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souldeep Long Serving Offline Stoozing.com Posts: 556 Sooooooouf London Stoozpot £: 0	Re: I've been stung - so you don't have to! Reply #7 - Mar 4^th, 2010 at 12:32pm CannyJock wrote on Mar 4^th, 2010 at 12:25pm: I prefer to automate as much as possible so I've got less to manage. When you've got as many accounts as I have it works out better IMHO Fair point - a few days lost interest is not worth your hourly rate to manage all the work.
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CannyJock Long Serving Offline stoozing.com Posts: 1388 On the couch. Stoozpot £: 126805	Re: I've been stung - so you don't have to! Reply #8 - Mar 4^th, 2010 at 12:43pm souldeep wrote on Mar 4^th, 2010 at 12:31pm: So it definitely hits your Abbey account on the 1st? Yup, provided it's not a weekend or bank holiday Quick scan of my statement and loads of them in on the 1st. Interest is normally just shy of the £10 depending on the number of days in the interest period.
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tipsychick Long Serving Online stoozing.com Posts: 921 Stoozpot £: 0	Re: I've been stung - so you don't have to! Reply #9 - Mar 4^th, 2010 at 12:54pm Sounds like good grounds for an official complaint souldeep!
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CannyJock

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Re: I've been stung - so you don't have to!
Reply #10 - Mar 4^th, 2010 at 1:11pm

Did you say you withdraw the money same day you FP it in? That could be the issue you know.

I spoke to someone at HBOS a while and they were told to advise people to leave the money in "overnight" to ensure it counted for meeting their minimum funding criteria. I ignored what he said because I'd already been doing the instant transfers and FP withdrawals for months without any issue.

Maybe you'd have to leave it in overnight with Abbey?

I'd be reluctant to raise a complaint and draw too much attention to your accounts, especially if you have a few of them. Better to reconfigure your payments going forward.

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SiuLoong Senior Stoozer Offline Posts: 276 UK Stoozpot £: 10000	Re: I've been stung - so you don't have to! Reply #11 - Mar 7^th, 2010 at 10:38am With HBOS reward acc, I cycle £1k through on the 1st every month and had no problems.
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souldeep

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Re: I've been stung - so you don't have to!
Reply #12 - Mar 8^th, 2010 at 12:51pm

tipsychick wrote on Mar 4^th, 2010 at 12:54pm:

Sounds like good grounds for an official complaint souldeep!

It was and thanks

Refunded 2 * £10 and £25 for the inconvience. They will also confirm in a letter that paying in £1000 on the 1st of the month is within the T&C's of the product

Now why can't all of the Abbey staff be as helpful and polite as the young lady I spoke to at lunch today!?

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CannyJock Long Serving Offline stoozing.com Posts: 1388 On the couch. Stoozpot £: 126805	Re: I've been stung - so you don't have to! Reply #13 - Mar 8^th, 2010 at 1:21pm Good result
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samizdat

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Re: I've been stung - so you don't have to!
Reply #14 - Mar 9^th, 2010 at 3:43pm

I thought I'd left it too late in February for my three Halifax Reward accounts - I FP'd 1000 pounds in on Sunday 28 February, bounced it through the other 2 accounts and have been keeping my fingers crossed. Finally got credited 5 pounds in each account on 5 March.

I really should automate things because in December I forgot to do my 5 Vantage accounts, each holding 7000 - that was painful!

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