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I had a mortgage with a certain large high street bank. Now as you may know, it's worth shopping around every now and again to get a better deal and I am personally keen to make sure that I don't pay more in interest than I have to.
I had been paying a fixed rate of interest on mine for the last 3 years and as the term for the fixed rate was about to expire, I decided it would be prudent to look around to see if I could save some money. This process can take time, as you have to find your new mortgage, go through paperwork and deal with lenders and solicitors etc. All in all, it can be a very stressful thing to have to do.
... took an extra payment out of my account
My issue here is not with my new lender, it is with the bank that I took out the original mortgage with, because they seem to be completely incompetent and it would seem they are about to cause my some considerable financial inconvenience. This mortgage had been redeemed well before the payment was due to go out on the 2nd of the month, and yet they still took an extra payment out of my account.
I discovered this on the 7th of the month and immediately informed the bank where a service advisor told me that the money should be back in my account within 48 hours. This was okay with me, a mistake had been made and it would be rectified well before the payment to my new mortgage was due to go out on the 15th of the month.
Now okay, I accept that I should have cancelled the direct debit on my account. But I also think the bank should have built step into their own mortgage closure process. However as I said, it was just a mistake, no single party at fault and after all they promised me that the money would be back in my account.
money not cleared ... insufficient funds I would undoubtedly be charged a fee
On the 14th of the month, I happened to check my bank account and noticed that payment had not been returned to my account. I decided to contact the bank to find out what had happened. The advisor I spoke to apologised and told me that the request hadn't been put through immediately and the BACS transfer may not have cleared in my account by the 15th. I was absolutely fuming as my new mortgage payment was due to go out the next day and with insufficient funds I would undoubtedly be charged a fee for missing it.
I am now in the process of drafting a formal letter of complaint to the bank and worrying about these extra charges!
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Its a good way of getting people's money interest free by the banks, I will inform the financial ombudsman that banks are now doing this new trick, as we have never experienced it before when changing mortgages. They do anything to get as much money out of you as they can.
A friend of mine went overseas but all his cash on Bank Cards he had about 4000 euros on the cards in an other currency-- he had difficulty with the cards,-- on return he had 3000 eros worth of money on the cards that he was unable to use. when he cashed in to get his Euros back he was short changed by 410euros because the value of the currency on his cards had devalued, remember the money never left the card , my friend said he would go public because he could not use the card, the bank manager paid him the 410 euros, the bank did not lose a cent but the books would show they did,, we need a world currency to stop people making money out of money.....
An a posteriori look-back is so 20-20 vision-wise, so doggone inductive that we could count the alternate ways things could have gone but did not; or we would not be in the financial mess we are in.
We are still in a quandary as to whether the Keynesian approach or its Hayakian antithesis, swinging back and forth as it were, should be tapped to straighten the global economy.
I can't take it anymore even from most of brilliant of broadsheets like the Washington Post, New York Times, Boston Globe, Wall Street Journal, Globe and Mail - and from the Economist, Walrus, F.E. Economic Review. The information explosion is also implosive.
Man, I'm just doggone tired! Thanks, nonetheless, Beth. This is indeed an excellent website.
http://en.wikipedia.org/wiki/Debasement
I believe it to be treasonable: high treason. Those guilty must suffer the extreme penalty.
Hang them all up out to dry in public. They are traitors. Crucify them for their greed, and everyone associated with the governance of the financial industry.
On 17th February, I tried to use my on line account to close an Abbey eSaver account. It failed to recognise my details on 3 attempts. Therefore I phoned Abbey telephone banking to request closure of the account.
They said their computer was down and could I call back later.
I asked 'how much later'. They said they did not know.
I asked them to call me back when it was working. They refused.
In desperation I decided to use the postal service.
It was closed on 19th February.
I spoke (to Jenny) today (29th February) to say I still have not received any payment from them. She said they could stop the cheque and send another. I asked if they would like to stop the cheque and do an electronic transfer but they refused. I then spoke to her colleague who said they could not stop the cheque for 10 working days. This means I have to wait another 6 days to receive my cheque before they will do anything, and even then the only thing they will do is POST another CHEQUE. In the meantime THEY are earning interest on this large sum, rather than me.
I have to say I am extremely upset about this, and I will be referring it.
My suspicion is that the problem is NOT with the postal service.
The Customer Always Pays
We have been overcharged for a transaction on our account by £130.
We have phoned 4 times to get it corrected. Total cost of premium number telephone calls to date = £25.
Who should pay for this? Why are we deailing with incompetents who cannot resolve the matter on the first call?