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Stitched up by Santander

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I'm not sure if this is the right place to post this since it involves 2 different banks Abbey & Alliance & Leicester, but I'm wondering if it can be used for anectdotal evidence, somewhere, against these (Edit) establishments.

This has just happened to me - it seems that these places are making hay while the sun shines before the outcome of the test case.

Some number of years ago I was hit hard by these charges, - although I am in the process of claiming those costs back - quite often, these charges would be incurred if creditors took out DD's or payments late, resulting in me thinking I had more in my account that I actually did have. As a consequence I revised the way that I conducted my account business.

My salary would be paid into one account, a lump sum from that account would then be transferred every month by standing order into another bank account. That lump sum would then be used to pay all my DD's with. The advantage of this was that whatever was left in my salary account would be a true reflection of what I had left to play with for the rest of the month, i.e. for petrol, food, etc.

So here's exactly what I did.

I set up my salary account with the Alliance & Leicester. This was a new account. My salary gets paid into it on the 25th of every month - sometimes earlier but never later.

My DD account is with Abbey, this was an account I held with Abbey before I opened the A&L.

My standing order goes out on 26th of every month.

I've instructed all the creditors not to take out any DD's before the 2nd of every month.

This has worked fantastically for the last 4 and half years and I have incurred no charges whatsoever until this February.

In February the money went out of my A&L account as normal on Thursday 26th. However it did not arrive in my Abbey account until Tues 3rd March, due to 28th Feb & 1st March being the weekend. Meanwhile 3 DD's were presented on Monday 2nd. Of these 3, 2 large ones were refused, but a small DD was granted, them crediting it by about £5 or so - thereby - you've guessed it - tipping that account into OD status.

Statement for this month; 3x DD returns @ £35 each, plus an unauthorised OD charge of £25. Grand Total £130 for one day.

It can be argued, perhaps understandably that the charges were levied because there was no money in the account on the day some DD's were presented, it could also be argued that maybe I should have asked all creditors not to present any DD's until 3rd or 4th of month.

In the first case I would answer that the charges are not just prohibitive they're obscene. I dont mind paying a fair charge to cover the Bank's administration costs since technically I'm in breach of contract.

On the second point I'd say that I wish I had the benefit of foresight and to have been able to predict this happening nearly five years into the future.

These are moots points though really because following is the major problem I have and the one I just can't seem to justify no matter how I look at it.

The Money leaves my account on the 26th of every month. It will not appear in the other account until up to 6 days later. That means someone will have the benefit of that money for upto 6 days and will be making a tidy sum on it (along with millions of other customers') with whatever arcane schemes they're up to. And I don't believe for a minute it will be not working for them on a weekend. I've heard that in other countries i.e. USA that standing orders are instantaneous, how come ours aren't?

The Abbey representative I spoke to could not answer that question satisfactorily, muttering something about channels and appropriate procedures. I think I've already answered that question in the above.

But here's the piece du resistance, the icing on the cake, the absolute brilliance, sleight of hand, the naked cheek of these (Edit) in whom we trust our money;

it may not have escaped your attention that both the A&L and the Abbey are owned by Santander.

So, folks here's the bottom line.

 

I've lent my money interest free for Santander to invest for 5 days, and for the priviledge I've been charged £130. Sheer Brilliance!

 

As a post script, in fairness to the Abbey they did offer me a 'one off' good will gesture of one £35 charge being dropped since I'd been a very good boy previously. I thought that was very nice, but it's now left me feeling very guilty and something of a parasite for eating into their profits. It brings a tear to my eye that some hard working fund manager's £250,000 bonus will be slashed to a mere £249,965 this year. I'm not sure how I'll cope with that weight on my shoulders.

 

Anyway, that's all, thanks to those who've stuck with me this far through this rant, I'm sure you've all seen this before but I just wanted a place to vent my frustration and to lend another voice to the already many thousands who through no fault of their own have been systematically and cynically mugged by these sharks helping themselves to everyday decent people's hard earned money.

May they all rot in hell.

Edited by maroondevo52
Removed libelous comments

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A&L and Abbey are not joined together they operate on their own. If you bought some jeans from Burtons you could not take them back to Dorothy Perkins could you?

 

"dishonest and criminal establishments" just a tad OTT dont you think?

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LOL Thanks for that dear.

At least you've bought a smile to my face with that inane statement!

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Better than slander and libelous comments...

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I didn't notice anything you said was slanderous or libelous darlin' - perhaps no-one else noticed either - I think you may just have got away with it ;)

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You will enjoy this forum sweet cheeks

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Yeah, there's good fishing to be had here - I've aready had 3 bites today luv....

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Oh dear, I've had me donny slapped!!

I think the first [Edit] that got removed was 'wonderous', and the second [Edit] that got removed was 'lovely, caring ¬ankers'

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My calculations made the DD hit the account on 2nd March due to February having only 28 days. In reality it hit on 28th February ie 3 working days. I still don't get how it would get there late if the DD#s are set for 2nd March


.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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Oh dear Ducky looks like your comments were just as i said.

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My calculations made the DD hit the account on 2nd March due to February having only 28 days. In reality it hit on 28th February ie 3 working days. I still don't get how it would get there late if the DD#s are set for 2nd March

 

I've since been told by A&L that a standing order can take anything up to 5 working days - although curiously, they also told me that if the sum was below £250 it would be same day.

But the fact remains that if we take 26, 27, [28 & 01 weekend] 02 and finally 03 at presumably 1 minute past midnight - it's actually taken 4 working days - within the time limit, but causing the situation above.

My problem was with the same bank group having my money for 5 days and still charging me a cool £130 without it ever leaving their mucky little paws, and additionally in this age of electric wizardry I still fail to see how come it takes 5 days for one bank to confirm to the other bank that the funds are available particularly as you'd expect the parent company to have integrated or synchronised their systems to a greater or lesser extent.

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A&L to Abbey is like HSBC to Abbey. They are not cojoined in anyway, this will happen at some point but is not the situation now.

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