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Think Banking...

Last post Tue, Nov 11 2014, 2:02 PM by Steven Hewitt. 139 replies.
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  •  Tue, Nov 11 2014, 2:02 PM

    Re: Think Banking...

    Dear BenMcDougall92,

    We’re sorry that you feel the thinkmoney Personal Account was miss-sold to you.

    I am aware that you have already spoken to my colleagues and that we are investigating your complaint for you.

    It isn’t a requirement to have a thinkmoney Personal Account when you enter into a debt management plan with Gregory Pennington. However, many customers on a debt solution do find that a thinkmoney Personal Account makes it easier for them to stay in control of their finances.

    As you would expect, all our calls are recorded so our Customer Relations team will be able to review all the conversations you had with us when you opened your account. They will respond to your directly.

    Regards

    Steven Hewitt
    thinkmoney
    • Post Points: 5
  •  Mon, Nov 10 2014, 2:49 PM

    Re: Think Banking...

    I would check if you can get hold of the initial call recording?

    regarding mis-sold... one problem may be that it isnt seen as a bank account...

    one of the reasons I went with the guys i chose was to improve my credit rating, and it has!
    • Post Points: 5
  •  Sun, Nov 09 2014, 11:24 AM

    Re: Think Banking...

    exactly! i mean dont get me wrong i can see how it can help some people but in the past 3 years its helped me once on a bounced direct debit, and i havent had any bills etc going out anyway , so what have i actually paid 15 a month for ? anyone whos in the same boat should claim , i was honestly under the impression i werent aloud a bank elsewhere because of my credit ratng and being young (22 now) 19 when i opened the account i just follwed there advice as i was scared
    • Post Points: 35
  •  Fri, Nov 07 2014, 11:52 AM

    Re: Think Banking...

    They insisted on you taking the account? that does seem naughty... I was offered ClearCash in addition to other "free" accounts...

    regarding getting your money back, are you referring to 3 years worth of Monthly fees?

    you should ask for the call recording of how it was sold!!

    glad u got sorted!
    • Post Points: 20
  •  Fri, Nov 07 2014, 11:40 AM

    Re: Think Banking...

    LOL you are missing the point , i was on a debt managment plan with gregory pennington (part of thinkmoney) and they inisted i couldnt apply for an account elsewhere , or it would damage my credit and ruin my DMP so yeah i did wait 3 years , but when i asked for advice i then realised i could get a basic account for free even with bad credit :) and ive spoke to them and i am getting my money back which is good news :)
    • Post Points: 20
  •  Thu, Nov 06 2014, 4:50 PM

    Re: Think Banking...

    Please dont shoot me for getting involved here.

    There is a rightful place for these accounts and I am a supporter of them. Not everyone can get a bank account and if you are someone that has unfortunately been a voctim of overdraft charges, bounces dd's etc then you shouldnt be going to the high street.

    Basic bank accounts dont advertise the fact you can become overdrawn, and the charges are high - more than £14 per month. In addition to this, if you bounce a direct debit, the fees as someone has mentioned are astronomical.

    As you rightly point out, it was only you and the advisor on the phone so we cant judge however being with them for 3 years does say something. regarding being mis-sold im sure you must have accepted their terms and conditions?

    as mentioned, I have a similar account as this Think Bank and yes im paying slightly less (£9.95) however if offers things that a basic "free" bank account doesnt offer!

    im sure Think must have been good for you to be loyal for 3 years? Ive been with ClearCash for over 2 years and think the world of them although it wont suit everyone.

    individuals circumstances are different. I opted for this one because it was cheaper than Think and a few others plus had a credit building facility - again, something you cant get with a bank, nor would it charge through the roof for bounced dd's.

    I hope you get sorted - maybe it is time for a new provider but surely 3 years means that you were content for part of it??

    MCG
    • Post Points: 20
  •  Thu, Nov 06 2014, 11:54 AM

    Re: Think Banking...

    Erm.. can I just say something?

    You were with them for 3 years? You only just realised you can get a bank account elsewhere?

    I would comment on that, but it would only be an insult.:P

    As for asking for your money back, maybe a few months of being with them and then realising you can get an account elsewhere is feasible, but three years? I think not.
    • Post Points: 20
  •  Thu, Nov 06 2014, 11:16 AM

    Re: Think Banking...

    Appreciate what your saying but how can you argue with me about what they said to me you wasnt on the phone call was you? and thats your personal opinion but i havent once had any charges with tsb in the past few months and you say its to stop direct debits bouncing i havent had one that would of bounced anyway? so it might be worth it to you but its not worth it to me , when i can get a better service for no money at all elsewhere?
    • Post Points: 20
  •  Thu, Nov 06 2014, 11:03 AM

    Re: Think Banking...

    It's £14.50 a month and it's not for nothing. A normal bank charges you for bounced direct debits, Natwest charges £6 for every single day you are over the limit, so say it's a week before your next income.. that's £42 in charges that you have to clear before being able to spend your money. If you are not getting any money until 3 weeks, that's £126 of charges. You only have to be pence overdrawn too, unless you have the buffer active (which is about £5 I think) I ended up having to take out a payment rearrangement plan because I had 4 bounced direct debits and was overdrawn and I ended up paying them over £400 in fees.

    I would rather pay £14.50 a month to know that my direct debits are going to be paid, and that if I make a mistake and one doesn't get paid (because I've "borrowed" from my salary account, or because I set up a direct debit and forgot to ask them to budget for it - both my fault) then I'm not going to get charged stupid money for the bounced direct debit. (with Natwest a direct debit for £3.50 to a charity was bounced and I paid £18 charge for it bouncing!)

    They don't tell you you cannot get a bank elsewhere, they wouldn't do that because it's not true. For example Natwest Solo account is for people who don't want to be credit checked yet you still get a debit card etc, you just can never have overdraft or loans etc (which if you are in that much poop that you can't be credit checked, you shouldn't be having anyway) However, I would prefer Think Banking every day.

    The only downside to Think Banking is the fact that although they are taking your money every month (justified) they also use a phone number that costs a fortune to phone them, and the holding times are often over 15 minutes. From Sky that's 14.5p a minute with a minimum connection of 27p or something like that. My last call with them was 30 minutes which cost my other half £4.62 that's 31.86% of my management fee!

    • Post Points: 20
  •  Thu, Nov 06 2014, 9:40 AM

    Re: Think Banking...

    Absolutely shocking bank ! been with them over 3 years and payed 15.00 a month for absolutely nothing! currently trying to claim all this money back as i was mis sol the account , they tried to make out i couldnt get a bank elsewhere because i had bad credit, turns out tsb have accepted me! 15.00 a month to manage my account , erm i dont thinkso! 15 a month to have delayed bank transfers, long hold time to speak to agents, takes ages for you to transfer your money or get help but takes them seconds to take your mangement fee! absolute shocking money grabbing bank , i will be getting my money back !
    • Post Points: 20
  •  Thu, Oct 16 2014, 2:57 PM

    Re: Think Banking...

    Dear Relentless,

    I am concerned to read about your experiences yesterday and would like to investigate further for you and also ensure that a formal complaint is raised for you. Please email your thinkmoney account reference to me via info@thinkmoney.com.

    We do appreciate in recent weeks the call wait times when you ring us have been longer than you, and we, would like. We have been working hard to recruit and train new team members and expect to have restored our service to where it should be very soon. There are also alternatives to calling that you may find helpful. These include texting us (via 81122 or 07786200077) with any changes you need to make to your account or to request a call back. We also offer email, Twitter (@thinkmoney) and Facebook (www.facebook.com/thinkmoneyUK) communication (during the working day) and again you can use these to request a call from us.

    I look forward to hearing from you soon.

    Thank you

    Steven Hewitt
    • Post Points: 5
  •  Thu, Oct 16 2014, 11:33 AM

    Re: Think Banking...

    Steven
    I have been a thinkmoney customer for a few months, not pleased at all with the long waiting time on the phone to speak to someone, since being a customer the shortest time I have spent listening to the music whilst waiting to speak to an adviser is 15minutes. it is really frustrating.
    Yesterday I had an emergency and had £1000 transferred to my thinkmoney account, I got on the phone and was advised the funds would be in my account @ 17.15, at 17.15 I realised my card and account was blocked, i had to endure another 25 minutes music to be able to speak to customer service, they gave no reason for why my account was blocked and asked for documentation. That action cost me £2800 of my own money yesterday, I advised the lady i spoke to it was an emergency initially and dint know why they dint contact me for documentation. I am really not happy and feeling really depressed. I have been left out of pocket with no money as my account is still blocked. needless to say I have spent an hour on the phone this morning to thinkmoney and my account is still blocked and i have had no communication from them.
    I will be speaking to my solicitor and the financial ombudsman service as I dont believe I've been treated fairly and its cost me financial loss, inconvenience and discomfort.
    I regret being with thinkmoney.
    • Post Points: 35
  •  Fri, Sep 19 2014, 8:26 AM

    Re: Think Banking...

    Dear IvanM,

    I’m sorry to hear that this has been your experience with thinkmoney. I know that you've recently spoken to a colleague and we are working to resolve this for you as quickly as we can.

    We do appreciate that this is frustrating for you but I can assure you that your money is safe.

    I have also asked my colleague to provide you with an update as soon as they have some additional information for you.

    Thank you

    Steven Hewitt
    thinkmoney
    • Post Points: 20
  •  Thu, Sep 18 2014, 10:40 AM

    Re: Think Banking...

    Dear Steven Hewitt,

    I have also experienced the same problem with Think Money, I recently opened a Think Money Current account. I received 3 transfer into my account from my girlfriend an friends which where debited fine, but after a few days my account has been locked and i am unable to use the money.

    I contacted Think Money who have told me that they cannot transact the money to the card account, I do not understand this term and your team have not explained to me what it means and the reason why this has happened. I

    Its been over a week now and now 1 has contacted me i am un able to use my money. Because of this i have incurred late payment charges as i am an able to pay off my bills, i have also have to lend from my parents and friends just to survive as all of my money is held by Think Money.

    I feel like my own money has been stolen from me, and i am becoming very distressed by this. I am contemplating on taking legal action or contacting the citizens advice. I am very disappointed with the lack of communication and urgency Think Money have shown me as i have stressed to them on the phone that i need the money in my account to survive.

    I feel like my only option now is to take matters further.


    Kind Regards

    Ivan
    • Post Points: 20
  •  Thu, May 01 2014, 3:37 PM

    Re: Think Banking...

    Dear Knackerjohn,

    I’m sorry to hear that you are unhappy with our service. I know that you've recently spoken to a colleague and we are working to resolve this for you and sort out your budgeting.

    Our customer service number has always been 08444155155 and should never be engaged. I believe you were using the incorrect number for us.

    As you say our overnight processing takes place between about 5am and 7am. Your wages should always be available by 8am and we will text you to confirm this. I am sorry this doesn't fit with your work patterns.

    We do have two live complaints from you, as you know when we issue our final response to those you can take them to the financial Ombudsman. We will send you details of how to do that with our final response.

    Thank you

    Steven Hewitt
    thinkmoney
    • Post Points: 20
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