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Think Banking may have just cost me £1000. Don't be next...

Last post Sat, Aug 07 2010, 8:03 AM by peachy020. 11 replies.
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  •  Sat, Aug 07 2010, 8:03 AM

    Re: Think Banking may have just cost me £1000. Don't be next...

    I am with Think Banking and could not praise the service enough. My billls are always paid on time every time and i now never worry about the money i am spending.

    The Money Manager was brilliant and very helpful. I do feel with all banks or Financial services there are a few who will have problems and complaints but on the whole i am very happy with them, they have changed my life for the better

    • Post Points: 5
  •  Thu, Nov 19 2009, 5:03 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    Standing order bank charges:

    I am with Lloyds TSB bank and, they have charged me 4 times for standing orders with lack of funds in my account.

    Are you aware that there is an ongoing legal case concerning the "fairness" of bank charges? Google "reclaiming bank charges" and you may learn something to your advantage.

    Reclaiming is currently on hold but I understand there will be an announcement next Wednesday.

    BTW your post has nothing to do with Think Banking and would be better in a seperate thread.

    • Post Points: 20
  •  Thu, Nov 19 2009, 3:32 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    Hi Pauline,

    I suspect you will find reference to this in your terms and conditions for the account.

    When you set up a Standing Order, this is an automated payment from your account on a date specified by you.

    The LTSB wesite says the following...

    If you try to make a payment but do not have enough available money in your account, then we will either agree to an Unplanned Overdraft covering that payment or you will not be able to make that payment. Fees will normally be charged in either case. Please see condition 10 in ‘Your Banking Relationship with us’, the Personal Banking Terms and Conditions, for more details about overdrafts and available funds.

    It is still your responsibility to ensure that you have available funds to cover any payment that you have requested. I am surprised that this was not made clear to you when they waived the fee the first time this happenned.

    Hope this helps...

    • Post Points: 5
  •  Thu, Nov 19 2009, 3:30 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    It will be in their terms and conditions. Some banks, like Barclays, do not charge for a bounced standing order, but they do for a direct debit. Others will charge for either. So, if they pay it and you don't have enough money, they will charge, and if they refuse it and you don't have enough money they will still charge.
    • Post Points: 5
  •  Thu, Nov 19 2009, 2:31 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    Hi Rob,

    I am with Lloyds TSB bank and, they have charged me 4 times for standing orders with lack of funds in my account. The 1st one they waivered and, I am a fairly new customer to this bank.

    Do you know if it is legal for banks to charge people for standing orders when there is lack of funds in the customer's accounts?

    Pauline.

    • Post Points: 50
  •  Tue, Sep 15 2009, 2:31 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    What they do is divide the bills by four and take so much a week. The point is I expressly told them that I may not get much on certain weeks, there was more than enough in my salaries account and the £50 would be replaced the following week. It was the attitude of this "money manager" that annoyed me intensely, as one would have thought he was doing me a big favour and started questioning me about what I was going to do next week and a "this really isn't good enough" attitude. I had to get very rude in the end and ten minutes of arguing with him on a non bt phone line at 8 o'clock in the morning is a dangerous way to treat me.

    I applied for a Lloyds Classic account and had the numbers and the card within two days. I am in the process of changing everything over and there was a direct debit due out yesterday, for £16.23, still with Think banking as Lloyds transfer service is pretty hopeless. What they seem to have done is to let that go through, leaving the account £15 overdrawn, something which they also emphasise cannot be allowed to happen. I think they know I cannot close the account with an overdraft outstanding, but I shall be transferring it from Lloyds today so that won't work.

    If you have this Think account because of bad credit, like me, I suggest you apply to Lloyds!

    • Post Points: 5
  •  Tue, Sep 15 2009, 2:10 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    A managed account or not, the fact is that I had several thousand pounds in an account and barely a fraction of that in DD's so by DEFINITION of a managed account the rest (at the very least) should've been automatically moved to the card account.

    I shouldn't have to wait, it should (by their own admission) of been moved so I could use it automatically. Furthermore, I should not have to ring the half a dozen times to ask them to do what the system is set up to do.

    I knew when I posted this that there would be some plonker trying to defend them, but how on earth can you defend the fact that they tell you it will be managed in a certain way, and then, for no apparent reason, decide that the way it works shouldn't apply when it's a 'seemingly' large amount. If it was on their T&C's or their FAQ's I would have no issue. The fact that these details are omitted is surely a breach of their status as a responsible company?

    Maybe it's just me, but I thought rules were a two-way thing. No doubt Jalexa will think differently.

    Margot, I have loads of sympathy for your situation. If you have no DD's upcoming, and paydays in between, they should be far more flexible. How does that even work??? If you have monthly DD's and you're paid weekly, do they just hold back your first week or two's pay?

    What this "Bank" needs is more clearly defined T&C's, better staff training so that the phrase "I don't know why" isn't played on loop, and a whole lot more common sense.

    • Post Points: 20
  •  Sun, Sep 13 2009, 10:29 AM

    Re: Think Banking may have just cost me £1000. Don't be next...

    You are missing the point. I went into this issue in detail before I opened the account, and was assured that if I needed money for essentials, it would be easily forthcoming. I think food and petrol is of more importance than a direct debit. I will also point out that I was only borrowing the money until the following week, when it was replaced. There were no direct debits coming out which would not have been paid because of my borrowing £50 for a week, and I had over £400 in the salaries account at the time.

    There was no big problem about my borrowing that amount out of my salaries account, caused no bounced direct debits, and was a simple thing to do. And I was not asking for an overdraft. And I do not know what you mean by "terminated Think Banking and waited for a cheque".

    • Post Points: 20
  •  Sun, Sep 13 2009, 8:46 AM

    Re: Think Banking may have just cost me £1000. Don't be next...

    Margot1:

    IThey purport to be a bank, backed up by the Royal Bank of Scotland, but I would never put any unexpected large amounts into this account. I also think it is a pain having to phone them with everything, and I am certainly not happy with their attitude as to what I can do with my money. I think the basic idea is a very good one, but the attitude that they are doing me a favour if I need some of my own money for essentials, has completely put me off.

    But Think Banking isn't a Bank or a bank account, it's a managed account service.

    I assume the "your own money" you wanted access to were funds held in the "salaries account" held against agreed pending outgoing payments. It's self defeating to easily allow that to be moved out. Think Banking don't offer loans or overdrafts, something I think is quite clear from the terms and conditions. You could however have terminated Think Banking and waited for a cheque.

    I sympathise regarding the unannounced £1.50. I can see no clause which allows that unannounced.

    Your banking choice is clear. A fixed monthly cost with the Think Banking managed account service, self managment with a full service account but the risk of significant charges or self management with a basic bank account. In the latter case there would be no loan or overdraft arrangment either and still the risk of charges for a failed DD or standing order if you had dipped into your own money prior to a DD or standing order.

    Apart from the £1.50 issue, Think Banking were just delivering the managed account service to you for a known fixed charge.

    • Post Points: 20
  •  Sat, Sep 12 2009, 8:08 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    I have only been with Think Banking since May and as I am self employed, and never know from one week to the next how much I will get, I was assured that if I needed my money back for essentials, like food, that would be fine as it was still my money. A few weeks ago, I found I had only £42 on the card account to buy food and petrol. Since I am a driving instructor, if I can't afford petrol, I cannot work. When I phoned and asked to borrow £50 which they could put back the following week, I was treated like a child asking for more pocket money. The person on the other end had no other solution as to how I could manage on £42, which I asked him several times, and I ended up telling him quite rudely that it was my money and he had better hand it over.

    Last week I checked my balance by text. I had only £3.23 on my card account but that was okay as I got paid the following day. On my way home I went into the local shop to buy £3 worth of groceries, only to have the card declined. As they know me, it wasn't such a disaster, but when I got home I logged into the internet banking service only to find that they had taken £1.50 from my card account as a "bill adjustment". The idea is that anything on the card is yours to do as you wish with, and I was not impressed to find they had just taken this money without a word to me.

    They purport to be a bank, backed up by the Royal Bank of Scotland, but I would never put any unexpected large amounts into this account. I also think it is a pain having to phone them with everything, and I am certainly not happy with their attitude as to what I can do with my money. I think the basic idea is a very good one, but the attitude that they are doing me a favour if I need some of my own money for essentials, has completely put me off.

    I have now moved to Lloyds, and will have to be careful not to overdraw and run up bank charges. I think that with an e-savings account and instant access, I can probably do what Think Banking are doing for myself, without the cost.

    I think you have a case for the Financial Ombudsman, as whatever their terms and conditions and rules are, it is your money, not theirs.

    • Post Points: 20
  •  Sat, Sep 12 2009, 2:59 PM

    Re: Think Banking may have just cost me £1000. Don't be next...

    Rob Roulstone:

    Hopefully, this won't cost me any money, but if it does I will take action against them to recover every penny.

    Not often I find myself defending a bank, but hey I only say it as I see it. If you are capable of scr*wing them for every penny back I am sure you could easily have negotiated with the dealer.

    Technically I think the explanation is that Think Banking is not a bank account but a managed bank account service. Given that I can see why there might be delay over assumed CHAPS timeframes.

    Most people will never need CHAPS with their Think Banking. Anybody who does should probably consider your advice and stick to paying penalty charges to a Clearing Bank.

    • Post Points: 20
  •  Sat, Sep 12 2009, 2:09 PM

    Think Banking may have just cost me £1000. Don't be next...

    Hi all,

    I thought I would write this post to warn people of a problem I have just had with Think Banking. We're fairly new to them, and only opened the account because we wanted to make sure that money was set aside every month for Direct Debits and standing orders - things have been tighter and we were in our overdraft most of the time plus we have become a bit lax and have incurred a number of charges. So Think Banking made a bit of sense. We had a Lloyds Premier costing £25 per month so the £12.50 at Think wasn't a issue.

    So.... I sold my car. It took slightly longer than expected (which is the only thing that isn't Think Banking's fault) and a CHAPS (same day) payment was only sent yesterday by the company buying it from me. I have already found the car I wanted at a great price, so in the interest of time I sold my car to a local garage and put a deposit of £1000 on another car. I agreed that I would pay the remaining balance by Saturday (today) knowing that I would have the funds in my account.

    I rang Think Bank to find out if the CHAPS had reached the account and was told that "a credit advice was showing, however due to it being a large amount it would not physically go onto the account until tomorrow".

    I pointed out that there was no mention of this in their T&C's and was fairly unhappy because it would be cutting it fine time-wise, however I took them at their word and phoned the dealer to let them know that everything would be ready to go ahead as agreed.

    Today, I rang them to get a balance enquiry. Those who know Think Banking will appreciate that there are two accounts; a salaries account and a card account. There was a significant balance on the salaries account, so I waited to be put through to a 'Money Manager' to move the cash to the card account.

    I finally got through. I was told that:

    "DUE TO IT BEING A LARGET AMOUNT OF MONEY, IT CAN'T BE MOVED TO THE CARD ACCOUNT UNTIL MONDAY AS THE TEAM WHO DEAL WITH IT DON'T WORK ON SATURDAY".

    Again, this is not in their T&C's. I asked if just some of it could be moved to the card so I could pay another holding deposit on te car and was told an emphatic "NO, but I can raise a complaint for you, if you'd like!".

    So I'm in the situation where I am at the behest of the garage as to whether they will hold it for longer or give me my deposit back. But they don't have to. So I could potentially lose my £1000 because (and this is no joke)....

    Think Bank do exactly what they want. If there isn't a clause in the T&C's, they will make one up and YOU as a customer will have to live with it, or make a complaint which can take 5 days to even get looked at, and blame it on THAT'S HOW THE SYSTEM WORKS.

    Hopefully, this won't cost me any money, but if it does I will take action against them to recover every penny. It raises some serious questions of a company who has c. 60,000 account holders. For instance, who decides what a large amount of money is? No-one there knows. Why does it take, in effect, 3 days to be able to access a CHAPS? No-one knows. What are the inter-account transfer limits? Ditto. And most importantly, why are none of these isses included in the T&C's??? How can a company who holds responsibility for money work like that?

    I'm sorry if this has turned into a long rant, but I thought it important to make this know to any current or potential customers. I'm sure they must have some happy customers, but this has ended our relationship overnight...

    Rob

    • Post Points: 35