Possibly negligent advice from PTSB

[jambo.ie]

Rant follows, let me know if I am over reacting.

I called in to PTSB to close a Bonus Booster Account today and asked a simple question and I got what is possibly negligent advice. I asked how to make a withdrawal and still ensure I am paid my bonus interest. I suggested I would leave the account open with a minimal balance. The customer service agent went to speak with a colleague and returned to tell me that the bonus interest would be paid on the closing balance at 31st December. This is obviously ridiculous advice, because I could just put a large some of money in the account on December 31st and claim a years interest on that amount.

I told him this and he took out the brochure for the product which confirmed interest is on average daily balance. At this point I told him I was annoyed that he had given me incorrect advice. He didn't even apologise, he just pointed at his colleague and mumbled something. Talk about "back to basics"!

The potential loss to me of this advice was small, about €125. I'd hate to think of more vulnerable customers who mightn't call the guy on his obvious nonsense. I am lucky enough to have the benefit of education, experience and the confidence to call him out!

Extract from PTSB terms and conditions:

BOOSTER BONUS DEPOSIT ACCOUNT In addition to the above Savings Account Conditions (where applicable) the following conditions apply where the Account is a Booster Bonus Deposit Account: (a) Where no more than two withdrawals (or such other number as we may from time to time decide) from the Account are made in a calendar year (that is, the period from the 1st January, or the initial period from the date of opening the Account if opened after the 1st January, to the 31st December in the same year) an interest bonus will be paid, calculated as a percentage of the amount representing the average daily balance in the account up to the 31st December of each year. The bonus amount will be credited to the account on the 31st December of each year or the first Business Day after that date if the 31st December falls on a non-Business Day. The percentage whereby the bonus is calculated may be varied at our discretion and will be advised to the account holder in the manner described in Condition 21 of the General Conditions. Where more than the specified number of withdrawals within the period, as specified above, are made, no such bonus will be credited to the Account. (b) The Account must not be opened or used for business or commercial purposes.

 

[thedaddyman]

All the reason never to take any advise from a bank unless it is in writing

you are not at a loss here so don't know if you have any right to complain. but you could write a letter to PTSB as "a courtesy" pointing out the error made by the staff member, his failure to apologise and overall poor customer service. In fairness, it might not be the employees fault, he may not even have been trained. My experience of bank cashiers these days is that for many of them. "Computer says no" applies

https://www.youtube.com/watch?v=AJQ3TM-p2QI

 

[elcato]

I called in to PTSB to close a Bonus Booster Account today and asked a simple question and I got what is possibly negligent advice. I asked how to make a withdrawal and still ensure I am paid my bonus interest. I suggested I would leave the account open with a minimal balance. The customer service agent went to speak with a colleague and returned to tell me that the bonus interest would be paid on the closing balance at 31st December. This is obviously ridiculous advice, because I could just put a large some of money in the account on December 31st and claim a years interest on that amount.

Did he say you should close the account straight away and still get paid the interest ? If you put in a large amount of money on December 31st you would get one days interest on it I presume. Either way 'daddy's advice above is on the mark.

 

[mf1]

"Rant follows, let me know if I am over reacting."

You're over- reacting.

What probably occurred?
You were at cross purposes. There was no actual intention to deceive you. You probably already knew the answer to the question you were asking and the guy misheard/misunderstood ( whatever) whatever it was you were asking.

mf

 

[Lightning]

You are over reacting a bit. However, bank clerks should understand how interest accruals are calculated.

I told him this and he took out the brochure for the product which confirmed interest is on average daily balance.

Is that right? do PTSB really use average? Interest is normally calculated as:
=(Sum of (daily close of business balance)*(interest rate on that day)*(1/365)) for the interest accrual period with adjustments for weekends and whether 360 or 365 day count is used.

 

[jambo.ie]

It's a specific account/product that pays a bonus for meeting certain conditions. Hence the quite specific question I asked. He should have taken more care. It is strange that there is no minimum balance to get the bonus, just that the account is kept open. In the likes of Ulster and KBC when I ask these questions they seem more switched on. I.e. Ulster have told me before that the bonus would be paid on closing on similar products if there was a legitimate reason for closing mid term. I usually do my own research and would be looking purely for validation but today I was in a rush and didn't work out the terms and conditions myself. I just had a general idea.

I never said he was trying to deceive me. Negligence is lack of care, the ignorance is nearly worse than deception.

Also, for sake of clarity, this wasn't some young fella/wan.