Should I accept their offer of compensation?

[HJT40]

Since August this year I have had problems with my building sociery, all of which they now admit is there fault. On occassion they tried to pay the same standing order twice, which in turn ment credit card payment was not paid and I then received calls from the credit card company asking for payment (same company as the bank) Calls were as late as 8.45 at night. They also paid my ex landlord when the standing order was cancelled and I had to instruct a solicitor to recover the money. I wrote at least 10 letters to the bank during this period, which they admit must have been lost, because they never replied to them. I have put the complaint with the FSA, but the buidling society have now refunded bank charges and have offered me the sum of �100 to say sorry. They have told me that if I do not accept this offer I would need to quantify what I think is reasonable. How do you quantify 3 months of dreading the post, and the phone ringing and pointless phone calls to the bank. Do I accept or leave it in the hands of the FSA? Or how do I quanitfy how much I think it is worth as they think the time and effort I have spent is not worth much, probably �1 for every minute spent, not including postage or phone bills?

[EverClean]

Get together a rough list of what you have spent. Itemise it in terms of telephone calls, postage costs and get a fairly accurate figure of how much you are out of pocket. Add to this a resonable amount for the time spent - again break this down and quantify it - don't forget to add anything for time off work, etc. Then to this total you need to add an amount for the distress and inconvenience of it all. Don't be greedy but put all this down in a letter to them with all costs broken down into relevant sections and amounts and this is what you expect to receive. They will view any sensible proposal with a considered and sensible response.

The FSA does not involve itself in disputes between banks and customers - it's not in their remit. The Financial Ombudsman Service, the Banking Code of Practice and the Financial Services Compensation Scheme were all set up to deal with these matters and I suggest if you want this to be resolved by a third party then you contact the FOS.

[HJT40]

EverClean, thank you, I have done this and my expenses come �7 below their offer, without any stress, inconvenience and charges for late payments. I have told them that I will not accept their offer and explained why. But what an example of their work, the letter was due to be sent to me confirming the offer on the 7th November, they phoned this week to see if I had received it, because they didn't think that they had sent it out..................... It does not restore my faith!

Sorry I did mean the Ombudsman, I got a bit confused!

[Ice.Maiden]

This sounds really bad, but if everything's alright now, I'd accept their offer and then switch to another building society as soon as possible. I had some horrendous trouble with my bank, and all I got was an apology after things were put right again - no token gesture for all the phone calls I'd had to make, and the worry it caused. They were mortified when I told them I was taking out every single penny I'd banked with them.

[Ice.Maiden]

Oh - and if you wish to pursue your cause, I think you should contact the banking ombudsman.

[HJT40]

Thank you Ice Maiden. I have put a complaint in with them and they passed their limit to respond to my complaint. They had until the beginning of this month, the building society then wrote and said that they had until the middle of December. It would seem that the building society don't know what they are doing. But I am going to move my pennies, however megre they may be!

[Ice.Maiden]

Best of luck. No point in staying with such a shoddy company, irrespective of how much you have, or haven't got. They're very good at passing the buck, but if the boot's on the other foot, they're down on you like a ton of bricks. Take their miserly offer and go somewhere else as soon as possible.

[Pippa68]

Yes ~ take the offer and move your business elsewhere. That will really be hitting them where it hurts!

[HJT40]

That then leads to a more difficult question - any one know of any GOOD banks!! ;-)