EQUITY BONDS : Don’t do it with Yorkshire Bank!

[peterw]

First thing thing this morning I was a happy man. Now — I’m sad. My own fault, but what a shock it was to find a letter telling me that after five years my Equity Bond, taken through the Yorkshire Bank, which is owned by Clydesdale Bank, matures early next month.

 

It was only £4,000 but I went for it because it was linked to the FTSE and if it didn’t do well I was guaranteed 10 per cent. Well the FTSE didin’t do well at the end of 2002 and the beginning of 2003 but I thought plenty of time for it to go up again. But not according to Clydesdale. They couldn’t make it up, so all I ended up with was 10 per cent i.e. £400.

 

But 20 per cent of that £400 is taken as tax. So my original £4,000 has grown in five years to £4,320. I could have done better than that selling the Big Issue!

If I’d been fit enough I could probably have made more in tips as a lavatory attendant, so although I’ve got the minimum 10 per cent I feel I’ve been ripped off!

 

And even worse. I tried to get through to my local branch. Phoned their number and it went to a call centre somewhere in Scotland. I went through the rigmarole of tapping out my account number on the telephone and pressing the star button — all to get my local branch which, I was told, was busy. The operator asked me for my home number and said they’d ring me back. I gave it, but pointed out that they’d said that on other occasions but no-one ever rang me back. She assured me I’d hear from them in less than ten minutes.

 

Ninety minutes later I went through a short part of the rigmarole again, but refused to continue it because by that time I was irritated and all I wanted was my local branch.

 

I’d have to give the call centre my account number, the operator said. Couldn’t put me through without it. “Right,” I said, “If I have to give you my account number it won’t be for nothing. I’ll want my accounts closed and the money transferred to Lloyds TSB in Manchester.”

 

She put me through immediately — and then blow me they couldn’t help! There are two names on my Equity Bond — mine, and some mysterious female living in Stafford, who I’d never heard of, never met and don’t want to meet. But according to Clydesdale she’s sharing MY bond with me!

 

All of a sudden I became a racist, calling the Clydesdale Scots everything from plonkers to w*****s and tight-fisted gits to absolute numbskulls — all I might add without expletives.

 

So, I then asked my local bank if I could book an interview. Sorry, they said, it’ll have to be in three weeks. “No it won’t,” I argued. “You’re the bank, I’m a customer and have been for 70 years so it’ll be this Thursday at 2p.m.

 

I won that round. Thursday it is, at 2p.m. I’ve also mentioned that all they’ll need is the papers to allow THEM — not me — to transfer my accounts to Lloyds TSB.

 

I am still seething over call centres, and to make matters worse Clydesdale don’t even include an address, a telephone number or an e-mail address on their letter!

Otherwise I’d have given them a rollicking too!

 

So, if you’re tempted to go in for an Equity Bond through the Yorkshire, take my advice and don’t bother. Christ! £320 after five years. I can make more than that in a day! In a night actually, but at my age night and day are all the same to me.

[scottf]

im leaving yorshire back at the end of the month too - i find them a terrible bank with very bad customer service and very outdated ideas about what it requires to b a good bank in this day and age.

 

First direct here i come- always there, always helpful and polite and very modern :D

[El-Mariachi]

First thing thing this morning I was a happy man. Now — I’m sad. My own fault, but what a shock it was to find a letter telling me that after five years my Equity Bond, taken through the Yorkshire Bank, which is owned by Clydesdale Bank, matures early next month.

 

It was only £4,000 but I went for it because it was linked to the FTSE and if it didn’t do well I was guaranteed 10 per cent. Well the FTSE didin’t do well at the end of 2002 and the beginning of 2003 but I thought plenty of time for it to go up again. But not according to Clydesdale. They couldn’t make it up, so all I ended up with was 10 per cent i.e. £400.

 

But 20 per cent of that £400 is taken as tax. So my original £4,000 has grown in five years to £4,320. I could have done better than that selling the Big Issue!

If I’d been fit enough I could probably have made more in tips as a lavatory attendant, so although I’ve got the minimum 10 per cent I feel I’ve been ripped off!

 

And even worse. I tried to get through to my local branch. Phoned their number and it went to a call centre somewhere in Scotland. I went through the rigmarole of tapping out my account number on the telephone and pressing the star button — all to get my local branch which, I was told, was busy. The operator asked me for my home number and said they’d ring me back. I gave it, but pointed out that they’d said that on other occasions but no-one ever rang me back. She assured me I’d hear from them in less than ten minutes.

 

Ninety minutes later I went through a short part of the rigmarole again, but refused to continue it because by that time I was irritated and all I wanted was my local branch.

 

I’d have to give the call centre my account number, the operator said. Couldn’t put me through without it. “Right,” I said, “If I have to give you my account number it won’t be for nothing. I’ll want my accounts closed and the money transferred to Lloyds TSB in Manchester.”

 

She put me through immediately — and then blow me they couldn’t help! There are two names on my Equity Bond — mine, and some mysterious female living in Stafford, who I’d never heard of, never met and don’t want to meet. But according to Clydesdale she’s sharing MY bond with me!

 

All of a sudden I became a racist, calling the Clydesdale Scots everything from plonkers to w*****s and tight-fisted gits to absolute numbskulls — all I might add without expletives.

 

So, I then asked my local bank if I could book an interview. Sorry, they said, it’ll have to be in three weeks. “No it won’t,” I argued. “You’re the bank, I’m a customer and have been for 70 years so it’ll be this Thursday at 2p.m.

 

I won that round. Thursday it is, at 2p.m. I’ve also mentioned that all they’ll need is the papers to allow THEM — not me — to transfer my accounts to Lloyds TSB.

 

I am still seething over call centres, and to make matters worse Clydesdale don’t even include an address, a telephone number or an e-mail address on their letter!

Otherwise I’d have given them a rollicking too!

 

So, if you’re tempted to go in for an Equity Bond through the Yorkshire, take my advice and don’t bother. Christ! £320 after five years. I can make more than that in a day! In a night actually, but at my age night and day are all the same to me.

 

Peter,

 

My Mother got trapped by the very same process.

The Yorkshire Bank Financial advisor turned out not to be an employee of Yorkshire bank but an "independent" financial advisor.

 

Unfortunately, my mother got stung for alot more....