by Richard Frost » Thu Apr 20 2023 3:49pm
macliam wrote: ↑Thu Apr 20 2023 3:19pm
cccashbacklover wrote: ↑Thu Apr 20 2023 11:19am
Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.
Not, of course, that you're implying that Richard might be trying to pull a fast one, eh?
In a crisis, some people help...... others don't.
When rpoints went to the wall it seemed to me at the time that Richard was eager for all who were owed money to claim all they were entitled to.
I guess it is inevitable that over the years some small balances will get forgotten though. Banks for example have plenty of lost accounts in their possession. So much so that they are legally obliged to remit the balances to the Dormant Assets Scheme If they are unable to trace the owners after a certain period of time.
This from Lloyds
About the dormant account reclamation scheme
We participate in the unclaimed assets scheme established under the Dormant Bank and Building Societies Act 2008. The purpose of the scheme is to enable money in dormant accounts (which means balances in accounts that have been inactive or dormant for 15 years or more) to be distributed for the benefit of the community, while protecting the rights of customers to reclaim their money.
Under the scheme, we may transfer balances of dormant accounts to Reclaim Fund Limited (RFL). RFL is a not-for-profit reclaim fund which is authorised and regulated by the Financial Conduct Authority.
If we transfer the balance of your account to RFL, you will have against RFL whatever right to payment of your balance you would have had against us if the transfer had never happened. However, we will remain responsible for managing all aspects of the customer relationship with you and for handling all repayment claims (which we will do on behalf of RFL).
Both we and RFL participate in the Financial Services Compensation Scheme (FSCS). The transfer by us to RFL of your balance will not adversely affect any entitlement you have to compensation from the FSCS.
There are many CB sites out there that have minimum payout levels, some as high as £25. In my view those are taking the P. £5 seems a little high. £1 would be more reasonable. But there are plenty that have no minimum.
At the end of the day it's all about choice and among the competition imutual is nothing special for Cashback nowadays.
Having said that it is not impossible to reach the £5. There are at least 4 merchants on the books where CB can be reached without spending anything.
[quote=macliam post_id=275543 time=1682000350 user_id=27480]
[quote=cccashbacklover post_id=275540 time=1681985983 user_id=226]
Increasing minimum redemption level increases likelihood of higher amount of unclaimed balances at a later date potentially benefitting the person who took that action.
[/quote]
Not, of course, that you're implying that Richard might be trying to pull a fast one, eh?
In a crisis, some people help...... others don't. :roll:
[/quote][b]When rpoints went to the wall it seemed to me at the time that Richard was eager for all who were owed money to claim all they were entitled to.[/b]
I guess it is inevitable that over the years some small balances will get forgotten though. Banks for example have plenty of lost accounts in their possession. So much so that they are legally obliged to remit the balances to the Dormant Assets Scheme If they are unable to trace the owners after a certain period of time.
This from Lloyds [quote]About the dormant account reclamation scheme
We participate in the unclaimed assets scheme established under the Dormant Bank and Building Societies Act 2008. The purpose of the scheme is to enable money in dormant accounts (which means balances in accounts that have been inactive or dormant for 15 years or more) to be distributed for the benefit of the community, while protecting the rights of customers to reclaim their money.
Under the scheme, we may transfer balances of dormant accounts to Reclaim Fund Limited (RFL). RFL is a not-for-profit reclaim fund which is authorised and regulated by the Financial Conduct Authority.
If we transfer the balance of your account to RFL, you will have against RFL whatever right to payment of your balance you would have had against us if the transfer had never happened. However, we will remain responsible for managing all aspects of the customer relationship with you and for handling all repayment claims (which we will do on behalf of RFL).
Both we and RFL participate in the Financial Services Compensation Scheme (FSCS). The transfer by us to RFL of your balance will not adversely affect any entitlement you have to compensation from the FSCS.[/quote]
There are many CB sites out there that have minimum payout levels, some as high as £25. In my view those are taking the P. £5 seems a little high. £1 would be more reasonable. But there are plenty that have no minimum.
At the end of the day it's all about choice and among the competition imutual is nothing special for Cashback nowadays.
Having said that it is not impossible to reach the £5. There are at least 4 merchants on the books where CB can be reached without spending anything.
