Intelligent Finance Power of Attorney help needed
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During the last 3 or 4 years, I have received a few letters from IF. These letters gave me the strong impression,
(a) they wanted their customers to switch to other banks.
(b) they wanted to run down and close IF.
Reading your posts only reinforces this impression.
As you have the POA. have you investigated :-
1. Using the 7 day switching service, to switch the IF account to another bank who will give you what you are seeking (picking up a switching bonus on top).
2. Opening up an account for your dad with another bank, who will give you what you are seeking. Transferring the funds to this new account. When that has been completed and you are happy closing the IF account by letter.0 -
1. Using the 7 day switching service, to switch the IF account to another bank who will give you what you are seeking (picking up a switching bonus on top).
IF are not part of the account switching service, although as a division of BOS they may be covered by their membership. It also only applies to current accounts and I suspect this may be a savings account.0 -
IF are not part of the account switching service, although as a division of BOS they may be covered by their membership. It also only applies to current accounts and I suspect this may be a savings account.
1. I can only assume they must be covered in some way. When I used the switching service, it went through quickly and without any problems.
2. In southwinds post #6, there is mention of both cheque book and card for the account in question. This implies it is a current account and not a savings account.0 -
1. I can only assume they must be covered in some way. When I used the switching service, it went through quickly and without any problems.
2. In southwinds post #6, there is mention of both cheque book and card for the account in question. This implies it is a current account and not a savings account.
2. But it mentions them as not being available, so the reason may be that it's a savings account, something that IF were always much keener on than current accounts (in fact I didn't even know that they ever did current accounts, they don't seem to mention them prominently on their website).0 -
2. But it mentions them as not being available, so the reason may be that it's a savings account, something that IF were always much keener on than current accounts (in fact I didn't even know that they ever did current accounts, they don't seem to mention them prominently on their website).
IF used to offer most accounts - current accounts, savings, credit cards, mortgages loans etc their offsetting was a great facility a few years ago and their mortgage trackers became incredibly cheap following the financial meltdown, think mine tracked at 0.3 above base rate so went from 5.8 to 0.8.
As part of the bail out IF had to stop selling to new customers whilst remaining part of LBG and was once going to be included in the sell off to COOP but was left out of that ill fated deal that never happened.
I still have a current account and savings account with them their overdraft rate is under 11% so very competitive, don't use it but not worth throwing away0 -
During the last 3 or 4 years, I have received a few letters from IF. These letters gave me the strong impression,
(a) they wanted their customers to switch to other banks.
(b) they wanted to run down and close IF.
Reading your posts only reinforces this impression.
As you have the POA. have you investigated :-
1. Using the 7 day switching service, to switch the IF account to another bank who will give you what you are seeking (picking up a switching bonus on top).
2. Opening up an account for your dad with another bank, who will give you what you are seeking. Transferring the funds to this new account. When that has been completed and you are happy closing the IF account by letter.
Yes it seems like IF do want their customers to go elsewhere and it seems that eventually it will be either wound down or transferred into another part of LBG.
They do as much as possible to make their existing products as poor as possible, appalling rates, never updating the internet banking user interface, no APP, not processing faster payments on non working days.
Having had current account, savings, ISA, mortgage and credit card with them in the past I am keeping a current account and savings account with them until they close me down or transfer me elsewhere.
Wonder how many of us existing customers are left?
Making POA difficult is no surprise and they will view it as an opportunity to shed a customer0 -
agrinnall
If you take the first and last statements of southwinds post #6 together, do they not imply the money which cannot be accessed is in a current account and not a savings account?southwinds wrote: »I have POA on the IF account... they have had the paperwork... BUT i cant have a cheque book or bank card as with other bank accounts...
Now IF is part of LLoyds but basicly they dont excist so I have a large sum of money in a currant account and no means of accessing it.
Maybe southwinds would like to clear up this point?0 -
Mr_Goodkat wrote: »
Wonder how many of us existing customers are left?
Making POA difficult is no surprise and they will view it as an opportunity to shed a customer
I was thinking the same things.0 -
Switch it to an account that allows you.
You can open an account for your dad, you just need to take the POA, ID for your dad and yourself and then ask the bank to process the switch.0 -
agrinnall
If you take the first and last statements of southwinds post #6 together, do they not imply the money which cannot be accessed is in a current account and not a savings account?
Maybe southwinds would like to clear up this point?
You're right, I hadn't spotted that, it does seem like it is indeed a current account.0
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