* SKIPTON BUILDING SOCIETY: are we dealing with idiots? Or, alternatively. . ??*

Chadsman

It sounds like Skipton intended to include a line to the effect that 'additions can be made only while the account remains open to new investors' but they didnt. Personally I think you have a good case. Try writing to Head Office to put your case asking them to make a gesture of good will.

jack_spratt_2

I can understand your annoyance regarding this issue but you must not forget this is a fixed rate product and it did clearly say this product was available for a limited time period .
I wonder why you did not arrange for transfer of your existing ISA products at the same time as when you opened your accounts with them.
I think some credit must go to Skipton for offering an excellent product with a rate that is one of the top paying accounts when it was open.
It is standard policy for financial institutions to offer an account and when it has taken enough money in to close it for further investments

LittleVoice

We are not complaining about Skipton withdrawing the product.

They sold us a fixed rate product - that's what we wanted and therefore were prepared to tie in our funds for more than a year in order to get the rate. Have to repeat that they fixed the rate, fixed the period but seem not willing to accept they fixed the transfer in option for the product we have.

There was no reason to rush to arranging the transfers (if you believed what they were putting in writing), though there clearly was a need for prompt action to get the account itself.

Though it may be "standard policy for financial institutions" to close it for further investment, they have not (as far as I know) closed it to further investment, only to transfers.

jack_spratt_2

I have just had a look at the key features document that came with the product and I do accept that it not as clear as it could be !!! as a previous poster suggested go through there complaints procedure and see what happens

will-in-estoril

Codger and LittleVoice: why did you not arrange your transfers in on the day you opened the account?

I was very conscious that this was a time-limited offer, a rate of 6.54% could not be sustained, and asked about transferring in and additional deposits.

I was told that the product could be withdrawn at any time, and that any transfers in would have to be arranged before that time. One of the two transfers requires 30 days notice and will take place on 22 August. Skipton have honoured that without a problem.

During a year in which we have seen turmoil in the banking sector, does anyone really expect Skipton to leave themselves exposed to having to pay out a savings rate of BBR + 1.54% without putting a cap on the funds? Do OPs want an insolvent institution?

Skipton BS allowed transfers in to this ISA of previous years' subscriptions. ISAs have been around for about ten years. Should they have continued to accept transfers they would have been in effect committing themselves to accept deposits of up to £40,000 per member until the end of this tax year, on which they would have to pay 6.54% until December 2009.

Those who consider Skipton to be idiots should either vote with their feet and invest elsewhere, or otherwise take the matter to the FSA. Somehow, I do not think that they will do the former; nor do I think that they will succeed in the latter.

Unfortunately, this seems like a case of sour grapes: for all Codger's organisational skills about which he boasts in respect of 9 July, the one key thing overlooked was to transfer the ISAs that day.

codger

Thanks to all who have contributed here, even if a difference of opinion appears to exist that is so fundamental it cannot, for this moment at least, be bridged.

Yet the facts are so simple, and so straightforward, I do have to wonder why they seem beyond the grasp of some MSErs:

(1) Whoever wished to invest in Skipton's new Cash ISA missed the boat if they left it until after July 29th. Because that's when it sailed.

(2) The plight of those left on the quayside has nothing whatsoever to do with the condition of those already on board.

(3) The fact that dinner is not to be served to those too late in arriving at the quayside in no way means that those already aboard must now similarly go hungry.

Ends

Apologies, then, will-in-estoril, but an arrangement agreed and confirmed between Skipton and its investor has nothing to do with an investor's 'organisational skills' (or lack thereof) -- and certainly not, lest anyone else raise the idea, the gift of psychic ability so as to foretell Skipton's actions.

Nor do I accept the notion, implicit elsewhere on this thread, that an investor is somehow and in some way beholden to the institution she / he invests with or in: I am not paid to manage the operation of the Skipton Building Society, so there is no onus upon me to consider whatever financial implications may arise from whatever financial product the Society wishes to launch.

That's their business. Not mine.

As to an investor's choice of when to arrange a transfer-in, the timing of that choice is conditional only upon the amount of time allowed to effect such transfer -- in this instance, until December, 2009.

My account was opened by Skipton Building Society on July 11th and documentation relating to it was delivered by post to my home on July 14th.

On that day, I was 300 miles away, on holiday, having left on July 9th within an hour or so of posting off my (and Mrs C's) application. We did not return until July 26th.

As it's perfectly possible that Skipton could just as well have withdrawn this product on July 25th, I suppose I'll now be told that it is incumbent on all ISA investors to cancel their holidays if such should ever coincide with the launch of a new ISA account.

Yes. Sure.

I have all Skipton's original advertising material. I have all the hard-copy literature which Skipton produced in relation to the operation of this account.

I read the large print, and the small print, before posting on here.

And I'm very grateful to Milarky for taking the trouble to provide others here with the same information I have.

I have now sent a brief and polite letter to Emma Dixon, Customer Services Manager, Skipton Building Society, asking if she will kindly confirm that the information I received from Customer Services about the withdrawal of the transfer-in facility was provided in error.

As it must have been.

When I have Ms Dixon's reply, I'll let everyone here know if the Good Ship Skipton is indeed ready to serve dinner as promised to those it has accepted on board, or if it remains determined to keep its kitchen closed -- with all the foreseeable consequences that's going to bring.

will-in-estoril

'Yet the facts are so simple, and so straightforward, I do have to wonder why they seem beyond the grasp of some MSErs.'

The facts are so simple that they were understood by those who transferred previous ISAs in a timely fashion.


'Nor do I accept the notion, implicit elsewhere on this thread, that an investor is somehow and in some way beholden to the institution she / he invests with or in.'

A principled stance would surely then be to cease to have any savings with that institution.


' I am not paid to manage the operation of the Skipton Building Society.'

Skipton managers are so paid and have made a decision in the interests of the stability of the society and its members.


'So there is no onus upon me to consider whatever financial implications may arise from whatever financial product the Society wishes to launch.'

I fully concur. Others carry this burden and have acted accordingly.


'As to an investor's choice of when to arrange a transfer-in, the timing of that choice is conditional only upon the amount of time allowed to effect such transfer -- in this instance, until December, 2009.'

Skipton are not accepting any more transfers in, so that this assertion is incorrect.


'My account was opened by Skipton Building Society on July 11th and documentation relating to it was delivered by post to my home on July 14th.
On that day, I was 300 miles away, on holiday, having left on July 9th within an hour or so of posting off my (and Mrs C's) application. We did not return until July 26th.

'Is Skipton to be expected to launch products to fit in with an individual's holiday arrangements?


'As it's perfectly possible that Skipton could just as well have withdrawn this product on July 25th, I suppose I'll now be told that it is incumbent on all ISA investors to cancel their holidays if such should ever coincide with the launch of a new ISA account. '

The fact is that they did not withdraw the product on 25 July, so that the idea that you had no time to effect any transfers is bogus.


'When I have Ms Dixon's reply, I'll let everyone here know if the Good Ship Skipton is indeed ready to serve dinner as promised to those it has accepted on board, or if it remains determined to keep its kitchen closed -- with all the foreseeable consequences that's going to bring.'

Consequences such as what? Financial stability?

JohalaReewi

Another option is to phone your local branch of Skipton (where your ISA is held) instead of visiting the branch. You can then speak to the manager. You can get the actual phone number of your local Skipton from the website.

http://www.skipton.co.uk/branches/

I always ring my local branch instead of the generic 0845 number.

codger

Thanks JohalaReewi for that: appreciated!

LittleVoice: have pm'd you.

Will-in-estoril: we're only just back home again so I've only now caught up with this thread.

Good to know you're not a financial adviser.

As your posts so evidently make clear.

isofa

I've read this thread, and concur, that you probably have right to complaint, despite this being an offer thar was withdrawn - this should have been made clearer in the documentation, or when you opened it.

However these sorts of quotes won't help your case:

codger wrote: »

It means going into town to the nearest branch, which to us seems positively Dickensian, but no matter: we drive over once a week.

You must have known this when you opened it. If you find it "Dickensian", running a branch account, why open one in the first place? Many people specifically seek out branch accounts, because they want the face to face interaction, rather than the faceless operation of an internet bank. If you wanted the convenience of an internet account, why not open one with an organisation offering one?

codger wrote: »

I left. Nothing wrong with Skipton being busy. Nothing wrong with a Skipton customer having better things to do than be a wall fixture, either.

Personally I think you should have waited, all top rated fixed accounts are only available for a limited time, so I'd have wanted to get it sorted asap, in fact any time I'm initiated a transfer with a new ISA, I've done it on the same day - as many posters here would. Why open it with a deposit of £50 and leave the trf to later?

However that said I do hope you get it sorted, at the very least, see if you can get both accounts cancelled, and open a transfer somewhere else.