Paying into a Tax Haven ISA

thisbie109

I opened a Tax HAven ISA a couple of weeks ago. According to the terms & conditions point 2.2 'you can pay a cash amount into any Barclays Branch in the UK'. .......HOWEVER YESTERDAY I LEARNT THIS IS NOT TRUE!!

I went to my local branch yesterday with a large amount of cash. I asked if they would pay it into my ISA account and I was told that they couldn't accept cash into the branch!? I could only pay into my ISA by transfering money from my current account with them (which I don't have) or by way of cheque, which they will have to send to their head office to deal with!?!

I wrote a cheque out and had to make an inconvenient trip to another bank to pay it into my current account where it will sit for the next 3 days earning zero interest.

I telephoned Barclays this morning who confirmed that my local branch was correct and the terms and conditions were incorrect!?!?!

Apparantly because you can only pay £3600 into the account the branch can't see how much you have in so can not pay anything into the account incase you have reached your limit. OK -Fair enough so why can't they call head office to confirm the balance??

Crazy!:mad: !! Very missleading terms and conditions by Barclays!

- is this allowed?

Lokolo

Yes. I kinda agree with them.

However, if you're that bothered just BACS transfer it across. Saving time and money of having to go down to local branch. Internet banking is a wonderful thing.

thisbie109

Lokolo wrote: »

Yes. I kinda agree with them.

However, if you're that bothered just BACS transfer it across. Saving time and money of having to go down to local branch. Internet banking is a wonderful thing.

How can you agree with a bank that prints terms and conditions saying that you can pay cash into a branch in order to encourage you to invest and then once you have invested they tell you you can't?

Terms & Conditions are printed for a reason and should be adhered to.

BACS transfers still take aprox 3 working days so still slight loss of interest. If I'd have wanted a postal or intenet banking account I would have opened one

TomsMom

thisbie109 wrote: »

Apparantly because you can only pay £3600 into the account the branch can't see how much you have in so can not pay anything into the account incase you have reached your limit. OK -Fair enough so why can't they call head office to confirm the balance??

If Barclays branch staff wanted to see how much you have in your ISA they can check by printing out an Entries Report.

OH and I have done this a few times. Gone into branch, asked for print out, given Entries Report which details all transactions.

By the way, I've transferred my last year's Tax Beater and this year's Tax Haven to another provider due to Barclays fiasco with opening them and, along with many other MSE members, will never use them for ISA again however high their rate is.

Lokolo

thisbie109 wrote: »

BACS transfers still take aprox 3 working days so still slight loss of interest. If I'd have wanted a postal or intenet banking account I would have opened one

A lot of BACS transfers take only 2 hours now with the new Faster Payment Scheme.