Cancelling Account HELP

thir13en

Hi All,

I have looked everywhere high and low, but cannot find clarity.
I have just opened an account with Halifax (Fixed Web Saver), and realised they update their product information. so their 6month fixed term is 6% and their 3month is 7%.
I am now trying to cancel the account, but their told me that it will take upto 8 working dates until it is cancelled and credit the money back in my account.
Is that true? can they hold my money for 8 working days? surely if i opened it a few min ago, they cannot hold me money for that long!

Please advice.

Oblivion

thir13en wrote: »

Hi All,

I have looked everywhere high and low, but cannot find clarity.
I have just opened an account with Halifax (Fixed Web Saver), and realised they update their product information. so their 6month fixed term is 6% and their 3month is 7%.
I am now trying to cancel the account, but their told me that it will take upto 8 working dates until it is cancelled and credit the money back in my account.
Is that true? can they hold my money for 8 working days? surely if i opened it a few min ago, they cannot hold me money for that long!

Please advice.

It's all about countering fraud. Until your inward funds are Cleared i.e. verified as being genuine and backed by real money in your originating account, they cannot legitimately transfer those funds. If it were not so, every fraudster in the land would be transferring ficticious money between accounts and different financial institutions.

Dave.

noh

I got caught out in the same way this morning. I opened a six month fixed web saver having first checked the interest rate tables which at 8:15 quoted a rate of 7% AER. 6.88% gross.
When opened the rate displayed on the account was 5.91% gross. I called the savings contact number and the customer service rep couldn't explain the difference and promised to call me back. He did call me in the early afternoon and told me that the rate had changed at midnight on the 23rd but the rate table on the website had not been updated until sometime after I applied. He suggested I call customer relations.

http://www.halifax.co.uk/contactus/howtocomplain.asp

I did so and stated that I either wanted the rate advertised when I applied or the money returned to my current account. The money was immediately returned to my current account and I have now removed it from the Halifax, via debit card, to other fixed rate accounts.
So I suggest you call them and insist on the money being returned immediately.

The issue of cleared funds does not apply in this case as the fixed rate web saver can only be funded from an existing Halifax account which will already contain cleared funds.

Nigel

thir13en

They being funny with me, saying its in the banking code of conduct. which allows them to change the rate online for upto 3 days without notifying the consumer!

I can contact the FSA or some financial body regarding this?
I'm sure there is a consumer protection act which gives me the right to take the rate advertised right?

thir13en

Thanks alot guys esp. "noh" got my money back lost out on 2days interest instead of 8days, Thank you very much.