Bank Manager Gave Wrong Info about ISA

RippedOff2010

Hi, last year I opened a new 1 Year Fixed Rate ISA at my bank, for the year 08/09. I already have an existing ISA at the bank and requested that all this was transferred into my new ISA. However, when I received my statement months later, it was apparent that the old ISA had not been transferred. After multiple requests I was promised by the bank manager that the funds would be tranferred over and the interest back dated. However, even after March 2009 it was apparent that the funds were not transferred. The manager informed me that the funds would definitely be moved over, and as a form of apology/compensation I was told that I'd be able to keep the same fixed rate for another year (which I agreed to, as the rate was very competitive, over 6%). Months have passed, and last week I heard back from the bank manager to say that although I'd receive the interest at the fixed rate for the first year, I would NOT be able to have the fixed rate for the second year (ie 09/10). Therefore instead, from the date the original fixed deal ended (i.e. April), I'd be receiving their basic rate, which is less than 0.5%! So, although I'd been led to believe I was getting over 6% for this year, I've actually been getting less than 0.5%! Had I known this in April I would have immediately moved my money to a more competitive account, with at least 3%.

Is there anything I can do, given that the bank manager has obviously lied to me (or accidentally miss-informed me at best) and I've now lost on quite a lot of interest?!

Thanks very much for your help!

fullstop

Have you anything the manager promised in writing, if not your probably stuffed.

RippedOff2010

I'll have to dig around - I know the bank definitely does - they have a document showing how he was changing the fixed rate deal to 2 years, which I signed (was basically like an application). So documents definitely exist and are on their records.

Jonbvn

RippedOff2010 wrote: »

I'll have to dig around - I know the bank definitely does - they have a document showing how he was changing the fixed rate deal to 2 years, which I signed (was basically like an application). So documents definitely exist and are on their records.

Doesn't matter if the bank has such documents. You need written evidence to legally substantiate your claims.

RippedOff2010

Under the data protection act am I not allowed to ask the bank to provide me with copies of the documentation/records they have?

McKneff

Did you fill in a transfer request form. You dont say so in your post.

If you did not do this they cannot take verbal requests.

You should have copies of this and also letters confirming your request and also a letter to say the transaction has been completed.

If you have none of these then all i can say is that you should have been more vigilant

RippedOff2010

Yes, was a proper transfer request with the form etc. The bank confirmed they have this, although still haven't actually provided me with a letter to say the transfer was completed - this was part of the problem, for weeks and weeks I had to check up on the status of the transfer, only to be told "head office are dealing with it, only a few more weeks".

I believe the transfer has been completed, but the main issue now is that the interest it's been earning since April is less than 0.5% - not the over 6% I had been led to believe it was earning, and also that due to this, I've missed out on better rates at other providers. When I went into the branch they even showed me the documents that said I'd get the higher rate.