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First Direct ISA cashed my cheque then rejected application!
m0neymagnet
Posts: 14 Forumite
Has anyone else had this problem and what can I do about the loss of interest...
Basically my partner applied online for a First Direct ISA. They sent an application form to sign and said send a cheque. We did this and then they cashed the cheque (3.6K). The next day we receive a letter saying the application is rejected (probably because he is a discharged bankrupt - annoying but not the real problem). We phone them and they say that there is nothing they can do but post him a cheque for the amount that we will then pay into his bank account. We can't open and use another ISA until this cheque arrives and clears.
This is rubbish (polite version) as they have cashed the cheque under false pretences and we're lose two weeks interest.
Anyone else had this and claimed against them. If nothing else its a warning to NOT send a cheque...
Basically my partner applied online for a First Direct ISA. They sent an application form to sign and said send a cheque. We did this and then they cashed the cheque (3.6K). The next day we receive a letter saying the application is rejected (probably because he is a discharged bankrupt - annoying but not the real problem). We phone them and they say that there is nothing they can do but post him a cheque for the amount that we will then pay into his bank account. We can't open and use another ISA until this cheque arrives and clears.
This is rubbish (polite version) as they have cashed the cheque under false pretences and we're lose two weeks interest.
Anyone else had this and claimed against them. If nothing else its a warning to NOT send a cheque...
0
Comments
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m0neymagnet wrote: »We can't open and use another ISA until this cheque arrives and clears....
Sure you can open another ISA straight away, (depending on the nature of the problem that caused the rejection that is). You can't immediately fund it to the tune of £3600 maybe, but you can open it so it's ready to go.0 -
If it's not funded, it's not an ISA. It's just an ISA-capable account sitting waiting to become an ISA.Sure you can open another ISA straight away, (depending on the nature of the problem that caused the rejection that is). You can't immediately fund it to the tune of £3600 maybe, but you can open it so it's ready to go.0 -
They haven't opened an account for him but they asked for the cheque to be made payable to First Direct so that cheque was cashed and has left his account. They ask for salary details etc so they could reject anyone based on credit scoring. My main complaint is that they have his money and won't do an immediate payment just send us a new cheque.0
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My main complaint is that they have his money and won't do an immediate payment just send us a new cheque.
It would be logical for them to confirm it clears first though.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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