M&S Money 4% ISA

A._Badger

It looks as if Lloyds is taking a bit of a hammering. I'm another who has moved his money out of their clutches.

I wonder if someone's head will roll over their decision on ISA rates and the way Lloyds handles formerly faithful customers? I don't like to sound vindictive, but I hope so. In particular, the nonsense of selecting (seemingly at random) certain customers to whom they offer a preferential rate, stinks to high heaven.

codetown

Coming back to the M&S FR Cash ISA Issue 9, I want to report my very negative views on M&S. They have been extremly unpolite and would neer recommend them to anyone.

I filled in the transfer form on the 30 March, but could only post it on the 1st April. At the time of posting I had no idea of the issue closing, so I just used the freepost address they provided.

Having read they were closing this FR, I called them on the 6th April early. Their CS told me that they had not yet received my form. I then sent immediately a fax with a copy of it, hopying they would honour it.

Two days later they sent me a letter saying they were unable to accept my transfer as Issue 9 had closed and sent me back my form (which had been already processed by them, as it had internal reference numbers etc).

This is an unfair treatment to my standards....

exel1966

codetown wrote: »

Coming back to the M&S FR Cash ISA Issue 9, I want to report my very negative views on M&S. They have been extremly unpolite and would neer recommend them to anyone.

I filled in the transfer form on the 30 March, but could only post it on the 1st April. At the time of posting I had no idea of the issue closing, so I just used the freepost address they provided.

Having read they were closing this FR, I called them on the 6th April early. Their CS told me that they had not yet received my form. I then sent immediately a fax with a copy of it, hopying they would honour it.

Two days later they sent me a letter saying they were unable to accept my transfer as Issue 9 had closed and sent me back my form (which had been already processed by them, as it had internal reference numbers etc).

This is an unfair treatment to my standards....

It's also unfair of you to blame M&S for them not receiving your original application in time. It was widely known that the closing date was 5th April for issue 9.
You called after closure, so why should they honour an old rate? The internal numbers could easily have been receiving mail stamps at their end/tracking reference numbers issued before being internally passed to the department dealing with ISA's who would have seen the receipt date and who would have no option but to refuse the application as it had time expired. There has to be a cut off point.
None of it is their fault is it. I would say that you've been unfortunate to miss the boat rather than been treated unfairly.

6022tivo

codetown wrote: »

Coming back to the M&S FR Cash ISA Issue 9, I want to report my very negative views on M&S. They have been extremly unpolite and would neer recommend them to anyone.

I filled in the transfer form on the 30 March, but could only post it on the 1st April. At the time of posting I had no idea of the issue closing, so I just used the freepost address they provided.

Having read they were closing this FR, I called them on the 6th April early. Their CS told me that they had not yet received my form. I then sent immediately a fax with a copy of it, hopying they would honour it.

Two days later they sent me a letter saying they were unable to accept my transfer as Issue 9 had closed and sent me back my form (which had been already processed by them, as it had internal reference numbers etc).

This is an unfair treatment to my standards....

Ok.. I sent mine off at the weekend, so I have no chance.. lol's

Worth a try...

So with my rather large LLOYDS isa, what are my options. Matures around the 15th.. The offer they are offering me to stay with lloyds is poor...

savetilibleed

codetown wrote: »

Coming back to the M&S FR Cash ISA Issue 9, I want to report my very negative views on M&S. They have been extremly unpolite and would neer recommend them to anyone.

I filled in the transfer form on the 30 March, but could only post it on the 1st April. At the time of posting I had no idea of the issue closing, so I just used the freepost address they provided.

Having read they were closing this FR, I called them on the 6th April early. Their CS told me that they had not yet received my form. I then sent immediately a fax with a copy of it, hopying they would honour it.

Two days later they sent me a letter saying they were unable to accept my transfer as Issue 9 had closed and sent me back my form (which had been already processed by them, as it had internal reference numbers etc).

This is an unfair treatment to my standards....

According to Royal Mail,, standard freepost, where you write the address yourself gors second class. That would seem right too judging from when I poated my application (15 March - a Monday) and when they said they got it (18 March). So you posting on 1 April the earliest it could have got there (because of Easter) was 6 April. You phoned them early so they might no have even opened yours.

I had hoped to transfer to another Issue 9 as well, but the ISA in question wasn't available until 1 April. I asked on a couple occasions could I still send in the Iss 9 form, even asking on 5 April. There was clearly no way to get it there, as was withdrawn that day and the message on application said (from memory) that applications had to be in by 29 March.

Not to worry I have gone for the Northern Rock 3 yr Stepped ISA instead.

codetown

exel1966 wrote: »

It's also unfair of you to blame M&S for them not receiving your original application in time. It was widely known that the closing date was 5th April for issue 9.
You called after closure, so why should they honour an old rate? The internal numbers could easily have been receiving mail stamps at their end/tracking reference numbers issued before being internally passed to the department dealing with ISA's who would have seen the receipt date and who would have no option but to refuse the application as it had time expired. There has to be a cut off point.
None of it is their fault is it. I would say that you've been unfortunate to miss the boat rather than been treated unfairly.

a) They could have advertised their strict closing date also considering the Easter week-end. Or be a bit more flexible knowing that anyone who posted on the 1st would have been out just due to the easter bank holidays...
Maybe the closing date was widely known to M&S staff... but not certainly to me. When I downloaded the forms and filled them in there was no trace of this deadline on their site!
b) They could have warned applicants starting from end March of potential mail delays. Or they could have provided an alternative full address where applicants could reach with first class post.
c) They should have said clearly they would not have accepted my application on the phone on the 6th. I would not have faxed them a new copy...

I feel a company who is asking your money should treat you with more care!

MarkyMarkD

You can stick a first class stamp on a FREEPOST envelope and it will go first class. You don't need a "full address" to do this - a FREEPOST address is a valid postal address.

Anyway, there is no requirement on any deposit taker to give notice of withdrawal of a product. They can close it at the drop of a hat, and it's hard luck.

exel1966

codetown wrote: »

a)

I feel a company who is asking your money should treat you with more care!

.........just as someone who is obviously concerned with which ISA they want for this year would be more careful and make adequate prior arrangements to ensure that they did not fall foul of any restrictions.

As pointed out By MMD product withdrawls are common place in the banking industry due to over subscriptions.
At least M&S were willing to give potential customers advanced notification of that withdrawl which was advertised here on this forum and freely volunteered by M+S CSA's I spoke to prior to sending my application in. The point was stressed to me on more than one occasion that the application must be in by the 5th.
They have a freefone number for new customers to ask questions, In hindsight maybe you should have picked up the phone.

I can understand your frustration and annoyance, I would be the same in your shoes, but it would be directed at myself and not M+S.

Richchad

Well, checked our Lloyds TSB accounts yesterday and our ISA's were there plus interested added the day before as I expected, checked again this morning and they have both disappeared, so assume they are winging there way to M&S..

I guess there isn't anyway of viewing the M&S FRISA account online as all M&S accounts seem to be by post or telephone only.

Just with some banks you can open a simple online savings account and see other accounts even though you cannot access them online.

Just nice to know that my money is there where I can see it..

So guess I just have to wait until a letter confirms our accounts have been opened, does anyone know if it will show when money starts to receive interest?

gwapenut

codetown wrote: »

a) They could have advertised their strict closing date also considering the Easter week-end. Or be a bit more flexible knowing that anyone who posted on the 1st would have been out just due to the easter bank holidays...
Maybe the closing date was widely known to M&S staff... but not certainly to me. When I downloaded the forms and filled them in there was no trace of this deadline on their site!
b) They could have warned applicants starting from end March of potential mail delays. Or they could have provided an alternative full address where applicants could reach with first class post.
c) They should have said clearly they would not have accepted my application on the phone on the 6th. I would not have faxed them a new copy...

I feel a company who is asking your money should treat you with more care!

Oh dear, another example of the nanny state mentality with people expecting financial institutions to do more looking out for their personal finances than they are prepared to do themselves.

With such a good 4% offer, available since Oct 09, it would surely have been obvious that it was in danger of being withdrawn. For this reason I kept on top of my transfer andchecked and doublechecked before posting my form.

You posted on 1st April, prior to a long Bank Holiday that preceded the beginning of the new tax year. Certainly even if most people don't doublecheck availability before posting an application, it's always worth checking when a new tax year is starting as that is a natural point for a product deadline.

To address your points:
a. They did, on the internet, presumably where you first saw this advertised.
b. That would more be Royal Mail's responsibility. Or common sense.
c. Granted they could have handled that better. But it would be a new situation for them starting that day, no one is infallible and I feel they made less mistakes than you.

You say you filled in the form on the 30th - well either you delayed a very very long time, or the warnings were there when you downlaoded the form.