Barclays refuse instant access to savings

dawny10

I've just had a similar problem trying to get hold of my matured monthly savings. Transfered to my e-savings reward account which supposedly allows you to manage your money online. Try to set up a payment to my LloydsTSB account and am told I need a card reader to do this. Small problem, I don't have a card for the account. Ring them up, after speaking to three different people finally get told that I can't get a card for this account. Basically it is impossible to transfer money from this account outside of Barclays - something it doesn't make clear in all the account info. Helpfully, they told me that they could order me a card for the moreformore savings account that the monthly saver has turned into, I could then go to an ATM and withdraw up to £300 a day and get hold of my money that way.
Thanks Barclays!

Looks like I will have to make a trip to a branch, and wander around with over 3 grand in cash until I can pay it into my bank.

Nick_C

When I went to the branch - and they refused to give me £3100 in cash - they were able to do an immediate payment to my Halifax current account. My suggestion, not theirs, but stand your ground - it can be done. (The person I spoke to on the phone had suggested paying for a CHAPS payment, and trying to claim the cost back through the complaints process!!!)

iblametheparents

If you'd left the payment to leave on the 31st then it may have gone through Faster Payments (if Halifax are receiving amounts that high).

iblametheparents

Nick_C wrote: »

When I went to the branch - and they refused to give me £3100 in cash - they were able to do an immediate payment to my Halifax current account. My suggestion, not theirs, but stand your ground - it can be done. (The person I spoke to on the phone had suggested paying for a CHAPS payment, and trying to claim the cost back through the complaints process!!!)

Generally you can only take out £800 unless you give the branch 24 hours notice. Did it go through Faster Payments in the end then anyway?!

iblametheparents

oimiass wrote: »

Same thing happened to me as well! Tried moving money (this time from my current account) to another non-Barclays account. Online transfer deferred to the 31st. Tried telephone banking, no way. They suspended my telephone banking privileges. :rolleyes:

So I went to the Canary Wharf branch (on the advice of a telephone banking rep), ID and all in hand, but after keeping me waiting for 1 hour (I kid you not) I was told they did not have money available to pay me -- 'it's the holidays, sir' -- and that I'd have to return tomorrow. :mad: I nearly burst an aneurysm!!! I must've screamed so loud they used Bacs to process my transfer -- and waived the fee.

There is no fee for a BACS transfer.

dunstonh

I'm raging mad that Barclays refuse to allow me to draw my own money from an instant access account.

Where does it state that it is instant access? I dont believe Barclays would market it as such as banks were told to stop using that phrase some years back unless it was truly instant access.

Barclays are more of a pain than other banks. When I get investors wanting to make debit card purchases for investments, you tend to find Barclays will refuse them over £2000. They do seem to have low floor limits for higher security checks. Other banks are fine.

juicyjude

If you go to Barclays website and search under instant access accounts the more 4 more is listed.:rolleyes:

dunstonh

juicyjude wrote: »

If you go to Barclays website and search under instant access accounts the more 4 more is listed.:rolleyes:

In which case Barclays should provide instant access that means instant access. There was some BBA "guidence" on this some years back and the banks stopped using instant on accounts where instant access was not possible. Direct access tended to be used instead or other variations of the word.

Nick_C

dunstonh wrote: »

Where does it state that it is instant access? I dont believe Barclays would market it as such as banks were told to stop using that phrase some years back unless it was truly instant access.

The money was initially in a regular saver which matured to "more for more savings". I transferred it to "E-Savings Reward" to get it out of Barclays using on line banking, then back to "more for more" to get it out in cash at the branch.

Barclays describe E-Savings Reward as "It lets you access your money whenever you like".

They also say

"How much can I withdraw?
Normal Online Banking maximum payment limits and payment times apply. For transfers between your own Barclays accounts, the limit is £250,000 per transaction although you can make as many transfers as you want, provided you have sufficient funds. For payments to third parties , including your own accounts at other banks, the overall daily limit is £10,000."

Barclays use the term "Instant Access" for their "more for more savings" account.

I still think the refusal to allow me to make an instant withdrawal from the Internet account is a breach of the T&Cs, and there is nothing on their web site saying they reserve the right to delay payments.

The advice from Barclays was appalling. They told me on the phone that I could withdraw £3,100 in cash from the branch. They suggested I pay for a CHAPS payment. They suggested I could withdraw in the branch on an E-Savings account, which is specifically an on-line account. I didn't even try that.

I will be pursuing this with the Banking Ombudsman, and will post their views in due course. In the meantime, I have persuaded my OH to move their savings out of Barclays, and I will be moving my mothers capital (I'm her deputy) as and when her accounts mature.

Nick_C

dunstonh wrote: »

In which case Barclays should provide instant access that means instant access. There was some FSA "guidence" on this some years back and the banks stopped using instant on accounts where instant access was not possible. Direct access tended to be used instead or other variations of the word.

Do you know if that is available on line anywhere? Would be useful to quote in my complaint to the Banking Ombudsman!