Halifax Regular Saver has been closed

HelsBelz_2

Hi,

I set up a Halifax regular saver in August 2009, and since then have had a standing order paying into it monthly. Yesterday I recieved a letter from the Halifax, saying that due to missing a payment the previous month, my account has automatically been closed. I also received a copy of my statment, which showed no sign of a missing payment - a payment has gone through every month (apart from Feb, as the account was closed the day the payment was due out).

Obviously I'm pretty annoyed about this, especially as I have not missed a payment and the account looks to have been closed in error.

Has this happened to anyone else? What are my chances of getting the account reopened at the rate I originally signed up to?


Thanks,
Helen

anselld

Yes, I just got a letter too. However mine was my own stupid fault!

If you can show there has been a mistake and you have not breached the terms then they should reinstate the account.

I assume if this has just happened it is the Jan payment that they claim is missing. Do you definately have a Jan credit shown?

HelsBelz_2

Yes there is a credit on Jan 6th 2010 of £400 which is shown on my statement. I tried calling them on saturday when I received the letter, but of course the department wasn't open at the weekend, i'm going to try calling them first thing tomorrow.

curlygirl1971

Hi

I've got one of those also (a Regular Saver). I seem to remember reading in the T&C's that payments for the month had to be recieved by the 28th each month. So was there one month that you made your monthly payment during 29th - 31st? If so then that's a possible explanation. But query it with them

Gymgenius

If it's not your fault, then absolutely you should be able to get it reinstated. Get onto them!

HelsBelz_2

Well I called them today, and after half an hour on the phone, did not get the account re-opened. It was due to Septembers payment going through on the 29th, so the "Minimum payments must reach the Regular Saver account on or before the 28th of each month" applied. Why they waited until Feb, and 4 more months payments of £500 to tell me, I don't know. I also do not understand why the letter said it was closed due to a missing payment last month (i.e. Jan - which was paid).

Looks like i'll be having a look around this site to find a better way to invest it.

Thanks for the help.

sabretoothtigger

So what rate of interest did you get in the end

HelsBelz_2

I received 0.1%, which is the rate of the web saver (about 30p after tax), rather than the 5% I signed up for.

DrScotsman

HelsBelz wrote: »

Well I called them today, and after half an hour on the phone, did not get the account re-opened. It was due to Septembers payment going through on the 29th, so the "Minimum payments must reach the Regular Saver account on or before the 28th of each month" applied. Why they waited until Feb, and 4 more months payments of £500 to tell me, I don't know. I also do not understand why the letter said it was closed due to a missing payment last month (i.e. Jan - which was paid).

I'd raise a formal complaint. You technically made a mistake, but I think it's not on how they waited all of those months to tell you. Had they closed the account in October like they should have then you'd have got a lot more interest elsewhere.

The most you stand to lose is some time and the cost of some recorded delivery letters.

MoneySavingNovice

I agree with DrScotsman, but I would ring their Customer Complaints Department first:-

Tel: 01422 326460

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

I also think that you have grounds for a complaint to the Financial Ombudsman if they don't back-down (at least on the interest paid) as they did not do this in a timely fashion.

Good Luck (and don't give up yet!)

ffacoffipawb

HelsBelz wrote: »

I received 0.1%, which is the rate of the web saver (about 30p after tax), rather than the 5% I signed up for.

A bit rich of this bank to treat a saver in this way after the way it has mismanaged its own funds over the last 2 years and almost brought Lloyds TSB to its knees and had to be bailed out by the taxpayer.

HBOS. Avoid (*)

(*) Apart from the 3 x £5 monthly freebies. Muppets.