Stop! Isa thieves campaign

JamesU

john_s wrote: »

But in the meantime we all operate in the environment we're in. And you can't blame the banks for exploiting any opportunities they see. As others have pointed out, that's their business!

Exactly.

Do not let the banks control your money when you should be controlling your money.

When providers have restrictions or a customer service considered unsatisfactory, don't use them.

Until more people stop the providers playing these games by voting with their feet, they will continue to do it.

You are not forced to take out or keep sub-optimal products. It is your money and your choice.

Keep an eye on the more vunerable victims and help them out when possible.

Constructive action rather than worrying and moaning will prevent the need for counselling.


JamesU:)

bagsacash

Constructive action rather than worrying and moaning will prevent the need for counselling.

Constructive action:
1.) Complain to your bank about the poor rates and poor T&C for if you don't they will think all is fine.

2.)In the mean time put your cash in the best account available and complain to that bank about poor rates or T&C for if you don't they will think all is fine.

3.)Don't roll over and accept any nonsense the bank offer you, dump them like customers dumped northern rock during the credit crunch, if enough people did that all at once you would see the bank change their attitude towards its customers.

4.)Tell as many people as possible about the poor treatment you receive from banks - speading the word about banks poor customer service is a must.

5.) Complain about the banks and just for good measure complain about them some more to make doubely sure they heard your complaint

6.)Don't let other people put you off from complaining about the banks - such people may have a vested interest in the banking industry. They could work for or hold shares in the bank.

john_s_2

bagsacash wrote: »

And you cannot blame the customer for wanting the best return on his/her hard earned cash - we are not a charity to the banking business!

Absolutely! So keep your eyes on the rates and move your cash when you think it's in your interests to do so. Like I said earlier, simples!

bagsacash

Absolutely! So keep your eyes on the rates and move your cash when you think it's in your interests to do so. Like I said earlier, simples!

Easier said than done when it can take up to or longer than four weeks with lose of interest. The field is lopsided too much in favour of the banks.

JamesU

bagsacash wrote: »

Constructive action rather than worrying and moaning will prevent the need for counselling.

Constructive action:
1.) Complain to your bank about the poor rates and poor T&C for if you don't they will think all is fine.

2.)In the mean time put your cash in the best account available and complain to that bank about poor rates or T&C for if you don't they will think all is fine.

3.)Don't roll over and accept any nonsense the bank offer you, dump them like customers dumped northern rock during the credit crunch, if enough people did that all at once you would see the bank change their attitude towards its customers.

4.)Tell as many people as possible about the poor treatment you receive from banks - speading the word about banks poor customer service is a must.

5.) Complain about the banks and just for good measure complain about them some more to make doubely sure they heard your complaint

6.)Don't let other people put you off from complaining about the banks - such people may have a vested interest in the banking industry. They could work for or hold shares in the bank.

When are you planning your first complaints campaign? Which provider in the first instance? Will it be televised?

JamesU:)

john_s_2

bagsacash wrote: »

Easier said than done when it can take up to or longer than four weeks with lose of interest.

You're going round in circles. I said in my earlier post that you have to make a judgement as to whether it's worth moving, taking into account any period where you receive no interest.

EDIT: To clarify - we don't have to have ISAs. If you think they're not worth the hassle, then don't use them! Another criticism that's been levelled at the banks lately (which I'm not sure if you've mentioned) is that they have reduced the interest rates on ISAs so that the customer ends up receiving about the same amount of interest as they would after tax in a normal deposit account. Cash ISAs are becoming fairly uninviting, it's true. But no one is forcing you to use them. To be absolutely clear, banks aren't obliged to offer top savings rates (however that could be defined). If you can't find a savings account that you think is worth your while then that's just too bad I'm afraid.

bagsacash

You're going round in circles. I said in my earlier post that you have to make a judgement as to whether it's worth moving, taking into account any period where you receive no interest.

You lose interest on your savings having the money just sitting in a account that pays less interest than another while waiting for the transfer, thats not including the lose while the money is actually between accounts. So even if you are the brightiest spark in the box you will lose money because there is a considerable time between transfer.

And the more you have in savings the more considerable the loss.

EDIT: To clarify - we don't have to have ISAs. If you think they're not worth the hassle, then don't use them!

Why the hassle, why don't the banks pay their way like the rest of us, instead of fleacing customers?

fairtrade

You lose interest on your savings having the money just sitting in a account that pays less interest than another while waiting for the transfer, thats not including the lose while the money is actually between accounts.

It all depends which provider you have chosen, when I transferred my ISA accounts the original providers paid interest up until the transfer request date and the new providers paid interest from the date the funds cleared - a matter of 3 working days. I do not believe the loss of three days interest on my savings, at the reduced rate the investments were paying, is worth my while pursuing. I am certainly not going to get involved in a campaign where the loss would be less than the cost of a newspaper.

john_s_2

bagsacash wrote: »

You lose interest on your savings having the money just sitting in a account that pays less interest than another while waiting for the transfer, thats not including the lose while the money is actually between accounts. So even if you are the brightiest spark in the box you will lose money because there is a considerable time between transfer.

As someone has already pointed out, some providers offer to pay interest from the date the money leaves your old ISA, even though they've not received it yet. However, you will doubtless point out that these providers may not pay as much interest as other providers who do not offer this. Again, this is something for you to consider: which is worth more to you?

You can't force all providers to offer exactly the same service. You could try, but the whole thing would soon be crushed by its own weight in red-tape and bureaucracy.

bagsacash wrote: »

Why the hassle?

As I said earlier, it's a price we have to pay for this tax-free account. Nothing comes without a price.

cloud_dog

Ok, I tried to ignore it but failed miserable (I will go stand in a corner after this).

bagsacash wrote: »

You're going round in circles.

(S)He cetainly is.

bagsacash wrote: »

You lose interest on your savings having the money just sitting in a account that pays less interest than another while waiting for the transfer, thats not including the lose while the money is actually between accounts. So even if you are the brightiest spark in the box you will lose money because there is a considerable time between transfer.

NO, no, no, no, no, no.

You merely have to take responjsibility for your own actions and initiate the transfer before the end of the fixed term with a specified transfer date, i.e. transfer not to occur until after dd/mm/yy. This way it is all pre-processed and ready to go and will be transferred in a few days, often with interest back dated (as sooooo many have mentioned). This is my experience. I accept that I am not everyone and that it may not always be the case but we can only go on experiences.

The point is that if you cannot be bothered to look after your financial affairs why do you expect somone else/a business to do it for you?

The sooner people take responsibility and stop looking for someone else to blame the better it will be for everyone.

(I will now go stand in the corner)