Halifax ISA Saver

newmy21

My elderly Mother in law was upset to note that the interest received on her nest egg savings left by her husband when he passed away had accrued £33 interest in the last year instead of £597 in the previous year. My Mother in Law who is in her eighties, did not receive notification that Halifax had practically free use of her money. The rate had plummeted to 0.13%. Now I realise that Halifax do not have to tell people (at least I assume so), but not everyone is financially savvy. This is a poor way to treat the elderly. Not only are they money grabbers, but also one of those banks that we tax payers actually dug out of the manure as well. The Halifax Customer Service Rep looked very embarrassed today and so she should.
Thanks Halifax. The money will be transferred to another provider.

newmy21

Another thought - is this TCF compliant?

Lokolo

......

Please tell me, what are you asking?

Transferring to another provider won't help.... all banks do it.

They treat the ignorant badly. Who wouldn't.

McKneff

People have to be respoinsible for their own finances. The banks cant ring or contact everybody and inform them of the rates.
It would just be impossible.

Even if she is not savvy, she can ask, cant she.

opinions4u

newmy21 wrote: »

My elderly Mother in law was upset to note that the interest received on her nest egg savings left by her husband when he passed away had accrued £33 interest in the last year instead of £597 in the previous year. My Mother in Law who is in her eighties, did not receive notification that Halifax had practically free use of her money.

Come off it. Does a year's worth of news bulletins about "recession" and "record low interest rates" not count?

Additionally, Halifax write to all their ISA customers (and many other savers too) in May each year confirming what interest rates they have paid for the previous 12 months.

While the letter and inserted leaflet may not have been read, they will have been sent.

The rate had plummeted to 0.13%. Now I realise that Halifax do not have to tell people (at least I assume so)

Well actually they do. Advertising in 3 newspapers. Rate leaflets in branches. Web site.

but not everyone is financially savvy. This is a poor way to treat the elderly. Not only are they money grabbers, but also one of those banks that we tax payers actually dug out of the manure as well.

Come on, what else should they have done? Send Help The Aged round with a letter?

It's interesting that you are aware of the news about them requiring a taxpayer bailout. The very same news stories told us about plummeting interest rates. Did it not cross YOUR mind to help your mother-in-law manage her finances during a time of severe downward pressure on interest rates?

The Halifax Customer Service Rep looked very embarrassed today and so she should

And so should members of the family of an elderly lady who isn't financially savvy. Fancy not looking after her yourself.

dunstonh

This is a poor way to treat the elderly.

Age is irrelevant unless it starts to impact on ability to understand. In those cases, you have family members or someone with power of attorney to help out.

Personally, I would blame the family for not taking an interest if the mother in law is not able to herself. Halifax are not able to mind reads.

There is plenty of things to have a go at the banks about but there is no wrong doing here.

The Halifax Customer Service Rep looked very embarrassed today

Probably not for herself.

Another thought - is this TCF compliant?

The ability to know things about a person magically is not yet something that falls under the TCF remit.

newmy21

Banks have detailed information about their customers. Mine can probably tell just about everything about my lifestyle. And funny enough they also have some fairly basic information - like my age. So identifying potentially vulnerable people is not that difficult. I am not naive enough to expect a money making organisation to operate with some degree of social responsibility, but it does disapoint me that they do not.
I think most people would, at the current time, classify banks as a 'necessary evil'. They probably rank lower than Estate agents.
My Mother in Law does not buy a paper, does not own, let alone is able to use the internet, and only visits the branch on a few occasions each year. And by the way, she is rather private and only mentioned this to her Daughter when the annual interest was added several months after the rate change. So exactly when was she notified again? A little more customer care would not go amiss.

opinions4u

So exactly when was she notified again?

In writing. May 2009. It will have shown all her interest rates for the previous 12 months. She will have had a similar mailing in May 2010.

newmy21 wrote: »

Banks have detailed information about their customers. Mine can probably tell just about everything about my lifestyle. And funny enough they also have some fairly basic information - like my age. So identifying potentially vulnerable people is not that difficult.

The information held for a savings only customer within Halifax will go little further than name, address and date of birth. Just because somebody is over 60 doesn't make them incapable of looking after their affairs and I'm still not quite sure what you expected the bank to do.

A little more customer care would not go amiss.

They wrote to her. They highlight rates in the branches. Cashiers will often suggest that customers "review their savings". It may well be a sales pitch, but typically your MIL would have ended up with a lot more ISA interest as a result of switching to a different kind of ISA.

You go on about the bank and social responasibility. Surely social responsibility starts with the family. In this case, the family saw Bank of England rates drop from 5.5% to 0.5% in about 6 months. And are then surprised that MIL has a 90% reduction in savings interest.

dunstonh

Banks have detailed information about their customers. Mine can probably tell just about everything about my lifestyle. And funny enough they also have some fairly basic information - like my age. So identifying potentially vulnerable people is not that difficult.

Banks only hold detailed information if you have given it to them. Accounts opened a long time ago will hold virtually no data beyond the minimum hard facts to get the account opened. If she has never gone in for a review with the bank they will hold virtually nothing on her.

My Mother in Law does not buy a paper, does not own, let alone is able to use the internet, and only visits the branch on a few occasions each year.

None of which is the fault of the Halifax. It is her personal choice not to keep up with the news and current affairs. How can Halifax help someone who doesnt ask to be helped?

A little more customer care would not go amiss.

As would a bit of family help too. The family is a in a far better position to know what is going on.

You are being unrealistic in your expectations of what a bank can and cant do.

sheslookinhot

A sign of the times perhaps where many people take no personal responsibility and expect to be looked after by all and anyone. (I'm not talking about the MiL)

Joe_Bloggs

If you expect to be screwed by financial institutions then you will never be disappointed and occasionally surprised.

It is no coincidence that interest rates have been removed from all statements. I have just had a fixed rate ISA statement from the Halifax. It does not mention the interest rate anywhere.

Consumers will be fooled or mislead expecting the advertised headline rates that come with a bonus. Alas the bonus was temporary and after time the rate is becomes derisory. You can shuffle your funds to the new rate with just a phone call but the bank will not tell you this.

J_B.