Closing a Savings Account with Lloyds

juliet_bravo

My partners Mother was recently cold-called by Lloyds TSB who she banks with, and agreed verbally to transfer her money to a higher rate savings account. She's 70 and a little confused and wasn't too sure what she'd agreed to. Anyway - she went into the bank and they told her she's locked into an account and cannot withdraw her money for the next two years! She's not even sure what the account is called, has no account details with it, but we think it is a term deposit account. On the internet it does clearly state that you cannot withdraw your money within the two years unless you basically die! She was saving the money to go to Florida next year with the Grandchildren and had absolutely no idea that the money would be locked away. After pleading in the bank, they have been unsympathetic and told her "tough" and she cannot close the account or have her money.
I do think it's rather unethical to coldcall a 70 year old woman in the first place, but surely there must be some cooling off period with this account for you to be able to change your mind. She has received no written documentation from them, no account details and is absolutely devastated. How can we get this resolved? Is this fair??

pawlala

You're Juliet Bravo surely you can sort this out?

opinions4u

I'm no expert on Distance Selling Regulations, but if she hasn't completed the sale in a branch I thought she should have a 14 day cooling off period.

Ask them how they've complied with the law.

LardyCake

As a first step find out how Lloyds TSB complaints procedure works and follow that through. Also consider writing to the various financial consumer rights columns in the weekend press.

DocProc

"My partners Mother was recently cold-called by Lloyds TSB who she banks with.."

Sorry, but the first problem is: that isn't you is it? However, let's assume that you are now definitely part of this 70 yr old lady's team. And it definitely sounds like she was being taken for a ride, whilst she was 'on her own' and definitely needs some help from someone close in the family like your good self.

I definitely think the best advice I can give you, is that this situation quite definitely calls for the services of a professional. But what sort?

I wouldn't want to suggest you go for the fee charging sort!

I do think this calls for one of the National Newspaper professionals.

The Daily Telegraph do have such a person. She is called Jessica Gorst-Williams and her column is called Jessica Investigates. It's to be found in the Saturday edition of the paper in the Your Money section.

Here's a link: http://www.telegraph.co.uk/finance/personalfinance/consumertips/jessicainvestigates/

You'll have to dig a little bit but the Contact Us details are at the bottom of the page. In the first instance, I would think this involves going through the Telegraph's Customer Service Department and involves an answer to the Question, "Are you a Subscriber or Reader?"

Possibly if your MIL or you aren't or weren't a reader or a subscriber, this might just swing you over to becoming one, eh?

Hope that helps.

juliet_bravo

thanks for the replies so far.... even in my capacity as Juliet Bravo, even I still need assistance sorting this one out. My partner has got his mum to do a letter to say that he is acting on her behalf and can discuss her account, he'll then go into the bank to see the Manager first, failing that, Complaints, failing that, Watchdog! I have said I'd like a copy of the telephone conversation that the cold caller made to his mother, and see how that went. It's a disgrace....