I transferred an ISA and demanded no gaps in interest - I won!

dunstonh

I find the term 'blackmailing' to be inappropriate and slanderous. I am asking you to stop.

Jem has saved me the trouble of posting the definition of blackmail which describes exactly what you did. However, its not personal. Its just a forum post and whilst I disagree with you on this thread, I will not hold it against you on any other thread. If we disagree, we disagree. End of story.

It may well come about that you have to pay a fee upfront to get the FOS to look at your complaint thus putting off many who can't afford this fee in the first place.

Something the Conservatives were considering as an option before they got into power. I think that is a bad move personally. However, you just have to see how the banks are now starting to put their feet down to the abuses and going against the FSA by refusing to deal with PPI complaints until the judicial review is completed.

Consumerist

OK guys. I accept that I have over-reacted.

I also accept that dunstonh has indeed made useful contributions to the site. Apologies to you. I trust honour is satisfied.

But why oh why do you always seem to defend banking practices as honest and fair on the grounds that all banking customers should be lawyers who have read and understood every word of complex terms & conditions, often split up among several documents, most of which are undated.

The simple concept of paying interest for as long as savings are held by a bank, is something the banks just don't want to understand. It is disappointing that you don't seem to want to understand it either.

jem16

Consumerist wrote: »

The simple concept of paying interest for as long as savings are held by a bank, is something the banks just don't want to understand. It is disappointing that you don't seem to want to understand it either.

Isn't it a case though that in the case of ISA transfers where the money is still transferred in the old-fashioned way by cheque that once it leaves the first ISA provider there is a period where it belongs to neither the 1st provider nor the 2nd provider but is in transit with the Royal Mail?

Maybe the Royal Mail should pay interest? Or better still ISA transfers should get into the 21st century and be electronic.

dunstonh

But why oh why do you always seem to defend banking practices as honest and fair on the grounds that all banking customers should be lawyers who have read and understood every word of complex terms & conditions, often split up among several documents, most of which are undated.

I have frequently told people to complain when a complaint is required. Indeed, just a few minutes ago I told someone with a bank sold investment that their product was low quality, expensive, obsolete and possibly a mis-sale. I put in more complaints about bank sold products than any other distribution (actually the building societies or ex building societies tend to be the worst).

However, I do not buy into this media driven anti bank stance that EVERYTHING they do is bad. Where they do wrong, lets attack them for it. Where there is no wrong doing then then why attack them in that area?

The simple concept of paying interest for as long as savings are held by a bank, is something the banks just don't want to understand. It is disappointing that you don't seem to want to understand it either.

The other way of looking at it is why should the receiving bank pay interest when they dont have the money? The sending bank has either issued a cheque or its in the clearing cycle.

The old system was disgraceful with 30-90 days on transfers and no interest paid for long periods. However, 2 working days does generally sound reasonable as it reflects the clearing cycle. If you get zero days then great but is 2 days really an issue?

Newly_retired

Just transferred my ISA from Lloyds TSB to Halifax with NO loss of interest.

Consumerist

jem16 wrote: »

Isn't it a case though that in the case of ISA transfers where the money is still transferred in the old-fashioned way by cheque that once it leaves the first ISA provider there is a period where it belongs to neither the 1st provider nor the 2nd provider but is in transit with the Royal Mail?

According to ISA guidance (from HMRC, I think) the ISA managers should agree a transfer date. If a date is agreed then there is a crystal-clear point at which the payment of interest ends and begins for each manager.

Consumerist

If I tell a thief that, if he steals from me, I will go to the police, am I blackmailing the thief ?

Consumerist

Newly_retired wrote: »

Just transferred my ISA from Lloyds TSB to Halifax with NO loss of interest.

Yes, Halifax have a brilliant strategy for transferring into their ISA Direct Reward - interest from the date they receive your transfer authority. They have probably knocked 0.1% interest from the rate they would otherwise have paid but gained an immeasurable amount of positive PR. If only other banks would think similarly.

dunstonh

Consumerist wrote: »

If I tell a thief that, if he steals from me, I will go to the police, am I blackmailing the thief ?

A law is being broken there. So, its not the same. However, if you tell an honest person you will go to the police and accuse them of theft then that is a closer match.

jem16

Consumerist wrote: »

If I tell a thief that, if he steals from me, I will go to the police, am I blackmailing the thief ?

No because you are reporting a crime.

However if you demand money from the thief to stop you from going to the police to report the crime then yes you are blackmailing the thief.