Post Office Travel Card

geejaybee

Not sure this is the correct place to post about this...
Anyway I have a PO travel money card with a balance of 613Euros.
3 weeks ago PO arbitrarily closed all PO card accounts due to the imminient launch of a new card.
As I am travelling in 2 weeks to Lanzarote I rang to see when I could expect my refund and check how much I would get.
Not only do I have to wait up to 8 weeks to get my money back but they have applied an exchange rate of 1.23E meaing my Euros are worth only £499. This is a scandal as they have forced the point of closure and chosen the rate of exchange at a time when I would otherwise have left my money on the card and not had this deficit of funds. Why should I lose 10% of my money when THEY decided to close the card?
Anybody know if there is anything I can do about it?

combwork

Yes, the !!!!!!!s seem deliberately to be giving out conflicting information. My daughter's in Thailand for a year (went 6 months ago) working as a volunteer with Project Trust. She tried to get money out and the account was blocked. The Post Office told us exactly what they told you (complete with rip-off exchange rate) but when Project Trust contacted them, they were told that the cards could still be used for withdrawals abroad. I've just 'phoned them again, spoke to a supervisor and been told that Project Trust had been "misinformed", and that all accounts had been closed. Did you get a warning letter telling you in advance that the accounts were being closed? The post office claim that letters were sent out to all holders of Travel Money cards, but we did not get one.

The insane thing is that although they say a replacement card system is to be brought in, they will not transfer funds from the old cards to the new system. What the hell good is that to a backpacker in Thailand or anywhere else?

The post office don't have any right to hold onto other peoples money, but this doesn't seem to be stopping them. Legal action by an individual might be difficult, but what if everyone affected acted together? I've no idea how to organise anything like this but I can't think of a better forum to post on about this.

geejaybee

combwork wrote: »

Yes, the !!!!!!!s seem deliberately to be giving out conflicting information. My daughter's in Thailand for a year (went 6 months ago) working as a volunteer with Project Trust. She tried to get money out and the account was blocked. The Post Office told us exactly what they told you (complete with rip-off exchange rate) but when Project Trust contacted them, they were told that the cards could still be used for withdrawals abroad. I've just 'phoned them again, spoke to a supervisor and been told that Project Trust had been "misinformed", and that all accounts had been closed. Did you get a warning letter telling you in advance that the accounts were being closed? The post office claim that letters were sent out to all holders of Travel Money cards, but we did not get one.

The insane thing is that although they say a replacement card system is to be brought in, they will not transfer funds from the old cards to the new system. What the hell good is that to a backpacker in Thailand or anywhere else?

The post office don't have any right to hold onto other peoples money, but this doesn't seem to be stopping them. Legal action by an individual might be difficult, but what if everyone affected acted together? I've no idea how to organise anything like this but I can't think of a better forum to post on about this.

Hi,

I did get a letter informing me but as I was not due to travel before the closing date I had no opportunity to withdraw my money in Euros and get full value. They also said that "favorable" exchange rates would be used. Now we know they meant favourable to them.

scimoon

I have just got off the phone, reguarding the TMC, like some other people i didn't receive a letter informing me of the card closing in fact i renewed my card last Nov and wasn't told anything. I loaded up with sterling which incurred a commision fee, so ive lost that and i won't get my money back for 8 weeks. Can they do this??????/

karen24_2

I expect it will be in the terms and conditions book you received when taking out the card. These cards will be subject to FSA rules so they will have been very careful not to break any rules.

adam2484

they have just updated the buyback rate for the travel money card
the rate is going to be 1.11ish. i might make money :T

geejaybee

adam2484 wrote: »

they have just updated the buyback rate for the travel money card
the rate is going to be 1.11ish. i might make money :T

After I complained they wrote to me a couple of days ago and sent a cheque for an amount with an improved rate of 1.13.

lookingforideas

Got the letter dated the 6th December so they have sent some letters out and quote clause ten of the Terms and Conditions as the justification. Closure date was the 14th February and it says that they will write with a refund within 8 weeks if you have a balance of more than £2.50. If £2.50 or less you have to contact them to arrange repayment.

They say that they will be using the exchange rate at the 14th Feb and that this will be a preferential exchange rate.

Still waiting for my refund which based on the letter should be issued by 11th April - anyone else got their refund yet ? Had hoped it would be issued somewhat sooner.

Sally22_2

Refunds will be issued via a barcoded letter that you take into the Post Office, Thats what I have been told anyway (I work for a Post Office)

You are likely to be asked if you want to open a new Travel Card. I have to say the new ones looks a lot better, chip and pin, mastercard etc.

rosebud_12

geejaybee wrote: »

Hi,

I did get a letter informing me but as I was not due to travel before the closing date I had no opportunity to withdraw my money in Euros and get full value. They also said that "favorable" exchange rates would be used. Now we know they meant favourable to them.

hi just been ripped of to the tune of 500 yes 500eur had 3235.61eur the money they sent me will get me 2700eur my rate was 1.2900

BusPass_2

I had a sterling card which previously meant I did not have to pay Ryanair card fees.

I got a letter from PO to tell me account was being closed on Feb 14th.

I got a barcoded letter last week which I took to my local PO on Saturday and received the princely sum of £7.70 converted at an exchange rate of 1.00. At least I got par.

I was encouraged to be put on to a 'waiting list' for advice about the new card but I politely declined.