help need money but locked in am desparate

rhosynbach

hi can anyone give us some advice my daughter and her boyfriend are buying a house, he went to get his money out and they said it was locked in until july he did have it locked in for a year and when that finished they said they wrote to him and as he did not get back in touch they locked it in for another year they need the money now or will loose the house can we do anything the bank is lloydstsb it is only £6000

sweetilemon

Just because its locked in doesnt mean you cant use the money it just means you'll probably lose the interest. You may need to give notice so check the ts and cs.

Lokolo

Read the T&Cs of the account.

scottishblondie

He needs to read the T&Cs for the account, and also anything that the bank sent him regarding the account after the initial fixed term. I always assumed that even with a fixed term account he should be able to withdraw the money by incurring some kind of interest penalty, but I could be wrong.

rhosynbach

hi thanks for the help read t and c it is a fixed term account they say under no conditions can you withdraw the money in the year and they will write to you befire the year is up and ask you what you want to do if you do not reply it will stay fixed for another year he never got the letter so could not alter the account so i assume there is nothing we can do

MME_2

I'm guessing by the description that he has a Term Deposit. There are no withdrawals allowed and a letter is sent about a month before maturity.

However, it is physically possible for the TD to be terminated early in extremely exceptional circumstances and this decision is usually referred to the local directors office of where the account is opened. If I was your son I would request an appointment with an advisor/bank manager where it was opened or the nearest branch and explain the situation. If this was a brand new TD and you were requesting funds a few months after it was opened, I would say you have no chance. Just hope you find someone who shows a bit of understanding.

dtsazza

Out of interest, did their situation change recently, or did he not appreciate the terms on the account? I'm curious as to why someone would put their money away in an account where they definitely can't get access to it in the next 12 months, if they're imminently looking at using that money to move house? Or am I missing something?

Voyager2002

dtsazza wrote: »

Out of interest, did their situation change recently, or did he not appreciate the terms on the account? I'm curious as to why someone would put their money away in an account where they definitely can't get access to it in the next 12 months, if they're imminently looking at using that money to move house? Or am I missing something?

He locked the money away for a year. When the year finished, the Bank took it upon themselves to lock it away for another year.

I actually had this experience with ICICI. I wrote several times; referred the matter to a manager; and made it clear that if I could not get the money then a formal complaint (leading eventually to the FOS) would be my next step. After a couple of days they politely emailed to let me have my money. I hope that this story will come to a similarly happy ending.

ironlady2022

Some banks give you a window of opportunity to act and automatically roll it over for you if yu do not act. Are you sure he didn't get the month's notice before? Does he have other products with the same bank? If so has he been receiving his statements ok? Has he moved house recently in the last 1-2 yars and 'forgot' to inform them? Banks are pretty good in sending out documentation, you could speak with a Bank manager but at the end of the day it's not his decision to make.

Fiddlestick

Voyager2002 wrote: »

He locked the money away for a year. When the year finished, the Bank took it upon themselves to lock it away for another year.

No they didn't - they said yourself that they wrote to him advising that unless he told them otherwise, they would roll it over into another account.

They bank didn't take it upon themselves to do anything - they just acted on the lack of further instructions from the depositor.