Maturing Halifax ISA problems

grump

I have a fixed rate ISA maturing with the Halifax shortly. I have decided not to re-invest and to cash it in as the tax relief is no longer of use to me. First of all the maturity date on my Investment certificate is a Saturday and according to their records the maturity date is 4 days later. Secondly I cannot arrange for the maturing proceeds to be transferred to another bank of building society account. If I want the funds as a cheque this can take 10 days to come through the post. All they can offer me is that the funds will transfer to a low paying Instant Acess ISA account and then I can go in and withdraw my funds at a branch. I just want the funds transferred to my bank account elsewhere.
Compare this with my husband at the Furness in a similar situation and they have taken his instructions and will CHAPS the money to his current account at no extra charge on the date of maturity!

opinions4u

grump wrote: »

I have a fixed rate ISA maturing with the Halifax shortly. I have decided not to re-invest and to cash it in as the tax relief is no longer of use to me.

Make sure that will also be the case in the future before you give up your allowance forever.

First of all the maturity date on my Investment certificate is a Saturday and according to their records the maturity date is 4 days later.

Bank holiday weekend then?

Secondly I cannot arrange for the maturing proceeds to be transferred to another bank of building society account. If I want the funds as a cheque this can take 10 days to come through the post.

Not unusual for a bank or building society to work this way.

All they can offer me is that the funds will transfer to a low paying Instant Acess ISA account and then I can go in and withdraw my funds at a branch. I just want the funds transferred to my bank account elsewhere.

You could open an Online Saver account or a Halifax Current Account. This would then give you the option of transferring the proceeds in to the new account and then sending a Faster Payment transaction elsewhere if preferred. Set things up now to ensure everything works ahead of early April.

Compare this with my husband at the Furness in a similar situation and they have taken his instructions and will CHAPS the money to his current account at no extra charge on the date of maturity!

Given their lack of branches, I'm not surprised.

grump

1. I do not care about losing the allowance as at my age the little gain I am getting with the current low interest rates and so called tax free benefits are not worth the hassle.

2. It is not a bank holiday weekend.

3. Yes the Furness is a small company but I have dealt with other banks/building society on closing account on fixedx term deposits and have had no difficulty transferring money to another bank account.

4. Some of them have sent the cheque so that it arrives on the actual maturity date so the 10 day is obviously a ruse by some institutions to keep hold of your money longer.

5. There is nothing in the paperwork/terms and conditions of the Halifax that say when taking out this account that on maturity it cannot be transferred to another bank.

6. I do not do online banking nor do I want to open another bank account. I already have 4 bank accounts and at least 20 savings accounts with many institutions.

poisonheart666

quickest option the is to allow it to become the variable rate account and then go into branch the next day ask them to close it and issue you with the cheque, halifax has no influence on the post so they have to say 10 days as a maximum time frame