iii introducing quarterly £20 charge

OneADay

Muppets have taken £20 from my account on 2nd Oct unauthorized having closed the iii account in June.

Phoned and told technical problem - already cost me money with selling shares early to close account. Now told £20 will be refunded and bank can't do much.

premierfella

These closed accounts being discussed - are they ones that were definitely closed (i.e. did you all check that your log-in details were no longer active on the iii trading site?)

I only raise the point to clarify because, as I understand it, for closures after transfers, what iii were doing was sending messages back in June/July that transfers would be processed and accounts closed, but after the transfers accounts stayed active until you sent further messages confirming the account closure.

I think the reason they were doing that was to allow people to download all their documents (as once the accounts closed you are no longer able to download statements, etc). They really should have clarified that in the messages they were sending out back in June though, which would have avoided this October charges issue (or alternatively simply permanently switched off the charges on "transferring" accounts and just made them inactive pending full closure).

Obviously if they are charging fees on accounts that were fully closed iii have absolutely no leg to stand on and you should take them to the cleaners for your bank charges (if your bank doesn't refund overdrawn or other fees)

RalphS

After closing our accounts, I chased for our dividend statements repeatedly. Eventually they posted them to me. They were full of serious errors. A few wrongly designated as foreign. A few showing as 0.00 tax paid. I phoned & complained to which they have never responded.....

Not fit for purpose....

OneADay

premierfella wrote: »

These closed accounts being discussed - are they ones that were definitely closed (i.e. did you all check that your log-in details were no longer active on the iii trading site?)

I did all that and confirmed by phone in June/July they had been closed.

Still they get this so called technical issue - I call it theft.

chazza

premierfella wrote: »

These closed accounts being discussed - are they ones that were definitely closed (i.e. did you all check that your log-in details were no longer active on the iii trading site?)

I only raise the point to clarify because, as I understand it, for closures after transfers, what iii were doing was sending messages back in June/July that transfers would be processed and accounts closed, but after the transfers accounts stayed active until you sent further messages confirming the account closure.

I think the reason they were doing that was to allow people to download all their documents (as once the accounts closed you are no longer able to download statements, etc). They really should have clarified that in the messages they were sending out back in June though, which would have avoided this October charges issue (or alternatively simply permanently switched off the charges on "transferring" accounts and just made them inactive pending full closure).

Obviously if they are charging fees on accounts that were fully closed iii have absolutely no leg to stand on and you should take them to the cleaners for your bank charges (if your bank doesn't refund overdrawn or other fees)

After checking, I actually found I closed my account last November when they transferred their platform inhouse. I hated the new system and contacted them to transfer my money out and close the account. Yet the account was still open and only got wind of a charge in my bank statement this month.

It looks like iii are a cowboy outfit judging by the amount of people on here that have requested account closures and yet still get charged for a service they don't want.

gooders1971

drewstew wrote: »

I am fuming! I checked my account yesterday and saw an unexplained withdrawal of £20 against my debit card. Yes, III. I have an ISA I started with them in 2010 for savings I had no immediate need for. I'm pretty confident I have not actually accessed the trading account since, as I keep track of the shares' value elsewhere. I emailed III asking for an explanation of the money taken from my account and received an offhand reply advising me the information was "posted in customer accounts..." and a link to the new charging structure. I followed this up asking them to define "posted in customer accounts" and they say they emailed every customer. I did not receive any email from them. I have raised a complaint with them and advised them I will take this through the Financial Ombudsman and Small Claims Court if necessary. Interested to hear from any others how their complaint is dealt with.

I've just been charged my first £20 which I'm not happy about!! I definitely did NOT receive any e-mail from III advising that this was going to be introduced - they say it was sent and I say I didn't receive it!! I've complained and await outcome - has anyone else NOT received e-mail from them and what was the outcome. Note: it didn't end up in spam or trash I'm adamant that I did not receive e-mail from them!

chazza

gooders1971 wrote: »

I've just been charged my first £20 which I'm not happy about!! I definitely did NOT receive any e-mail from III advising that this was going to be introduced - they say it was sent and I say I didn't receive it!! I've complained and await outcome - has anyone else NOT received e-mail from them and what was the outcome. Note: it didn't end up in spam or trash I'm adamant that I did not receive e-mail from them!

being a IT geek. I doubt iii can confirm delivery of the email. Therefore lodge a formal compliant with them, then take it to the fsa, in the mean time file a chargeback with your bank to your money back.

lisyloo

I call it theft.

I understand how you feel as I am in the same boat, but technically theft is the "intention to permanently deprive".
If it's a mistake then I'm afraid legally it's not theft.

I am as angry as everyone else, but sorry guys it's not fraud or theft, it's a mistake and you have to go through the proper channel to dispute it with iii.
I think they've made a bad hash of the whole thing, but it is not a criminal act to make mistakes or be incompetant.

lisyloo

in the mean time file a chargeback with your bank to your money back.

How many times !!
The chargeback scheme rules are that you must pursue the retailer first.
I advise keeping records of emails and phone calls so you have this evidence to present as necessary.
Chargebacks straightaway will just get rejected, so it's pointless even if you are really angry. It about as pointless as banging your head against a brick wall.

rail.link

Called them this morning to be told that the refund would take 10 working days.
Have asked them to confirm the refund by email.
She also said I could request for any charges to be reimbursed, although she could not confirm they would definitely be refunded.