junior cash isa problem

savingmummy

OK i have 2 children 6 and 4 both have a CTF.
A few months back DH was at his bank and while he was there he asked about opening a savings account for both the children.

ANYWAY he came home collected birth certificates and off he went back and set up these `saving accounts`.
I at the time was told `i opened the children savings accounts love` `Lovely, well done` was my reply!:rotfl:

SO now this afternoon i`m sorting through our paperwork box only to find the bank have opened 2 junior cash isa`s - clearly states not allowed if children have CTF or are entitiled to one!!

SO obviously i have got to get this sorted out but what will happen? It states these can`t be closed and we are over the 14day cancellation period.
DH is going to be very mad:rotfl:

savingmummy

Well its been sorted, accounts were closed as `apparently` there was no money in them. DH had set up a direct debit but it appears they never did them PHEW!
Had there been money in them it would of been an issue.
She shredded the paperwork which clearly stated we had opened them with x amount of £`s. Luckily not alot so we lost out there though.

wriggly

Given the age of the children, I'm surprised the bank did not go to some extra effort to confirm that they did not have and were not eligible for a CTF before opening JISA accounts.

For children in the CTF age range, a bank should inquire about the circumstances that make the child ineligible for a CTF. Aren't they supposed to "know their customer"?

savingmummy

My thougths exactly! They had the birth certidicates and my husband had already said `We would like a savings account as we only have CTF`s` :rotfl:

I am awaiting to hear back about the money we opened the accounts with, problem being we now have no proof so not holding my breathe on that!