Unwanted renewal: Cool or not cool?

pahane

Hi - I opened a one-year fixed rate account with a reputable building society in June 2011. The account matured on 22 June 2012. The bs informs me that as they did not receive maturity instructions from me prior to 22 June, they have automatically matured the account into another one-year fixed rate account with *no* withdrawals.

As I live in Brazil, the letter from the bs setting out my maturity options did not arrive until after 22 June. As I had not received a letter and was unsure of my options, shortly after 22 June I visited the bs' website, called their office and wrote to them, all in an attempt to withdraw my money before the account automatically matured into another fixed rate account. I was repeatedly told that nothing could be done.

I think this is not cool. But what can I do? Am I protected by any e.g. cooling off period / something else?

Any advice gratefully received.

pahane

crittertog

The fixed-rate accounts I've had which auto-renew have all had 14 day cooling-off periods. One would hope that the BS would exercise a bit of discretion in what I assume are non-normal circumstances ... I suppose you could complain, stating that they're not treating you fairly?

CLAPTON

I thought all BS were reputable.

What do the T&Cs say?

which BS and which account was it?

Reaper

Also does the building society have your address in Brazil or are you using the address of a relative in the UK who is forwarding your mail from time to time. In other words is the late arrival of your letter their fault or not?