Barclays Tax Beater Cash ISA - experiences so far (merged)

annie53_2

Welcome pack received today, stating account opened 14th May - I handed my application form & cheque in on 12th April. Have e-mailed a complaint, asking for confirmation that interest will be backdated to 12th April - watch this space!....

verntern

I eventually received the 'Welcome' pack, one sheet of A4, confirming that my ISA had been opened on May 8, a full 32 days since I personally handed in cheque, form etc to my local bank on April 5.
I had previously tried email and phone to complain and in the end resorted to good old snailmail and wrote to Head Office Customer Relations, Barclays, Freepost RLTA-CSUE-TCHC, London E14 5HP. The reply I got was bland and unclear. I have just sent off three more letters. To Customer Relations again and copies to my local branch and to a Lee Chiswell, Head of Savings, Barclays, Leicester LE87 2BB and said:

'Dear Sir/Madam,

Thank you for your letter of 10 May 2007. Which I have only just had chance to read after being away on holiday.

As I find your response unclear I wish to continue my complaint about Barclays handling of my application and funds for the Tax Beater Isa 2007-2008.

I have received a confirmation letter from Barclays confirming that my ISA was opened on 8 May 2007!

I REPEAT the information that I supplied in my previous letter

On Thursday April 5 2007 I presented the following documents to your representative at Barclays Bank PLC, XXX Branch, Cambs. to open a Barclays Tax Beater ISA for the financial year 2007-2008.

1.A correctly completed application form dated April 5th 2007
2.Required evidence of identity
3.Cheque no.XXX for £3000 dated April 5th 2007 made payable to Barclays Bank.
Your representative at the XXX branch checked the form, photocopied my ID documents, confirmed that all was in order with the cheque and accepted my investment.
In good faith, I had submitted my application and funds on time so that I could enjoy a full 12 months ISA investment with you beginning in the tax year April 6 2007.

The information in your letter and the details in the account confirmation letter state that the account was opened on May 8 2007! This is a full 32 days after the start of the 2007/2008 tax year.

In your letter you state that ‘I can assure you that you will not be financially disadvantaged by the delay in opening your account as your interest has been amended to account for this’. Amended and backdated to what date?

The simplest way for this unsatisfactory situation to be resolved and this complaint finally closed, is for you, or Barclays XXX branch to write to me and assure me that my interest is being backdated to 6 April 2007.'

Yours sincerely etc.'

Does any forum member know how those of us who are not Barclays current account customers can check the amount of interest paid on June 1? I tried to register for online services but was rejected for not having a current account.

Many thanks

bristolleedsfan

a point worth of note i feel to people concerned about date that their isas were opened and whether interest was backdated to when they applied for the isa

Barclays have said that all interest will be backdated to when isa application was made, while its worth making sure that interest has been backdated stated date of opening is in itself no cause for concern

by giving a later date of opening than the actual date of application barclays are both giving people an opportunity ( within isa rules) to cancel the barclays isa if they so wish, if barclays made the dates of opening same as date of application those who decided to open an isa elsewhere would have been miffled that they were strictly speaking out of time to cancel their barclays isa ( within isa rules)

1% bonus is for the first 12 months from date of account opening, so barclays giving account opening date in most cases one month or more from date of application and backdating interest to date of application barclays are effectively extending the 1% bonus period by one month which is very beneficial because it gives everybody one month or more from start of 2008 tax year ( unless barclays isa becomes mega uncompetitive in mean time) to access best isa to transfer out to rather than having to make a rushed decision at start of 2008 tax year

it appears that the only people who currently have been disadvantaged are those who gave barclays a nominal opening cheque in first instance eg 1.00 and who have experienced unacceptable delays in receiving their account no details so were unable to top up their isas as they had planned, perhaps these people will post any compensation awards they receive regarding complaints they make on this issue :cool:

melpomene

well i returned my original cheque with a covering letter on 24.5, but then i received [on 25.5] a letter from them saying that my ISA was opened 'with the initial deposit/instructions i enclosed' on 8.5.2007!!!!

like, HOW?!?

they don't show a balance or anything....

melpomene

I'm much relieved by what you have said bristolleedsfan about backdated interest, but hope my £s are safe with these guys!

fbrj

verntern wrote: »

Does any forum member know how those of us who are not Barclays current account customers can check the amount of interest paid on June 1? I tried to register for online services but was rejected for not having a current account.

Many thanks

See my post 510 above. I am not a Barclays account holder either. I think the only way to check for sure is to phone (assuming you can get through - use 0800 No instead!) and request a statement - that will show interest credits and for periods to which they relate.

trinidadone

GreyPilgrim wrote: »

Well there's a surprise. The lines are busy 'due to the popularity of the product'. Can't even sit in a queue.

I even sent an email over a week ago via the site, but has it been answered?

No.

Hey, remember me? you should of contacted customer services like i told you about some time back. I contacted customer services on friday, and they dont even have an address on file, dispite me submitting my driving lience and passport twice. I told them i wanted to lodge a complaint, was advised by the advisor, my account should be open by this friday, and gave me a reference number and contact number to ring back on, any luck with yours??

bristolleedsfan

melpomene wrote: »

I'm much relieved by what you have said bristolleedsfan about backdated interest, but hope my £s are safe with these guys!

always worth checking with barclays that interest has been backdated although barclays do say on its webpage that it will be, also says in welcome letter that interest "will" be backdated , date of opening is therefore irrelevant as far as backdated interest is concerned but is advantageous for reasons i stated in my earlier post :cool:

SPSP

Hi everyone!

I applied for the taxbeater in the last tax year...they've now told me that they have cashed my cheque for £3000 and cannot find it in their own accounts (!) whilst having lost my application and all of my sensitive documentation!

They say i've now lost the opportunity to invest in that tax year.

Furious.

I've written a letter of complaint...is there anything more I can do?

This was my first ever ISA

SarahNeedle1872

verntern wrote: »

I eventually received the 'Welcome' pack, one sheet of A4, confirming that my ISA had been opened on May 8, a full 32 days since I personally handed in cheque, form etc to my local bank on April 5.
I had previously tried email and phone to complain and in the end resorted to good old snailmail and wrote to Head Office Customer Relations, Barclays, Freepost RLTA-CSUE-TCHC, London E14 5HP. The reply I got was bland and unclear. I have just sent off three more letters. To Customer Relations again and copies to my local branch and to a Lee Chiswell, Head of Savings, Barclays, Leicester LE87 2BB and said:

I have not yet written a letter of complaint, but I intend to. Are these two addresses the best to write to? Should I send a copy to both as well as my branch?

Thanx

Sarah x