Barclays contradicting themselves

cs27

Cobertizo wrote: »

Just to add my own experience with the Barclays Tax Beater ISA, I went into my local branch (Reading) yesterday lunchtime, took £250 out of an ATM, filled out a paying-in slip with sort code/account number which I had found from my online banking, and took it to the cashier. She processed it without a word, and when I checked my online banking that evening the £250 was sitting there in the account.

I haven't tried withdrawing though, so can't comment on that...

Thanks for that - it's good to hear that we can pay in cash and cheques as easily as any other account.

If anyone out there has ever withdrawn cash from a Barclays Mini ISA please let us know how it went and what it involved?

(I'm reluctant to keep paying in to the ISA not knowing whether in an emergency I can get actual cash out - just because it says "Instant cash withdrawals of a minimum of £10 at any branch" doesn't mean its that easy!)

Compound_2

cs27, you’re right about the lack of information on withdrawals. Unfortunately, I don’t think we’re going to be able get much clarification from experience because withdrawals lead to loss of the tax-free allowance, which is to be avoided. Most people on here will be keeping the money untouched for a year, then asking a new provider to transfer in the money.

There was a notice in the branch about ‘protecting your account’ and what ID requirements they may impose for transactions. If you want to be on the safe side, it would be worth reading this and any associated leaflet. But I think it’s the branch’s discretion how they apply it, depending on the amount. Common sense would be Barclays debit card for small amounts, passport or driving licence for other cases.

I would strongly recommend taking the account number – it’s on the welcome letter which has the T&C on the reverse. I didn’t see any withdrawal slips, so I can only assume they print a slip after typing in the account no, and compare the signature with debit card or passport/driving licence as appropriate.

If you are paying in cash and have a Barclays current account, you find out how easily branch staff can transfer to the ISA. The reverse process is likely to be similar, giving an additional method of withdrawing cash out of a current account as usual. If you want to withdraw without quoting the ISA account no, they may try to force this option on you.

cs27

Compound wrote: »

If you are paying in cash and have a Barclays current account, you find out how easily branch staff can transfer to the ISA. The reverse process is likely to be similar, giving an additional method of withdrawing cash out of a current account as usual. If you want to withdraw without quoting the ISA account no, they may try to force this option on you.

Just to clarify compound, are you refering to paying in to your ISA via bank transfer and withdrawing via bank transfer back into your current account? Can this be done with a Barclays cashier instantly then? (Haven't done this before!)

If I need to withdraw cash at any point (only in an emergency!), I would probably take two forms of ID just in case, as well as the account details and I think all should be well.

Thanks for your replies Compound - much appreciated!

Compound_2

cs27, I understood from your previous posts that you had a Barclays current account. INSTANT transfers CAN be made between this and your ISA. This internal transfer is different to a normal ‘bank transfer’. That usually means the money is going to a different bank – this is a more complicated process and takes several days.

cs27

That's great - so If I needed money out of the ISA they could just transfer it instantly into my current account and I can actually just use my debit card instead of cash!

Thanks for your help and for clarifying the matter for me compound.

Cheers!

cs27

Hi, just wanted to clarify who I make the cheque payable to if I wish to pay a cheque into my ISA at my local branch.

I know if you post it off with the paying in slip and envelope that arrived with the account opening pack, you have to make the cheque payable to Barclays Bank PLC - Your name/ISA Account number. Is this the same if I am paying in at a branch?

Many thanks in advance for your help.

Compound_2

I don't think it matters. They ask for extra information when posting to stop fraud. The branch won't accept a cheque payable simply to Barclays. So make it out to yourself OR Barclays re name and/or number. To avoid confusion, don't give away the type of account by writing 'ISA Account ...' etc.

cs27

Compound wrote: »

I don't think it matters. They ask for extra information when posting to stop fraud. The branch won't accept a cheque payable simply to Barclays. So make it out to yourself OR Barclays re name and/or number. To avoid confusion, don't give away the type of account by writing 'ISA Account ...' etc.

Thanks once again Compound - just needed to get it clear in my mind.

Cheers.

Compound_2

cs27, I read your post on the other Barclays thread about your problems paying into the ISA by the methods I described. I’m posting my reply here as the other thread is chock-a-block with complaints about delayed account opening.

At my local branch, the personal banker and cashier contradicted each other so if one can’t help I’d try the other. You could try another branch too, if convenient. I would emphasize the importance of not mentioning the word ISA, as staff may become cautious. Copy the sort code/account number from the welcome letter on to another piece of paper. Hand over your debit card say you want to transfer £xxxx from 'this account' (showing debit card) to 'my other account' (showing the paper). Make clear that this is your own account, but don’t reveal the type – if you must, say it’s a ‘savings’ account. For the branch of the ISA account, simply quote the sort code. If transferring a large amount, keep another form of ID in reserve.

As for kiosks, they’ve been out of order whenever I’ve been in. It’d be interesting to know what they do, but don’t rely on them as the only method. My GUESS is they may work like online banking.

With regard to the personal banker giving you the phone number, I’d ask for the call to be made in branch. This may put you through faster, and if not at least you’ll avoid paying the premium rate while holding. Alternatively, there are some freephone and geographic numbers on the other thread and saynoto0870, but I’ve no idea whether you’ll get through to the department you need for the transfer.

cs27

Thanks Compound for the above reply. I was pretty cheesed off when I visited the branch as it was a once in a blue monn opportunity because I had the afternoon off work. It seemed like the second we established it was an ISA they didn't want to know and certainly wouldn't look at my accounts on the computer to see if the transfer was possibly - just a lot of 'well that's what I've been told' if I mentioned the terms and conditions which were sent with the account opening info.

I will certainly just go in next time and ask to do a transfer to another of my accounts or as you say, just refer to it as a 'savings account'.

Many thanks.