Halifax Childrens Regular Saving Payment - Missing

niddy80

So today I took my Sons save4it book into Halifax to pay in a cheque off his grandparents. We never deposit into this normally so rarely 'update' his book as I'm wheelchair bound so it's a pain to get to branch, instead we usually bank transfer.

However, I noticed after paying in the cheque, that the monthly payments we make into his 'Regular Savings' account which accrue 6% interest had not been deposited into his save4it account on his yearly anniversary on 1 April 2012.

After checking the history of the book, every year since 2006 when it was opened on 1 April it's always transferred it and the savings starts afresh.

I rang Halifax who advised this may of been an error with the transfer to Lloyds and to bring the book into branch so they can investigate.

I've received my yearly statement fo the Regular Savings confirming all my savings on his last anniversary year (April 2011 - March 2012)

So where's this money? Someone has told me they read this in the news a couple of months back?

Has anyone had this happen? What are my rights as not only is this completely disgusting, I doubt this would of even of been picked up and noticed by themselves making me wonder how many only Regular Savings customers have been had and not noticed?

My Son has also missed out on 10 months of interest for this amount we've saved and I'm having to trundle all the way back to branch again tomorrow to sort this.

Can anyone advise?

Thanks

opinions4u

niddy80 wrote: »

So today I took my Sons save4it book into Halifax to pay in a cheque off his grandparents. We never deposit into this normally so rarely 'update' his book as I'm wheelchair bound so it's a pain to get to branch, instead we usually bank transfer.

However, I noticed after paying in the cheque, that the monthly payments we make into his 'Regular Savings' account which accrue 6% interest had not been deposited into his save4it account on his yearly anniversary on 1 April 2012.

That's because the account no longer matures in to the linked account. They advised you in March 2011.

I rang Halifax who advised this may of been an error with the transfer to Lloyds and to bring the book into branch so they can investigate.

They could have just referred you to the terms and conditions. Which you will have received through the post.

I've received my yearly statement fo the Regular Savings confirming all my savings on his last anniversary year (April 2011 - March 2012)

So where's this money? Someone has told me they read this in the news a couple of months back?

The Kids Regular Saver changed to a Young Saver account on maturity. Earning 2%. It keeps the same sort code and account number.

Has anyone had this happen? What are my rights as not only is this completely disgusting, I doubt this would of even of been picked up and noticed by themselves making me wonder how many only Regular Savings customers have been had and not noticed?

My Son has also missed out on 10 months of interest for this amount we've saved and I'm having to trundle all the way back to branch again tomorrow to sort this.

Can anyone advise?

I think you're over-reacting.

Their web site tells you what happens.

After 12 months your Kids' Regular Saver account will become a variable rate easy access account that we offer at the time. We'll write to you before the 12 months are up to remind you.

niddy80

Sorry you think I'm over reacting but a) I did not receive any changed T&C's which stated a change in how this was deposited after 12 months and b) the bank advised me it should be showing in my Sons standard savings account as it reached it's 12month maturity on 1 April 2012 yet its not in there

niddy80

Also, if they advised me in March 2011 that it no longer matures into the linked account (I never got any notification as previously mentioned) then why was my last lot deposited in April 2011?

opinions4u

niddy80 wrote: »

Also, if they advised me in March 2011 that it no longer matures into the linked account (I never got any notification as previously mentioned) then why was my last lot deposited in April 2011?

Because the change applied for accounts maturing after September 11th 2011.

niddy80

This matured on 1st April 2012, before the change you mention of Sept 11th 2012, so therefore should be in the same payment method as previous ones for the last 5 years prior?

opinions4u

niddy80 wrote: »

This matured on 1st April 2012, before the change you mention of Sept 11th 2012, so therefore should be in the same payment method as previous ones for the last 5 years prior?

Sorry - I amended the year as you posted.

54druids

I too have been completely confused by the above. I had a letter to say my kids regular saver had matured and would move to a young saver account, that all the money saved would transfer over. That sentence alone made me think it meant that all of the kids money from the previous savings scheme would go into a new savings account when in fact all that actually did go over was 10 pounds (until then had been saving 10 pounds a month). Prior to this I had 10 pounds going in every month for several years and it automatically went in to the save 4 it account at the end of the year, I received nothing to explain this would stop. The letter I received said there was nothing to do and that any payments made by standing order will continue to be paid straight into the young saver account but that didn't happen as the payments just stopped being taken. Also the young saver appeared in my online accounts and then promptly disappeared just after I had transferred money from my reward account into them. So I went in to my branch and they said I would have to check with telephone banking who then passed me to my branch grrrr!! Went back to my branch who then alarmingly told me that I didn't have young savers accounts despite me knowing that I did and there were several thousand pounds in them. Now I get a statement every so often to remind me that I do have them and if I didn't have that I would have no record of the accounts whatsoever as there is nothing on line and no passbook. So I am going in this week for an explanation and with the intention of closing my accounts down