Unfair Santander charge

royall

My father in law has just died and has £400 worth of Santander shares in his name. His 85 year old wife (sole beneficiary) now wants to transfer them into her name and Santander are going to charge her £75 to do this.

This I feel is a very unjust charge to make at such a difficult time. - clearly Santander are only interested in making money even if it is from the dead!

Shame on you Santander!!

Lokolo

You could always do it yourself I believe.

royall

Really?
How do I go about doing it?

dunstonh

clearly Santander are only interested in making money even if it is from the dead!

If you ask a business to do something for you then you expect to be charged. If you ask the business to do a transaction that is outside of their norm then expect to be charged more.

royall

Dunstonh - so people dying are not considered to be the norm? I would have thought that this situation was very normal - and it seems that Santander also believes this as they have a department dedicated to "probate and bereavement"

My point is very simple - Santander have jumped at the opportunity to extract extra money as a result of the death of one of their shareholders.

BobQ

royall wrote: »

Dunstonh - so people dying are not considered to be the norm? I would have thought that this situation was very normal - and it seems that Santander also believes this as they have a department dedicated to "probate and bereavement"

My point is very simple - Santander have jumped at the opportunity to extract extra money as a result of the death of one of their shareholders.

Not really, your father's estate owns the shares, it needs to sell them(or transfer them) and give the proceeds to your mother. Why should this process be fee free? When I sold my santander shares there was a fee involved.

If you Google "selling shares" there are cheaper ways of selling them. However, is she the beneficial owner or the legal owner? That is do Santander own them on your father's behalf. If so you may have no choice. Do you have the share certificate?

dunstonh

royall wrote: »

Dunstonh - so people dying are not considered to be the norm? I would have thought that this situation was very normal - and it seems that Santander also believes this as they have a department dedicated to "probate and bereavement"

My point is very simple - Santander have jumped at the opportunity to extract extra money as a result of the death of one of their shareholders.

Did the funeral director charge for his services or are you just as angry at them as well?

Perhaps you should take this up with the executor of the estate and ask them why they have chosen to use an expensive method when so many cheaper methods are available?

TheBanker

Is this a fee for a Small Estates Indemnity? If so about half of it is insurance to cover the fact that they've allowed the shares to be transferred without the correct legal process having been completed.

It isn't Santander levying this charge, it will be Equinity, their registrars. A similar charge would apply whoever's shares you owned.

clearly Santander are only interested in making money even if it is from the dead!
clearly Santander are only interested in making money even if it is from the dead!

This doesn't make sense. The bank has no interests other than the interests of its shareholders. It is not making money for its self, any money made belongs to shareholders.

royall

dunstonh wrote: »

Did the funeral director charge for his services or are you just as angry at them as well?

Perhaps you should take this up with the executor of the estate and ask them why they have chosen to use an expensive method when so many cheaper methods are available?

If you're talking about a cheaper way of planting someone in the ground then apart from doing yourself with a spade in your back garden we had no option but to use a funeral director!

If however you're referring to the problem relating to the shares then would you please share your knowledge with me - you're obviously aware of a cheaper solution.