Dot ComUnity Credit Union - ISA

Archi_Bald

darren72 wrote: »

So the missing letter states that by using this cheque it is taken as full and final settlement - So those who are waiting for the additional (missing) interest to be paid cannot use this cheque !??

It seems so, yes. It's perhaps best to reconfirm with Cork Gully (ebcu@corkgully.com) and the FSCS.

EDIT: Although, as none of us seems have ever received the reverse of the letter directly from the FSCS, you might just as well ignore it, as gwapenut has since posted.

gwapenut

darren72 wrote: »

So the missing letter states that by using this cheque it is taken as full and final settlement - So those who are waiting for the additional (missing) interest to be paid cannot use this cheque !??

Oh well, too late. In the absence of a reverse of the letter, I followed instructions from the FSCS adviser I spoke to, who told me to bank the cheque, and therefore I do not accept that it is full and final settlement.

I will, however, wait until the cheque has irrevocably cleared before informing them of this. Should they fail to entertain my argument then I will launch a complaint.

gwapenut

@pafpcg - you will probably find that much of the difference is the extra funds in your basic share account, as we've all received them back

@darren72 - I imagine the loss in interest while waiting for a second cheque would dwarf any backdated interest missing from the compensation for virtually everyone. So even knowing what I know now, I would still have banked my cheque.

darren72

gwapenut wrote: »

@darren72 - I imagine the loss in interest while waiting for a second cheque would dwarf any backdated interest missing from the compensation for virtually everyone. So even knowing what I know now, I would still have banked my cheque.

Good point - I'm waiting for First Direct to call me back to confirm the process but I'll then go ahead. We can argue about the missing interest afterwards. FD have informed me that they will back date interest from the date the FSCS cheque has been issued too

Archi_Bald

I called the Nationwide ISA team and I am, frankly, shocked. They first tried to tell me that the max I could deposit was £15,240 as the cheque cannot be processed as an ISA transfer. After I pointed them at http://ebcu.co.uk/, they tracked down someone in their team who said they had had "quite a few inquiries" from people with FSCS cheques, and they were currently "reviewing the process".

I am unsure what there is to review but it is clear that Nationwide are out of their depth on this one. They have told me I should go into Branch and the Branch would take copies of my documents and send them through to the central team. This all seems bizarre.

I then called HSBC and got more or less exactly the same story. I am hopping mad with the FSCS as they could, and should, have made it a lot easier for everyone if they had communicated better.

As Nationwide pays the best interest and as I don't want to explain the situation to yet another bank, I'll settle for Nationwide for now.

What a drama.

gwapenut

Sounds like my experience Archi.

And yet lucky old pafpcg managed to deposit with Nationwide after just an hour's in-branch consultation, and with considerably more than on his final statement. I guess that's called Karma!

I did email NW and they said to call them as they couldn't discuss confidential NW account details. Nothing confidential about it, I don't have an account with them yet! Have stated this as I'd like them to get their story straight without me being sat on the phone for an hour in the process, but if they bounce me again I'll contact Mr Beale.

Sounds like First Direct are the ones to go with .... I am beginning to regret closing my current account last year!

FOREVER21

Just back from Barclays, after 40 minutes and numerous telehone calls by assistant, to FSCS quote" depositing cheque should be straightforward "

HMRC yes you can bank cheque will be down to your(Barclays ) bank procedures!

Cork Gully sorry we can not discuss matter over phone , our letter should suffice, e- mail us for more help!

Finally she spoke to Barclays Complex ISA team who will respond in 5 working days.
The saga continues, if anyone has success in depositing cheque into their Barclays ISA please let me know.

MARTYM8`

darren72 wrote: »

Good point - I'm waiting for First Direct to call me back to confirm the process but I'll then go ahead. We can argue about the missing interest afterwards. FD have informed me that they will back date interest from the date the FSCS cheque has been issued too

I am at present debating whether to transfer my funds to Nationwide, HSBC or First Direct. The administrators cheque is of course from HSBC.

Can you keep us posted re the first direct process (as it sounds like they know what they are doing!) – as while I don’t have an isa with them I do have a current account. Their cash isa pays 1.5% on sums over £30k – 1.3% below that.

http://www1.firstdirect.com/1/2/savings/cash-isa


I presume you would pay the cheque into your first account via an HSBC branch – and then they would do the necessaries less the £5. Who is the team dealing with it by the way – just their normal cash isa people?

I just want to get it sorted – and move on!!

darren72

MARTYM8` wrote: »

I presume you would pay the cheque into your first account via an HSBC branch – and then they would do the necessaries less the £5. Who is the team dealing with it by the way – just their normal cash isa people?

I just want to get it sorted – and move on!!

It is their Cash ISA team who are dealing with the matter. They already knew all about EBCU when I called them regarding the matter. Apparently they are just waiting to hear back from their legal department to confirm the correct procedure to follow.

Maybe best if you call them too so they can let you know as soon as they can process it for you.

I'll of course let you know once I know more.

gwapenut

If anyone has success with a bank who liaise with that bank's head office, could they ask for the name of the person in head office who oiled the wheels?

I'm particularly interested in Nationwide but at the moment cannot point my local branch towards any person in particular who knows what they're talking about...