Help! Aldermore locked in savings for my daughter's wedding

mercurius_2

I opened a one year fixed rate account with Aldermore last year which matured on 11 April - the money was put away for my daughter's wedding in August.

The last few week have been very hectic as I started a new job after two years of unemployment, so I didn't have time to take any action on the maturity notice.

Today when I phoned Aldermore's customer services department to arrange a transfer of the money to an accessible bank account, they told me it is locked in for another year!

Despite telling them that not having access to the account will bankrupt me, they won't move. I'm desperate and just don't know how to get them to change their mind - they seem completely deaf to what it will do to me. When I asked to speak to a manager, I was told I would get a call back in 48 hours. They don't have a clue about customer service.

Any ideas on how to get them to change their mind and give me access to my money?

innovate

What were the T&Cs of your original account - did it say the funds would be put into a new fixed account on maturity?

What are the T&Cs of the new account, specifically regarding early withdrawal or closure?

You need some facts if you want to get anywhere.

antrobus

Google says;

18.3
We will write to you a minimum of 21 calendar days prior to maturity to advise you of the options open to you. If you are registered online, you will be able to view your options by logging into your account a minimum of 28 calendar days prior to maturity. If we do not receive any instructions from you before the maturity date of your fixed rate account, we will place the proceeds of your fixed rate account into a new fixed rate account of the same or similar term.

http://www.aldermore.co.uk/media/384373/asv24-0513-400097.pdf

mercurius_2

innovate wrote: »

What were the T&Cs of your original account - did it say the funds would be put into a new fixed account on maturity?

What are the T&Cs of the new account, specifically regarding early withdrawal or closure?

You need some facts if you want to get anywhere.

I have looked at the T&Cs but can't find anything that says there is no early access. They much have hidden them in even smaller print.

But my point is there must surely be a process to enable me to access my own money in such dire circumstances...

Lokolo

No they don't. Only in an ISA do they have to.

mercurius_2

antrobus wrote: »

Google says;

18.3
We will write to you a minimum of 21 calendar days prior to maturity to advise you of the options open to you. If you are registered online, you will be able to view your options by logging into your account a minimum of 28 calendar days prior to maturity. If we do not receive any instructions from you before the maturity date of your fixed rate account, we will place the proceeds of your fixed rate account into a new fixed rate account of the same or similar term.


ΟΚ thanks for that, but it doesn't specifically say you can't access the money.

ColdIron

Aldermore write to you 3 weeks before maturity with options, the default is to open a new similar account with a guaranteed rate. On maturity the interest is usually paid into your nominated bank account and they write again with confirmation. They also provide a 2 week cooling off period to allow you to change your mind

I don't mean to be uncharitable, starting a new job can be stressful after all, but could you not find a few minutes in the evening or over the weekend to give them instructions? I did it in less than 5 minutes online

Aldermore are one of the better banks and will allow early withdrawal in cases of hardship. I suggest you contact them again soon and explain your position calmly without telling them that you will be bankrupt if you cannot provide for your daugter's wedding (because, let's be frank, it won't) and hope for the best

innovate

Clause 18.2 states no withdrawals during a fixed term. Afraid, from the T&Cs antrobus posted, it looks as if Aldermore did everything right and you have no leg to stand on.

You might get somewhere with begging but that's your only hope.

NB. It is not correct that fixed term ISAs must be paid out early on demand. It all depends on the T&Cs.

NB2. OP, saying you will be bankrupted if you can't get the money is not really credible. You have plenty of time between now and August to get an overdraft or a loan organised. The fact that this will cost you is incidental - but it won't bankrupt you.

antrobus

mercurius wrote: »

....ΟΚ thanks for that, but it doesn't specifically say you can't access the money.

Once you've made your opening deposit you won't be able to make any more deposits or withdrawals, or close your savings account before the maturity date. (However, please give us a call in the event of hardship)

http://www.aldermore.co.uk/personal/savings-accounts/fixed-rate-accounts/

oramgepekoe

ColdIron wrote: »

Aldermore write to you 3 weeks before maturity with options, the default is to open a new similar account with a guaranteed rate. On maturity the interest is usually paid into your nominated bank account and they write again with confirmation. They also provide a 2 week cooling off period to allow you to change your mind

Where in the terms and conditions does it say 2 weeks cooling off. The OP said it matured on 11 April and today, the 24th, is just inside the 2 weeks.

ColdIron

oramgepekoe wrote: »

Where in the terms and conditions does it say 2 weeks cooling off. The OP said it matured on 11 April and today, the 24th, is just inside the 2 weeks.

I have no idea where it is in the T&Cs, it's just something they mentioned to me last Thursday when I phoned them up, could be worth a try for the OP