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ISA Advice

In March 2013 I opened up an eIsa paying 2.75. At the end of Feb this year when I looked on line the interest paid was lower than I was expecting. On further investigation I found out that the interest rate had been slashed in Jan 2014. I complained on the basis that I should have been informed either by post or email. Two weeks later I receive a letter from their customer relations team. It reads...A letter was sent giving 60 days notice to customers affected by this change. We have found out that due to an error on our part a small number of customers have not received this notification, unfortunately, you were one of these. We are already taking actions to correct this error and will be sending replacement notifications to customers such as you. The letter will advise that due to our mistake we will be making an adjustment to the interest that has been received. This credit adjustment will mean that you will be paid interest at the rate that applied before it was reduced up the expiry of a new 60 days notice from which time the new rate will apply. We regret that we are currently unable to advise when the new notification will be sent as this will take time to arrange......
OK, you know were this is going. I haven't been sent any new notification. The eISA has a big balance. Advise please. visamaster

Comments

  • Cornucopia
    Cornucopia Posts: 16,304 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Has your balance been adjusted?
  • visamaster
    visamaster Posts: 6 Forumite
    In a word, No. I'm still waiting for my new 60 days notification.
  • lozzy1965
    lozzy1965 Posts: 549 Forumite
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    Chase them up. Ask them for a resolution date. Give them a reasonable deadline beyond which you will take the matter further.
  • visamaster
    visamaster Posts: 6 Forumite
    That's the point, the longer I keep quiet the more interest I'm going to receive when it's finally resolved.
  • Cornucopia
    Cornucopia Posts: 16,304 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I'm in a similar position with an old gas bill. The temptation to bide one's time is quite strong. ;)
  • droopsnoot
    droopsnoot Posts: 1,803 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Looking from the banks point of view, wouldn't you think that instead of saying "sorry etc, we'll send a replacement notification at some point but we don't know when", they would have said "sorry etc, please consider this to be your new notification that the interest rate is dropping".
  • retired_grumpy_2
    retired_grumpy_2 Posts: 1 Newbie
    edited 3 July 2014 at 12:39PM
    Just joined so don't know how to start a new thread?? I have a small oeic Isa not performing well and wondered if I could transfer it into a Nisa
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Your existing ISA is subject to all the current ISA rules, which sometimes are referred to as "NISA". I.e. you do already have a NISA if you prefer to call your ISA by that name.

    What had you hoped to gain from transferring? Are you wanting to transfer your funds to a cash ISA?
This discussion has been closed.
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