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Yorkshire\Clydesdale breaking terms and conditions on 40 day notice ISA
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beefturnmail
Posts: 928 Forumite


Within the last couple of days Yorkshire Bank has said on its website that from 17/04 they are no longer accepting transfers in and that this applies to new and existing customers
http://www.ybonline.co.uk/personal/s...40-day-notice/
Same is true for Clydsedale's equivalent isa
However, for existing customers, wouldn't this be regarded as a variation in the t&c and therefore they have to give 60 days notice? - see section 17 http://www.cbonline.co.uk/resources/...CS7-070415.pdf
Is it then possible for existing customers to force them to accept transfers in for up to 60 days?
http://www.ybonline.co.uk/personal/s...40-day-notice/
Same is true for Clydsedale's equivalent isa
However, for existing customers, wouldn't this be regarded as a variation in the t&c and therefore they have to give 60 days notice? - see section 17 http://www.cbonline.co.uk/resources/...CS7-070415.pdf
Is it then possible for existing customers to force them to accept transfers in for up to 60 days?
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Comments
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The current terms permit you to transfer sums into their ISA – and the terms say they must give 60 days notice to change the terms and conditions. I am no lawyer – but I might suggest that putting a note up on your website the day before you stop transfers entirely (thus giving no one any time to act) does not represent 60 days PERSONAL notice.
Either you have terms and conditions – or you don’t.
http://www.ybonline.co.uk/resources/57b13f804f81f763a960bfc817e3d067/YS7-070415.pdf
Can I transfer my existing ISA to a Bank Cash ISA?
Yes. You may transfer your existing ISA without changing your tax status. Any previous year’s savings (i.e. amounts paid in before the 5th April in the current Tax Year) in a Cash ISA or a Stocks and Shares ISA can be transferred in whole or in part to one of the Bank’s Cash ISAs, subject to the agreed terms and conditions of your existing ISA product. Please contact us to confirm what products are currently available to accept transfers in.
17. Variation or Amendment of the Terms and Conditions
Terms applicable to a Cash ISA – Instant Access and Cash ISA – 40 Day Notice only: (iii) Changes to interest rates are dealt with in Clause 8. We may change any of the other terms of these ISA Terms and Conditions on 60 days personal notice for any of the following reasons0 -
beefturnmail wrote: »
However, for new customers, wouldn't this be regarded as a variation in the t&c and therefore they have to give 60 days notice? - see section 17 http://www.cbonline.co.uk/resources/...CS7-070415.pdf
Is it then possible for existing customers to force them to accept transfers in for up to 60 days?
I can see how changing the T&Cs for an existing customer would require 60 days notice but how can T&Cs apply to someone who isn't yet a customer?
Surely they can change their T&Cs for new customer applications whenever they want?
Making a product available for an extended period probably isn't something that would be covered by T&Cs anyway I'd imagine as it doesn't impact on your existing account with them which is what the T&Cs cover.
See the info above that says you have to contact them to find which accounts accept transfers so in theory they are accepting transfers, just not into the account you want.Remember the saying: if it looks too good to be true it almost certainly is.0 -
I can see how changing the T&Cs for an existing customer would require 60 days notice but how can T&Cs apply to someone who isn't yet a customer?
Surely they can change their T&Cs for new customer applications whenever they want?
Yes, agreed - but I was asking about the change for an existing customer, not a new customer. My mistake - Just realised I put 'new' rather than 'existing' in original post. Now changed0
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