Post Office Fixed Rate Cash ISA PROBLEM!!!

mscarlyon

I applied for a Post Office Fixed Rate Cash ISA at my local PO branch on March 27th (the deadline was 28th for in-branch applications), and paid my full 2014-2015 allowance by debit card, having transferred it into my current account from my savings the day before. The payment went through instantly and £15,000 was taken from my account the following Monday, March 30th. I was told I'd receive paperwork in the post.

So far, so good. Then earlier this week a letter (dated April 13th) arrived from the Post Office saying that apparently they were unable to accept my application, as it hadn't been received until after April 5th 2015, and therefore didn't qualify in the new tax year. Eh??

They appear to be telling me that despite receiving a perfectly accurate, signed application form in a Post Office Branch before the stated deadline, and in possession of my money for 18 days now, somehow my application has been rejected?

I immediately phoned them to demand an explanation. The guy I eventually spoke to blustered for a while but when I said the money had been taken from my bank account weeks ago, that I had been told both in the branch and on the Post Office website that the application was within the deadline, and in that time I had also lost the opportunity to use my entire ISA allowance for 2014-15 elsewhere, he said he'd send a memo to his manager to follow it up, and I'd hear back by the end of the week.

Guess what, I HAVEN'T :mad:

Because the ISA wasn't actually set up there is no account number, or indeed anything on file, I discovered. The guy I spoke to had no idea who I was, could find no trace of me on the system. All I have is the letter telling me the application was rejected (and they would refund any payment 'under separate cover'), a photocopy of my original application, and the receipt for £15,000 which I received from my local Post office branch.

I'll have to get back on the phone on Monday all guns blazing but for now I'm extremely unhappy that my precious savings, my entire 2014-15 ISA allowance, is sitting in some account somewhere earning nothing for me, that somebody clearly didn't do their job properly with regard to the application, and that I'm now going to have to waste time chasing them as well

If anyone else has had a similar experience I'd love to hear about it.

[By the way I found free numbers on the SAYNOTO0870 website - both 0800 169 7500 or 0117 943 0300 work. Bank Of Ireland answers and then you ask to be put through to Post Office Savings which they do without further questions, although you still have to jump through the usual hoops and press 1 for this and 2 for that].

missile

Bummer :-)

manorprop

Same problem with post office ISA. Cheque cashed 27th March, apparent problem with application form. Two calls so far and a promise of returned funds this week +£20 compensation. No sign yet so just another banking scam methinks

mscarlyon

Hi manorprop, sorry to hear you've had the same problem. Since my initial phone complaint I've had a letter from 'Family Investments' (who say they are the ISA manager) telling me it's not their fault, it's down to the Post Office and passing me over to the PO customer care team, who will "try to contact you within five working days". They've told me I can make an official complaint with the Financial Ombudsman Service if I'm not happy. I'm already feeling fobbed off!

And still no sign of my money. What are you planning to do about it?

KGriff

Try to resolve it with the post office. If the result is not achieved I would seek compensation for your loss and trouble. If that fails make a formal complaint to the FSA.

Here is a link to the fsa 'How to go about making a complaint' video:

http://www.fsa.gov.uk/consumerinformation/if_things_go_wrong/latest/complaints_handling_video.shtml

Here is a link to the fsa 'How to go about making a complaint' leaflet:
http://www.housingcare.org/downloads/kbase/2703.pdf