barlclays savings bonds question

kenny74

hi
i have a fixed rate savings bond which matured last april
it says available on bank statements im buying a house at auction and have paid the deposit and due to complete in 16 days so when i went to transfer the bond into current account it said no its not matured! it has it matured last april. im told they send a letter giving you 3 weeks notice to move it i never recieved any letter and now i think its auto renewed itself! nightmare! i need that money to complete the house sale on 29 feb! i rang u customer services who said i should write to head office in leicester explaining the exceptional circumstances and include evidence of house deposit paid i did i posted it on 5 th feb with 2 first class stamps not heard anything yet
i rang up fca who suggested i email bob cliff too so i did and go a reply from someone who is acting on his behalf asking for details i did that too i was told my complaint will go to the senior decisons maker who will let me know soon!
im having sleepless nights over this i cant even book the removal firm nor pay rest of money nor solicitor until i get this money
completion day is 29 feb
help please what can i do

agrinnall

You're almost certainly right that the default on maturity if you do nothing is to reinvest in another bond. Your complaints may do the trick but in reality you should have been aware of the conditions attached to the bond and it's maturity date and acted without needing to be reminded to do so.

kenny74

what can i do? i need access to the money urgently

best advice please

agrinnall

You've done it by making a complaint. If they reject your complain then you can go to the FOS, or ultimately take court action (although I feel both might well fail). Whatever happens is unlikely to be quick however urgently you need the money.

kenny74

surely as i provided proof on the urgency of this matter they would release the funds? can head office release the money or do ineed to visit the branch? the branch probbably wont know anything about it im not sure they will take my word for it?

alanq

In my experience of bonds such as this, not only do I receive a letter before maturity, I also receive one immediately after roll-over. Does the bank claim that one was sent? Was that also not received?

There is no obligation to release funds early. You can only plead for goodwill. Some Ts&Cs allow early withdrawals, at a bank's discretion, in "exceptional circumstances" which in some cases are specified as something like terminal illness others are more vague or do not mention this at all. The definition is likely to relate to unforeseen circumstances and not to a situation deliberately created by a customer such as your decision to buy a house.

I see that the current Barclays 1-year fixed rate bond Ts&Cs specify no early access other than in the case of death or bankruptcy.

As I see it your only ground for complaint is, if what you say is true, that "it says available on bank statements".

kenny74

it does say available on bank statements thats what i dont understand

stiil no reply yet to my complaint