Refusing to close Isa Halifax

nikkifountain.nf

I have a fixed term ISA with Halifax, the T&C's on the website state that the ISA can be closed if a full withdrawal is made but may incure penalties dependant on term of ISA. Halifax are refusing to allow the account closure but I am willing to pay all the necessary fees. I need access to the money because I am depositing on a house and will be financially impacted if they continue to refuse access to my money. Thanks for any help offered.

badger09

nikkifountain.nf wrote: »

I have a fixed term ISA with Halifax, the T&C's on the website state that the ISA can be closed if a full withdrawal is made but may incure penalties dependant on term of ISA. Halifax are refusing to allow the account closure but I am willing to pay all the necessary fees. I need access to the money because I am depositing on a house and will be financially impacted if they continue to refuse access to my money. Thanks for any help offered.

How have you tried to close it?

T&C (page 16) suggests branch visit necessary

http://www.tescobank.com/current-accounts/?tpfpgid=tb-home&navid=carousel-slide1

If you have a copy relevant to your particular ISA, I would take them with me on Monday, together with photo ID and insist they abide by their own T&C.

Let us know how you get on

nikkifountain.nf

Yes branch visit was done twice, once with snotty nosed, aggressive rep and then again with branch manager both refusing to close account because of some mystery T&C's that they won't specify. Also tried phoning with no joy. Saying that due to the contract I am unable to access the money until febuary

badger09

nikkifountain.nf wrote: »

Yes branch visit was done twice, once with snotty nosed, aggressive rep and then again with branch manager both refusing to close account because of some mystery T&C's that they won't specify. Also tried phoning with no joy. Saying that due to the contract I am unable to access the money until febuary

Formal complaint time

http://www.halifax.co.uk/contactus/how-to-complain/?srnum=2

stick to the facts - I'd leave out ref to the snotty nosed rep, though if he/she was aggressive, I'd include that

nikkifountain.nf

That's tomorrow's job, phone escalation to speak to a manager and try and get an actual reason for why they won't allow access to the money

nushnush

i would also point out that you are raising the issue on this forum and you will be making the forum members aware of the outcome.

eskbanker

badger09 wrote: »

T&C (page 16) suggests branch visit necessary

http://www.tescobank.com/current-accounts/?tpfpgid=tb-home&navid=carousel-slide1

If you have a copy relevant to your particular ISA, I would take them with me on Monday, together with photo ID and insist they abide by their own T&C.

They're more likely to abide by their own T&C than Tesco Bank's current account ones!

eskbanker

nushnush wrote: »

i would also point out that you are raising the issue on this forum and you will be making the forum members aware of the outcome.

A complete waste of time in my humble opinion!

Far more relevant would be to emphasise that government rules specify that (unlike normal fixed term products) funds can be withdrawn from an ISA at any time, even though individual product Ts & Cs can allow for early withdrawal penalties.

So, quote the high-level https://www.gov.uk/individual-savings-accounts/withdrawing-your-money:

4. Withdrawing your money
You can take your money out of an Individual Savings Account (ISA) at any time, without losing any tax benefits.

Check the terms of your ISA for rules and charges around withdrawing money.

or the more detailed info in the guidance notes for ISA managers, including:

When can an ISA be closed?
12.1 Investors have the right to close their ISAs whenever you want and this right must be included in the manager’s ISA terms and conditions

Not_Me_Officer

Sounds like pay out time through complaints procedure.

MDMD

eskbanker wrote: »

They're more likely to abide by their own T&C than Tesco Bank's current account ones!

Link to Halifax terms (still page 16!)

http://static.halifax.co.uk/assets/pdf/isas/pdf/cash-isa-account-conditions.pdf

You can’t withdraw part of the money in your ISA Saver Fixed.

However you can use one of our branches to close your account, or transfer it to another ISA provider. If this happens after the initial 14 day cancellation period you will be charged

Penalty depends on length