IceSave could freeze account for 60 days - do other banks?

Scots_Girl

Started to set up an account with IceSave, when I found this in their terms & conditions:

9f. In very exceptional circumstances only, to enable us to comply with legal requirements and maintain appropriate liquidity levels, we may temporarily cease or limit withdrawals from accounts for up to 60 days. This limitation on withdrawals will apply even if we have already received notice of a withdrawal from your account. Money in your account will still earn interest during any such period and we will follow any instructions received during the period of suspension once this period has finished.

Its a while since I've opened a new internet account, so not sure if this is now a fairly standard term. Anyone have info on terms like this from other internet accounts, or is it just IceSave?

masonic

All banks have to freeze your assets if a court orders them to. As far as the to "maintain appropriate liquidity levels" goes, then I'd imagine if a bank goes insolvent, then they won't be able to pay out whether there is a term in their T&Cs saying so or not. I don't think that clause is something I've seen elsewhere, but I suspect Landsbanki are just being forthright about something that would probably still happen elsewhere.

YorkshireBoy

From the YBS Internet Saver T&C's...

We can limit the amount that may be withdrawn from your account at any time without giving you notice if we reasonably consider it necessary in order to protect the interests of our members as a whole.

http://www.ybs.co.uk/savings/online/internetsaver/other_terms.jsp