MSE News: Car giant Ford gears up to launch market-leading regular savings

EachPenny

Ashen wrote: »

Giving 60 days notice can be easily taken as fulfilling the acting reasonably part.

Precisely. Which is why I asked the question

...which part of the T&C's Ford are relying on to close accounts in excess of 1 in the way they appear to be doing - don't they need something to give them the right to do so?

Because closing an account without notice obviously isn't the same as giving people 60 days notice - so it isn't that part of the T&C's they are relying on.

Ashen

I posted the rule in my previous post, with the caveat that I was sure some would disagree on the "not entitled to" part. For most, that is a better option than the other option Ford could have resorted to - that of closing all accounts with 60 days notice.

http://forums.moneysavingexpert.com/showpost.php?p=72635664&postcount=198

Speculator

Message from Ford:

Hello, we can confirm that anybody who opened up multiple Regular Saver ISA accounts will have their accounts kept open.

We have taken the time to review our Terms and Conditions for this particular product and accept that the wording did not make it clear that only one Regular Saver ISA account could be held per customer.

We are in the process of reviewing these but this wont impact any existing customer who already holds multiple ISA accounts.

keyboardworrier

Speculator wrote: »

Message from Ford:

Hello, we can confirm that anybody who opened up multiple Regular Saver ISA accounts will have their accounts kept open.

We have taken the time to review our Terms and Conditions for this particular product and accept that the wording did not make it clear that only one Regular Saver ISA account could be held per customer.

We are in the process of reviewing these but this wont impact any existing customer who already holds multiple ISA accounts.

That's going to make a few people very happy I imagine!

It would be interesting to see the difference in wording between the two sets of T&C's

EachPenny

In that case it appears the horse has spoken. Or is it a donkey?

It would be nice to see an official announcement on the website though.

adindas

EachPenny wrote: »

In that case it appears the horse has spoken. Or is it a donkey?

It would be nice to see an official announcement on the website though.

It is not good for them to make such an announcement on the website. Any sensible management is not going to that.

If they do not cancel any of those existing account they do not need to do anything do they ?

They will answer your question if you are asking them. Otherwise they do not need to explain anything

castle96

Thank you for your recent secure message responding to the closure of your second Regular Saver account.The terms of the product stated;‘You must be aged 16 or over to apply for a Regular Saver for your own benefit. You can hold one by yourself or jointly with one other person, also aged 16 or over.’I understand that the word ‘only’ was not included in the terms of the account as you quoted however customers are only eligible for one Regular Saver. As such the decision was made to close all subsequent Regular Saver accounts that customers held and return any funds within the accounts to the customer’s nominated account.Your funds were sent to you yesterday and will arrive by close of business today, 2nd June.

EachPenny

keyboardworrier wrote: »

It would be interesting to see the difference in wording between the two sets of T&C's

Who can apply
You must be aged 16 or over and resident in the UK for tax purposes to apply for and hold Regular Saver
Cash ISA for your own benefit. Regular Saver Cash ISA can be held by a single person only and all funds
deposited must belong to that person.

Who can apply
You must be aged 16 or over to apply for and hold Regular Saver for your own benefit. You can hold one
by yourself or jointly with one other person, also aged 16 or over.

[HUMOUR]Any married or divorced person applying for a Regular Saver Cash ISA may find their account subsequently closed without notice.[/HUMOUR]

Take particular note of the heading of this section of the T&C's.

castle96

Just had confirmation of receipt of monies 7 days after I deposited it, and 1 day after they returned it !

soulsaver

I got this message:
"Our Regular Saver product Terms and Conditions state that you may only hold one account by yourself or jointly with one other person...".

That is NOT what they stated.
They actually said '..you can hold one by your self or with one other person...'

The word 'Only' isn't there, or at least wasn't in my download.

I'd have let this go, but I'll give it some hassle when someone tries to fudge th e facts.