Alliance & Leicester exit fee - is this a possible loophole?

ReportInvestor

Do you mean the ?£20? transfer penalty on their mini-cash ISA? I fell for this one - but it must surely have been in the original terms and conditions?

You don't get told about it by the counter staff. Transfer charges are not good practice in my book, especially from a mutual.

NumboJumbo

Thanks alot to everybody who responded to my query. I got the impressiion (not only from this forum but others as well) that people had different interpretations of what A+L should or could charge.

Anyway, for those interested, here's the latest reply that I received from A+L which I believe echos some of the responses above. I was going to pursue this one, but now I'll put it to rest.

'As clarified to you previously the use of the word 'May' implies that there
could be a charge and indeed it has also been clarified that our Terms and
Conditions referred to our Tariff of Charges where is explains that there is
indeed a charge.

The word 'May' is used as there are circumstances a charge is not incurred,
such as during the term of a Fixed Rate ISA (where an interest rate penalty
would be applied rather than a charge). It also allows us to remove the
charge if we so wish without having to rewrite the Terms and Conditions.

The use of the word 'May' is acceptable in a court of law as we clarify
where the information is contained as to whether a charge exists or not.'

So there you are.
Ta ra.

lipidicman

Reporter wrote:

Do you mean the ?£20? transfer penalty on their mini-cash ISA? I fell for this one - but it must surely have been in the original terms and conditions?

You don't get told about it by the counter staff. Transfer charges are not good practice in my book, especially from a mutual.

The Portman introduced the charge in January 2005, so my T&C's dont have it (opened April 2004). I was asking as someone else here was suggesting a charge had been applied retrospectively (different BS, cant remember which now)