Virgin money merge with yorkshire bank

Ergates

TREVORCOLMAN wrote: »

It was clearly THIS years ISA we were talking about (the one with YB) that is what was discussed all the way down the line.

It seems pretty clear that you've misunderstood what they were saying.

Which is more likely:
1) Bank doesn't understand ISA regulations.
2) Bank does understand ISA regulations and decides to break them
3) Irate customer misinterprets information from bank staff.

eskbanker

Ergates wrote: »

It seems pretty clear that you've misunderstood what they were saying.

Which is more likely:
1) Bank doesn't understand ISA regulations.
2) Bank does understand ISA regulations and decides to break them
3) Irate customer misinterprets information from bank staff.

I get that your point is rhetorical but not only do the bank obviously understand the ISA regulations but they publish reference to them in their helpful FAQs about the merger:

If you meet the criteria set out in Q33 [i.e. exceeding FSCS £85K], you'll be able to ask for a withdrawal or an ISA transfer until 21 January 2020. You'll need to send a written request to our Main Office, or if you have an online account, send us a secure message. So you don't lose your tax-free status on that money, you must do a direct ISA transfer (if you simply withdraw the money, you may lose the tax-free status on that money).

You are able to transfer any amount from previous tax years' subscriptions, but you can't split this year's ISA subscriptions into a 'partial transfer'. You can only transfer your full current year's subscriptions to another ISA.

Perhaps doggedly insisting on dealing via the CEO's office isn't the most productive route to getting accurate product information....

AndyPK

I'm not sure that bank is that hot on ISA regulations.


When I wanted to transfer mine out from them a few years ago (when they dropped the rate) and they were blocking it, they sugguested they would send me a cheque


Had I not been aware that would loose it's ISA status, I would have been stuffed.


So I doubt they understand the fine detail of the regulations

eskbanker

AndyPK wrote: »

I'm not sure that bank is that hot on ISA regulations.


When I wanted to transfer mine out from them a few years ago (when they dropped the rate) and they were blocking it, they sugguested they would send me a cheque


Had I not been aware that would loose it's ISA status, I would have been stuffed.


So I doubt they understand the fine detail of the regulations

But that goes back to the point I was making at post #5, i.e. the distinction between 'a bank' knowing something and all of their employees knowing it, and hence the recommendation to look at what's published in writing rather than relying on conversations that are avoidable, where misunderstandings occur too easily. That FAQ text quoted above refers to the need to use transfers rather than withdrawals in order to preserve tax-free status, so it's not a particularly obscure feature....

System

eskbanker wrote: »

But that goes back to the point I was making at post #5, i.e. the distinction between 'a bank' knowing something and all of their employees knowing it, and hence the recommendation to look at what's published in writing rather than relying on conversations that are avoidable, where misunderstandings occur too easily. That FAQ text quoted above refers to the need to use transfers rather than withdrawals in order to preserve tax-free status, so it's not a particularly obscure feature....

I would suggest that the OP is a fairly irregular case as few people will have ISAs with both CB/YB and NR/VM AND be over the 85k FSCS limit.

With ISA rates being poor and the savings tax free allowance - providing the OP with a cheque withdrawal option isn't necessarily a bizarre resolution.

TREVORCOLMAN

AndyPK wrote: »

I'm not sure that bank is that hot on ISA regulations.


When I wanted to transfer mine out from them a few years ago (when they dropped the rate) and they were blocking it, they sugguested they would send me a cheque


Had I not been aware that would loose it's ISA status, I would have been stuffed.


So I doubt they understand the fine detail of the regulations

A few years ago I was in Nationwide opening an ISA. I had a stocks and shares one at the same time. I informed them that I could only put in a certain amount in cash due to the fact that I had the S&S ISA. They then said they were not sure if I could also have a cash one. I assured them I could. They asked several of their staff who did not know the answer.

They then googled it to confirm what I was saying was correct.

:rotfl:

eskbanker

TREVORCOLMAN wrote: »

A few years ago I was in Nationwide opening an ISA. I had a stocks and shares one at the same time. I informed them that I could only put in a certain amount in cash due to the fact that I had the S&S ISA.

Again there may have been some poor communication in either or both directions!

The fact that you have a S&S ISA doesn't affect what you can pay into other ISAs.

However, anything you've paid into a S&S ISA in the current tax year reduces the remaining allowance.

Why would you get involved in a debate with branch staff about your rationale for paying £x into a cash ISA anyway, when you already knew the answer?

P.S. Are you under the impression that it's in any way useful or relevant to keep titling practically every post 'Do not bank with yorkshire bank', even when you're discussing another institution?

GreenBitterfly

A further update to the Clydesdale Bank merger with Virgin Money - https://www.mirror.co.uk/money/full-list-56-virgin-money-21588450 The branch changeovers to Virgin Money is happening quicker than I thought it would.

ryan92

GreenBitterfly said:

A further update to the Clydesdale Bank merger with Virgin Money - https://www.mirror.co.uk/money/full-list-56-virgin-money-21588450 The branch changeovers to Virgin Money is happening quicker than I thought it would.

My local Clydesdale Bank branch is one of the few that is going.
Not a surprise really but feel so sorry for those who's jobs are on the line