Ford Money

badger09

nittenbull said:

Werghie1 said:

I managed to transfer in my deposit OK, but I have been told by Ford I can't transfer any more funds in to the ISA after the first 20 days or so - its the Fixed Cash ISA 1 Year account. I've never had this with previous ISAs and couldn't find anything in the T&Cs that explicitly says I can't do this? 

I got stung by this too :-(  I kept transferring my money (after the 21 days - ok b4 this) but it kept getting sent back...Left a secure message to Ford Money but no joy eventually I just sent a message on twitter and they got back to me after 5 mins - no 2 hrs waiting on a phone line ! 
I did give them the wrong details of my Nationwide ISA transfer but they managed to transfer it to the new 1.25% so a result there...Another lesson learned - if it's too good to be true.....
Apart from telephone helpline - Ford Money is very good as always got a text message when money went into my account

Not wishing to sound harsh, but you were not 'stung by this'. You either didn't read, or didn't understand the T&Cs, which are set out very clearly on Ford Money's website

Albermarle

I recently opened up a new two year fix  cash ISA with Aldermore . I had exactly 14 days to add any more funds in addition to the initial deposit . It's absolutely the norm for these types of accounts.
At the end of the 14 days the interest rate for new accounts had dropped but the interest rate I got stayed valid for any funds deposited in that 14 day period and any transfers initiated in that period ( even though they might not arrive until later)
It's all perfectly fair and above board and all providers have pretty much the same rules for fixed rate accounts.

2010

Shawbrook allow you to top up your fixed rate ISA after 14 days even if the account has been withdrawn.

Albermarle

2010 said:

Shawbrook allow you to top up your fixed rate ISA after 14 days even if the account has been withdrawn.

It seems they are more flexible about not naming a specific period . However they still have the option to block new monies/with draw the product when they want . From their T's & C's
 We may close a product offering to new applications or refuse to accept additional deposits for any product at any time. Where this happens,              We will list that product as a “Withdrawn Product” on Our Website in the “Withdrawn Products” section. Unless stated otherwise in the account
             Key Product Information document, We will not personally notify You when We withdraw a product in this way. You can check whether any              products have been withdrawn on the “Withdrawn Products” section of Our Website

SFindlay

Monkeeboy said:

Monkeeboy said:

Has anyone had any success transferring to Ford Money? It’s 3 weeks since opening online and nothing other than a request to prove ID which had already been sent.

Update  - its now 6 weeks since the online application to transfer a previous years ISA from Nationwide to FordMoney. Until yesterday I have had no communication other than a request for personal information to verify ID which was received over a week after applying - despite actually sending them the same day as the application was opened - because it asked for them then.
I did call after approx 4 weeks to be told everything was going as planned but they had been inundated. They confirmed receipt of ID documents but said nothing else. Anyway during the call yesterday they asked for more information to prove ID and that I needed to write to them. After 6 weeks waiting I’ve cut off my nose to spite my face and told them I no longer wish to proceed. I did this as the frustration of their ineptitude was too much for the paltry interest rate on offer, also I dread to think how long it would take to get my cash back after the account matures.

Good luck to those of you sticking by FordMoney but never again for me.

It seems less their ineptitude and more problems with proving your ID? It's a legal requirement for money laundering purposes they confirm ID so if cant do that electronically or via what you have sent them then I think you may have a problem and just made it worse by withdrawing application as could look like got something to hide!! 

SFindlay

Monkeeboy said:

SFindlay said:

It seems less their ineptitude and more problems with proving your ID? It's a legal requirement for money laundering purposes they confirm ID so if cant do that electronically or via what you have sent them then I think you may have a problem and just made it worse by withdrawing application as could look like got something to hide!! 

No problems proving ID and certainly nothing to hide. I’m also well aware of MLR having worked in that area for many years. The problem stemmed from the fact my name includes an hyphen which Ford Money’s computer system will not allow you to input - i.e. computer says no. There’s nothing I can do to change their programming other than to highlight the issue so they can, if they wish, improve their system.
Ive not had problems with the many other organisations or financial institutions I’ve dealt with so have an excellent credit rating.

Many institutions interpret legislation and guidance differently, so every now and again you will come across this sort of issue. The stupidity of the conversation was that they wanted me to write to explain why my passport had a hyphen in my name yet I couldn’t add it on their system. I did ask them to explain why I couldn’t input my name as per my passport - they were unable to answer but followed their script. I cannot for the life of me see how writing to them proves anything. If I were making a fraudulent application I could still write to them.
Still, the choice was mine and I took it.

If you've worked in the field of money laundering for many years you will know it has nothing to do with you making a fraudulent application!!! Clearly it has everything to do with an ID issue as name is different on different documents (even if only a hyphen it is still different!!) therefore they are covering their back by requesting a letter for you to hold on file (as you should be aware is required if worked in the field!). 
So in short as I said before the issue is proving your identity (as required by legislation) NOT with the actual Ford money product, correct??