iWeb - Account Closure?

ChilliBob

Hey guys,
I have an iWeb account, which currently just has £10 in cash in a GIA. It previously had an ISA of 6 figures, now moved to II. 

I've just received a message from iWeb saying my account is now closed?! - Nowhere can I find this on their site that they'd close it if there wasn't activity but there was a cash balance - I thought that was the whole *point*, that iWeb didn't do that.

I've successfully logged in but it just shows the service unavailable at the moment. And no live chat either.

Anyone else experienced anything like this? Or having issues with iWeb at the moment?

Before anyone asks - I wanted to keep iWeb open since I've already paid for it, and you never know what other platforms might do to their charging model - so no harm in keeping the account open. 

lozzy1965

I can log in to iWeb and the chat appears to be up, so I guess it's not up for you because your account is closed.  Unless it was down, and is now back up.

ChilliBob

Nope, the same for me. Thanks for trying - means it's not worth me messing around online anymore I'll just have to call them I guess Thanks

Snapdragon

ChilliBob said:

I've just received a message from iWeb saying my account is now closed?! - Nowhere can I find this on their site that they'd close it if there wasn't activity but there was a cash balance - I thought that was the whole *point*, that iWeb didn't do that.

I'm able to sign in, see my account ok and see chat etc. I also have an Iweb account with just £5 in a GIA. Had intended to move my ISA from Vanguard to cut costs, but Iweb messed up the transfer and I abandoned the idea, so no activity on the account in at least a year but they don't seem to have any issue with that.

I suspect therefore if they have closed your account, its a misunderstanding relating to your ISA being transferred out and they've assumed you intended it be closed rather than due to inactivity.

ChilliBob

Cheers, fingers crossed its a !!!!!! up, the isa transfer, after months, completed in early December 

Thrugelmir

16.5 . Lack of Activity

https://www.iweb-sharedealing.co.uk/assets/terms-and-conditions.pdf

ChilliBob

Cheers. Hmm, you'd have thought they would send a warning first right?

Albermarle

ChilliBob said:

Cheers. Hmm, you'd have thought they would send a warning first right?

If you use very low cost providers, you have to accept the occasional downside .

ChilliBob

Yeah, I suppose, but I didn't view iweb as some fly by night cheapo option *entirely* - I mean it's backed by Lloyds, and you *do* have to pay to make a trade after all. Well, I'll give them a call anyhow and see what I can do. Even if its just to try transactions history to update my ISA transfer. 

spider42

It sounds to me like they can't use 16.5 in the OP's case. The section states "Where your account does not hold any assets and has not been used for a period of 12 months or more, we reserve the right to close your account."

"Assets" is defined in 3.1 as "The portfolio of investments and uninvested cash held in your account and in respect of which we provide the service".

So if the OP holds uninvested cash, regardless of how small this is, then in my opinion the OP has "assets", and so 16.5 isn't applicable.

I'm in a similar position, but I have no cash either, so they could apply 16.5 to me. I'm also getting "Unfortunately this service is unavailable at the moment" when I log in. But unlike the OP, I haven't even received an email!

ChilliBob

On the blower now, they claim they cannot reopen, would have to join again. But I'm getting a statement of all trade history posted to me, which is useful for starters. Good detective work though! I may try again tomorrow