Payment rejected to 1 yr fixed rate cash ISA Virgin

Hope4theFuture

Hi, just acounted an issue with my Virgin 1 yr fixed rate cash ISA. Started in Feb 24 with maturation date Feb 25. My payment bounced, rejected by Virgin. In their Help section, they state that if they close a product, one only has 30 days to pay in any addtl monies. I don't recall being informed about this at any point, and in my statement it says I still have xx amount of allowance I can pay in. Anyone else having similar issue? 

Mark_d

Maybe you missed the text message telling you the closing date?  Certainly on my phone there is a spam folder which text messages sometimes end up in.

Middle_of_the_Road

Yes, that's how they operate. I have until 27/09 to pay into their latest recently withdrawn ISA.
 EXC FIXED ISA 14

trickydicky14

Hope4theFuture said:

Hi, just acounted an issue with my Virgin 1 yr fixed rate cash ISA. Started in Feb 24 with maturation date Feb 25. My payment bounced, rejected by Virgin. In their Help section, they state that if they close a product, one only has 30 days to pay in any addtl monies. I don't recall being informed about this at any point, and in my statement it says I still have xx amount of allowance I can pay in. Anyone else having similar issue? 

I think you will find all Virgin ISA's only allow you 30 days from the date the issue is closed. The fact you still have some allowance left means nothing.

retiredbanker1

Fixed rate of:

4.26%

AER1 Tax-free3

Pay money inWithin 30 days from account opening

Take money out

Hope4theFuture

Thanks all. No email nor text message received from Virgin that product would close. Maturation date is Feb 25, and last payment was made in March/April. I have sent a request to Virgin. 

slinger2

Normally the terms and conditions are provided as part of the process of opening the account. You should have read these and noted any conditions about when you could pay money in. Looks from above comments that you had 30 days to pay in. Clearly we're way past that. Not sure what you're requesting from Virgin.

eskbanker

Hope4theFuture said:

In their Help section, they state that if they close a product, one only has 30 days to pay in any addtl monies.

Where exactly are you sourcing that from?  All of their product info that I can find states a simple 30 days from opening rather than 30 days from issue withdrawal (although some providers do use that model):

How long do I have to deposit after I open my Fixed Rate Cash ISA with you? 

You’re able to add money to your Fixed Rate Cash ISA for the first 30 days after you open it.

https://web.archive.org/web/20231208201905/https://uk.virginmoney.com/savings/questions-and-answers/all-savings-accounts/#how-long-do-i-have-to-deposit-after-i-open-my-fixed-rate-cash-isa-with-you

(archived version that would have been current at February 2024, same wording published now too)

Middle_of_the_Road

eskbanker said:

Hope4theFuture said:

In their Help section, they state that if they close a product, one only has 30 days to pay in any addtl monies.

Where exactly are you sourcing that from?  All of their product info that I can find states a simple 30 days from opening rather than 30 days from issue withdrawal (although some providers do use that model):

How long do I have to deposit after I open my Fixed Rate Cash ISA with you? 

You’re able to add money to your Fixed Rate Cash ISA for the first 30 days after you open it.

https://web.archive.org/web/20231208201905/https://uk.virginmoney.com/savings/questions-and-answers/all-savings-accounts/#how-long-do-i-have-to-deposit-after-i-open-my-fixed-rate-cash-isa-with-you

(archived version that would have been current at February 2024, same wording published now too)

As I posted earlier. Although my account is a much later issue, it was withdrawn a week or so ago, and a text on 28/08 informed me I have till 5pm on the 27/09 to make deposits.
EXC FIXED ISA 14
opened on 18/08/24

From account opening e-mail-

Want to add more money to your account?

No problem. You can pay in as much money as you like - up to the maximum ISA allowance. Even when we stop selling this account, you'll have another 30 days to top up. If we have your mobile number, we'll text you the closing date for adding money to your account. If we receive any money after that date, we may have to return it so don't delay.

slinger2

Yes. It seems that the Exclusive ISA accounts let you pay in for 30 days after it's withdrawn. However it looks like the OP opened his in February 2024 and that one (issue 10) was withdrawn at the end of February.

eskbanker

It looks like they apply different policies for their standard (open to all) fixed rate ISAs and their 'exclusive' ones for current account holders, with the latter having the more generous funding window.  OP didn't clarify exactly which one they have but if it was a standard one rather than an exclusive one then there'd presumably be no notification of issue withdrawal as it has no significance for those?