Coventry Building Society - Junior Cash ISA as child approaches 18yr

Charlie-Otter

Coventry Building Society Junior Cash ISA as child approaches 18yr

I wanted to highlight an issue we are currently experiencing with Coventry Building Society, to hopefully save someone else the same headache, and see if anyone can offer guidance. Our children both had CTFs, that we moved into Junior Cash ISAs with Coventry Building Society, who were in the Best Junior ISAs list at that time. The process to open them was relatively simple - online application, then we were sent paperwork to sign and return in the post along with Birth Certificates and bank statement, which were then returned to us by recorded delivery.

Our eldest child is now approaching 18yr, so has been sent paperwork to return to transfer Junior Cash ISA into a Matured Junior ISA Account, with details about needing to provide ID documents (passport, driving licence etc) either in branch, or Certified copies by post. 

I contacted CBS by email with a couple of queries about this letter, so we can get the process started in the 3wk before 18th birthday. Firstly the Matured Junior ISA Account is a poor interest rate, so asked if we can instead move the funds to their 5 Access ISA instead. Secondly to query the ID requirements, as their website ID help (link below) states that documents can also be provided via email, if we send a photo of the ID, and a photo of the person holding the ID, but this is not mentioned in the letter. Our nearest CBS branch is 20 miles away, and our child a full-time student, so popping into branch is not an easy option. We do not have Certified copies of any documents, and again to obtain them would mean an appointment and fee to a solicitor or similar. 

Firstly the account type would be possible, but only by completing the paper forms and opening the Matured Account first, and then completing the paper forms to open the 5 Access Account and requesting a transfer?! Annoying that it can't be done online, but not impossible...

Following a couple of emails, and now a phonecall from Customer Services, it seems the ID issue however is not resolvable. They do not use secure upload services such as Hooyu; we absolutely can not send any ID documentation via post or email; and our only options are to go into branch or obtain Certified copies and post these. 

Furthermore, we apparently have no method of retrieving the monies from this ISA Account, without providing the documentation requested, even if we try to move it to another Cash ISA prior to the child turning 18yr! We are obviously going to close the accounts for both children ASAP, and request they are transferred to an ISA with a provider operating in the 21st Century, but was hoping someone might be better placed to advise on how we proceed...and also to warn any other parents of the archaic processes involved if you open an account with Coventry Building Society.

I have already requested this be escalated as a formal complaint, but how can we access this money in the meantime without an afternoon off college/work to drive to a branch. I am also concerned about ISA restrictions, as I thought there was a limit on the number of Cash ISAs you can open in a tax year, so if we open this new account with CBS, and then try to open another elsewhere to transfer the money to, this will not be allowed either?

https://www.coventrybuildingsociety.co.uk/member/help/member-support/identification.html 

Charlie-Otter

For clarity, original Birth Certificate was provided when opening the Junior ISA, along with bank statement as proof of address, and no details have changed as child still living at home. 

singhini

Charlie-Otter said:

Coventry Building Society Junior Cash ISA as child approaches 18yr

I wanted to highlight an issue we are currently experiencing with Coventry Building Society, to hopefully save someone else the same headache, and see if anyone can offer guidance. Our children both had CTFs, that we moved into Junior Cash ISAs with Coventry Building Society, who were in the Best Junior ISAs list at that time. The process to open them was relatively simple - online application, then we were sent paperwork to sign and return in the post along with Birth Certificates and bank statement, which were then returned to us by recorded delivery.

Our eldest child is now approaching 18yr, so has been sent paperwork to return to transfer Junior Cash ISA into a Matured Junior ISA Account, with details about needing to provide ID documents (passport, driving licence etc) either in branch, or Certified copies by post. 

I contacted CBS by email with a couple of queries about this letter, so we can get the process started in the 3wk before 18th birthday. Firstly the Matured Junior ISA Account is a poor interest rate, so asked if we can instead move the funds to their 5 Access ISA instead. Secondly to query the ID requirements, as their website ID help (link below) states that documents can also be provided via email, if we send a photo of the ID, and a photo of the person holding the ID, but this is not mentioned in the letter. Our nearest CBS branch is 20 miles away, and our child a full-time student, so popping into branch is not an easy option. We do not have Certified copies of any documents, and again to obtain them would mean an appointment and fee to a solicitor or similar. 

Firstly the account type would be possible, but only by completing the paper forms and opening the Matured Account first, and then completing the paper forms to open the 5 Access Account and requesting a transfer?! Annoying that it can't be done online, but not impossible...

Following a couple of emails, and now a phonecall from Customer Services, it seems the ID issue however is not resolvable. They do not use secure upload services such as Hooyu; we absolutely can not send any ID documentation via post or email; and our only options are to go into branch or obtain Certified copies and post these. 

Furthermore, we apparently have no method of retrieving the monies from this ISA Account, without providing the documentation requested, even if we try to move it to another Cash ISA prior to the child turning 18yr! We are obviously going to close the accounts for both children ASAP, and request they are transferred to an ISA with a provider operating in the 21st Century, but was hoping someone might be better placed to advise on how we proceed...and also to warn any other parents of the archaic processes involved if you open an account with Coventry Building Society.

I have already requested this be escalated as a formal complaint, but how can we access this money in the meantime without an afternoon off college/work to drive to a branch. I am also concerned about ISA restrictions, as I thought there was a limit on the number of Cash ISAs you can open in a tax year, so if we open this new account with CBS, and then try to open another elsewhere to transfer the money to, this will not be allowed either?

https://www.coventrybuildingsociety.co.uk/member/help/member-support/identification.html 

Your making a formal complaint because you might have to take time off and drive to a branch?
Can you not visit them on a Saturday? 

Charlie-Otter

The point of the complaint is that it contradicts their own ID requirements on their website, and makes it difficult to access the monies in the account.

Our nearest branch is only 20 miles away, so feasibly we could take time off work/school to go, but it isn't easy to organise and seems a prohibitively complicated process for an existing customer who has already provided legal ID documentation when opening the account.

singhini

You will be even more in a pickle if that branch closes down! 
You knew it was 20 miles away when you opened the account.
My point is why are you giving yourself so much of a headache, just go to the branch and be done with. 

But you do you. im off to watch Allo Allo

Charlie-Otter

Thanks for your input, but we opened the account without needing to go anywhere near a branch, so had no idea where our nearest branch was at that time...similarly I've an account with a financial institution based in Bristol, but don't expect to ever have to go there in person! As I've said, I'm not choosing to make life difficult for ourselves...it's not easy for us to get into the branch, and their own T&C mean we shouldn't need to...

xylophone

It is up to your offspring to deal with this matter.

Is it possible for him/her to make an appointment for a branch visit on a Saturday morning?

The ID could then be exhibited, the new adult ISA opened and the JISA transferred in?

After that, the account can be managed on line?

DRS1

You could try getting it certified at the Post Office.

Or you could send the original by special delivery.

Charlie-Otter

DRS1 said:

You could try getting it certified at the Post Office.

Or you could send the original by special delivery.

Thanks for this...didn't realise we could do this at a Post Office...really helpful info. Have Googled and at only £12.75 this is probably our easiest option. 

Child works Saturdays, otherwise it will have to wait until half term at end of Oct to try to get into branch, and really want to get this sorted and moved ASAP.

CBS already confirmed they won't accept original docs via post, only certified copies...although we had to post original Birth Certificates to open the accounts?!