LloydsTSB Fixed rate Isa 6.5%

bristolleedsfan

roddydogs wrote: »

Im just quoting what i was told in the branch, obviously some people have been told differently, could it be that i was offered £100 compensation for the ***up, and they want to cut their losses?

Where people have asked about interest being backdated ive quoted peoples reported experiences of what actually happened.

Many of the people answering questions in Branches dont actually open the accounts so they dont know what actually happens.

Reason for 100.00 compensation offers is because it costs the Bank/Building Society if someone complains to the Ombudsman etc and the Bank/Building Society needs to be seen to have gone to every length to rectify matters.

Where an organisation such as a big Bank or Building Society is at fault they usually say sorry with a compensation offer. ( money does talk, buys a quiet life and avoids negative media coverage for the organisation concerned.)

100.00 is a pretty standard offer in such circumstances. ( Nationwide paid the same for its former Portman ISA account "transfer out" failings to myself and others)

roddydogs

Update-my query re backdated interest is being looked into-i recieved an almost instant reply to my question-fingers crossed!

Cappsy

derrick wrote: »

Spoke to an adviser in my local branch yesterday, and was told that interest will be payable from day of receipt of cheque, no interest backdated to day of previous bank sending cheque, although she did say that monies are sent electronically? never heard of that happening with ISA's before!

Stange, exact same story for me speaking to branch yesterday. Said that sort code and account number had been sent to YBS and they were waiting for the transfer to happen.

I'd received a letter from YBS over a week ago (17th) stating that their part of the transfer had been completed. I rang YBS this morning to check that they had sent the money and confirm the way it was sent.

They confirmed that the money had been sent by cheque as they are required to send a document with the cheque stating the amounts in the transfer (cash + interest) by Inland Revenue. The person in branch seems totally reasonable and clearly believed what she was telling me regarding e-transfer to be the case but given the above she doesn't appear to understand the ISA transfer process.

Regarding backdating interest I understood that the cheques were date stamped on arrival and then interest credited to that date on the stamp. I was told in branch that interest was only payable from the date it appeared in the account. I'll let them know what I expect.

Given the bank holiday I'll cut a bit of slack 'til the end of the week but by then I'd expect them to be able to confirm the cheque had arrived even if it wasn't yet showing in the account.

MiserlyMartin

Let me update you on my transfer woes. They did backdate my interest but they backdated it by the wrong amount still of short 4 days interest. I've been passed from pillar to post around various different Lloyds call centres, most of which say they can't deal with the ISAs, or they can't deal with the new fixed rate ISAs - only the old ones. The usual response is that I'll have to deal with the branch, who can help me.

I contact the branch and they do try to help , but end up telling me that the only thing they can do is leave messages with their 'ISA centre' to call me.

Twice I asked the branch to sort it out, twice I have had no phone calls from the ISA centre

The whole thing is a shambles. You can't speak to the ISA centre directly and they won't even respond to branch requests!

In the end the branch said they went into my ISA account themselves and changed the interest to represent 4 extra days, but this can't be checked until the interest is added end of year. How can we all check Lloyds have done this properly? I only have a phone call assurance, nothing in writing.

It seems we are all moving ISA's to them for for this better rate but the lost interest problems seems to negate the benefit of bothering, and the hassle is most stressful.

Any ideas? I was told the ISA's were transferred electronically by the branch. You really seem to have to make a fuss to get any interest even tried to be credited. Usually the response is 'it takes 30 days!!', suggesting that we should expect to lose 30 days interest!

carpy

when i applied over the phone, the advisor told me interest would be paid from the transfer date, therefore i wouldn't lose any interest.

i didn't ask about this so i assume they're doing that automatically, although i can't see it in the T&C's??

MiserlyMartin

roddydogs wrote: »

Could i just point out to Bristolldsfan, that i have been told that transfers from non-Lloyds sourves will NOT recieve any backdate interest, and that your "Year" runs from when your application is accepted, not from when they get your transferred money, this could be 1 month in other words you wont get 6.5%, it could work out ot less than 6%! Plus youve lost 1 months interest!

This is rubbish. It shows they don't know anything about their own products. I think ICICI were more competent than this!

From their T's & C's..... A.2.1 END OF THE FIXED RATE PERIOD
We will send you a statement within 30 days of the end of the 12 months fixed rate period (the first aniversary of the day on which your FRISA was opened)

A.2.2 ACCOUNT OPENING:
Your FRISA will start from the date of your first deposit ....

So the way I read that, if you opened it with a transfer in then the account 'starts' from the date the money was recieved. Remember this in 2009 if they try to put you on a variable rate before the year is up. I think we had better watch these lot very carefully.

ffacoffipawb

My YBS E-ISA has been closed by cheque to Lloyds TSB on 19th March - the day before Good Friday, just before a 4 day weekend, despite me sending the form to Lloyds TSB in early/mid February (virtually when the account became available).

Wonder when it will appear at the Lloyds end? The ISA there is showing a nil balance at the moment.

I also received a letter from Lloyds yesterday, dated 18th March (the day before the YBS account was closed) stating that :

"Thank you for returning your completed paperwork to us. I've noticed that you have changed some details on your Transfer-In authority. I can confirm that we have amended ** these for you on your application and will proceed with your transfer."

YBS are quick off the mark if Lloyds initiated the transfer on the 18th!

** Some of the details the guy on the phone at Lloyds took off me were wrong so I had to print off a new transfer form and fill it in by hand instead of using their pre-printed one.

bristolleedsfan

ffacoffipawb wrote: »

My YBS E-ISA has been closed by cheque to Lloyds TSB on 19th March - the day before Good Friday, just before a 4 day weekend, .

Iquote]


Facinating the number of ISA Providers who transact a transfer out towards the end of a week thus ensuring that it will keep the interest for "at least" one weekend.

Anybody who gets problems with "any" ISA provider not backdating interest on transfers in should IMO point out that when the ISA gets transferred back out again it will keep interest on the money for days after the transfer out has been transacted.

People should also point out to the new ISA provider that "u" the customer have no control over how and when the transfer is transacted and its supposed to be merely an "account transfer".

If the ISA provider says "well we dont get interest on the money until a certain time" then reply with "well" and second paragraph above.

Cappsy

Received YBS letter confirming the transfer out on 17th. Money showing in LTSB online banking this morning 28th. No news yet on backdating interest but looks like I've been relatively fortunate.

highet

do you need to make an appointment at branch to open fixed rate account or just walk in with relevant docs?