Abbey ISA fiasco

Joe_L

On the 4 April I went to my branch of Abbey and asked if I could see someone to take out a Direct ISA. They told me that all of their staff were tied up, but could offer me an appointment on Saturday 5 April at 16.00 to make sure I get in on 07-08 tax year.

So I made the appointment, put myself in the hands of the Abbey employee and took out the ISA. Before I left I said how should I make the payment, do I take the money from my eSaver and put it into my current account. He just affirmed that's what I should do offering no further instructions and that's what I did before I left the bank. I hasten to add that I'm a complete numpty when it come to financial systems and just assumed that Abbey would take the money from my current account and credit my new ISA.

A week later my £3000 is still sitting in my current account. I asked one of the clerks why this was so, she said she didn't know but could transfer my money, no problem. She promptly did this. It then dawned on me, that if I had just made the payment, then it could only be for the new tax year and I'd missed my ISA allowance of the last tax year. I was fuming.

I got a junior manager out who assured me they'd do everything to try to get it back dated for me and not to worry, etc. So far this has not happened. I went back to bank on being contacted by the staff member who signed me up for the ISA and we had an exchange. My argument being, why on earth would I sprint from work to a closed bank at 16.00 on 5 April to open an ISA for the following tax year. That he should have led me through the process as every other bank and building society had done to date. He said he was only there to open the ISA not exchange funds. I told him that I'd been with the Abbey since the early 80's and he had just lost them my custom. He couldn't have cared less.

I wonder if I have any recourse to make Abbey accountable for this error, or do I just right this off to naivety on my part and never trust a bank operative again.

merlinthehappypig

I think just avoid Abbey.

We opened an e-saver account online almost 3 weeks ago and still haven't had everything we need to actually make a deposit.

Contrast that with Northern Rock who do everything online in about 5 minutes and give the account number at the end of the process.

caveat_emptor

I've written on these boards more than once at the ineptitude of bank and building society staff and your post confirms everything, especially the bit about "he couldn't have care less".
At very least meet with or write to the branch manager to get the ISA reinstated, unlikely I think, or get compensation. Dealing with anyone else will be a waste of time.
I don't normally get involved with bank or building society staff but have recently and every time there has been a problem due to staff not understanding the product or procedures to process the product or simply not giving a damn.

RayWolfe

Joe_L wrote: »

On the 4 April I went to my branch of Abbey and asked if I could see someone to take out a Direct ISA. They told me that all of their staff were tied up, but could offer me an appointment on Saturday 5 April at 16.00 to make sure I get in on 07-08 tax year.

This should be posted above everyone's bed who wants to open an ISA.
Do not leave it until the last second ... it gives no chance for problems to be addressed.

Joe_L

RayWolfe wrote: »

This should be posted above everyone's bed who wants to open an ISA.
Do not leave it until the last second ... it gives no chance for problems to be addressed.

That could be said about many things Ray. The fact is, for various reasons (and you don't know mine), we all leave things until the last second. I deal with people in panic situations all the time and it's my job to be professional. The issue here is customer care, not my diary.

Pendle_Gazza

Joe_L wrote: »

That could be said about many things Ray. The fact is, for various reasons (and you don't know mine), we all leave things until the last second. I deal with people in panic situations all the time and it's my job to be professional. The issue here is customer care, not my diary.

Both are issues. Agreed customer care has gone down the pan, and Abbey have not endeared themselves to many in the last year or two, but making an appointment on the last day of the tax year, on a Saturday (non-standard banking day), was perhaps not the wisest move?