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Stroud & Swindon - won't accept their own cheque !!

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I have an account with the Stroud & Swindon BS. The interest rate on this account has been cut twice this year, so decided it was time to move it. S & S have another account with a good (better) rate of interest - but it says "no transfers from other accounts".
I was informed that this included me closing the other account and paying in a cheque from the proceeds to open the new account !

With the present state of the financial markets I find it really bizarre that a financial institution would have such a rule in the first place and then enforce it in such a "dog in the manger" fashion.
It would seem to be a bare faced attempt by the S & S to hold investors in an account paying a lower rate of interest. If I have to withdraw the money completely I might as well take it elsewhere.

I did comment in a much earlier post about the difficulties I encountered from numerous financial institutions when trying to invest the proceeds of a house sale with them. I will say it again - don't they want our money ?

Comments

  • Oblivion
    Oblivion Posts: 20,248 Forumite
    Part of the Furniture 10,000 Posts Photogenic
    I have to agree. If savings intitutions would just play fair on interest rates, not only would they have happier customers and a better reputation as a result, but they would also do away with a huge amount of administration resulting from dissatisfied customers moving their money.

    Dave.
    ... Dave
    Happily retired and enjoying my 14th year of leisure
    I am cleverly disguised as a responsible adult.
    Bring me sunshine in your smile
  • dunstonh
    dunstonh Posts: 119,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    A number of the banks and b/s have issued accounts for "new money" only.

    It is acceptable and there for a valid reason. They are trying to increase their deposits to help make funds available to lend. New money ensures that they raise their deposits and not just redirect existing money.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • moonrakerz
    moonrakerz Posts: 8,650 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dunstonh wrote: »
    A number of the banks and b/s have issued accounts for "new money" only.

    It is acceptable and there for a valid reason. They are trying to increase their deposits to help make funds available to lend. New money ensures that they raise their deposits and not just redirect existing money.

    They won't be getting "new" money, if I have to withdraw it, I shall take mine elsewhere.
  • dunstonh
    dunstonh Posts: 119,617 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I understand your reasons for doing that but I also understand the economics of what they are doing as well. Not saying I agree. Just that I understand.

    They will gain for more than they lose although it is possible to sometimes get them to overrule and allow you to have the product if you dont have a history of frequent switching.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Can OP not pay cheque into a current account elsewhere and issue new monies through a cheque drawn on that bank?
    They'll obviousley lose a bit of interest while cheque clears?
  • moonrakerz
    moonrakerz Posts: 8,650 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Can OP not pay cheque into a current account elsewhere and issue new monies through a cheque drawn on that bank?
    They'll obviousley lose a bit of interest while cheque clears?

    They suggested that, but if I am going to go to that bother I can probably find someone else who pays a bit more !
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