Santander CTF.

kam325i
kam325i Posts: 2 Newbie
in Savings & investments
Many moons ago, we choose Santander for our childs CTF. We deposited the standard £500.00 grant from the government at the time. During the same Tax year, we deposited £2000.00 in to the Fund, but as that would be over the limit for the year, Santander said the difference would be put in a "Holding account", associated with the fund, and deposited into the fund the next Tax year, Now, Before the next tax year came, Santander sold the CTFs, to Family Investments, or something like that......Now, the "Holding account" associated with the fund was closed.......and we assumed they sent the balance of the holding account (£1300) along with the sale of the funds...........Oh no...........they opened a normal bank account, put the £1300 in it, and then let us know they had done this......BUT......they used a name on the account that has noting to do with the fund, and so we have no access to the money to put it into the fund.

Now, when we try and to talk to them (Santander) about the account, they just keep saying that we need to provide proof of name change........And we keep telling them that we did not open the account, and that they choose the name on the account, without asking us anything BEFORE they created the account.....

So, really looking for advice on how i would go about getting this sorted, as i am just hitting a brick wall with Santander.....

Comments

  • xylophone
    xylophone Posts: 44,348 Forumite
    Name Dropper First Anniversary First Post
    BUT......they used a name on the account that has noting to do with the fund, and so we have no access to the money to put it into the fund.

    I am utterly mystified. To be clear....

    You opened a stocks and shares CTF with Santander. You deposited the £500 voucher and were limited to a contribution of £700 for the remainder of the CTF year.

    For some reason you attempted to deposit £2000 in the CTF which Santander refused but placed the balance of £1300 in another account on the basis that it would be automatically invested within the CTF in subsequent years.

    In whose name was this account - the child's? Yours as Trustee for the child?

    Santander arranged a transfer of all their CTF accounts to Family Investments and the CTF is still with them?

    The £1300 was transferred out of the original holding account into another account in a name which is neither yours nor your child's?

    In whose name does it stand? Have you been told?

    Have you tried a formal written complaint to Santander?


    Write to us at: Complaints, Santander UK plc, PO Box 1125, Bradford, BD1 9PG. Please include as much detail as possible about what's gone wrong, along with your name, address, account number, contact number and a convenient time for us to call you to discuss your complaint.
  • kam325i
    kam325i Posts: 2 Newbie
    "For some reason you attempted to deposit £2000 in the CTF which Santander refused but placed the balance of £1300 in another account on the basis that it would be automatically invested within the CTF in subsequent years"

    No, I went to deposit £2000 into the fund, not knowing at the time that there was a yearly limit, Santander explained the limit, and did their thing, leaving a balance of £1300, to which they said they would put into a holding account ready for the next tax year.

    "In whose name was this account - the child's? Yours as Trustee for the child?"

    The CTF is in the name of our child.
    The "Other account" is in a name that relates to neither the child, nor the child's parents.

    "Santander arranged a transfer of all their CTF accounts to Family Investments and the CTF is still with them?"
    No, the CTF is with the new owners, but Santander still hold the extra funds that were supposed to be added to the fund.

    "Have you tried a formal written complaint to Santander?"
    Yes, we keep being told that we need to provide proof of "name change" to access the account, we keep telling them that we can not provide proof of something that has not happened (change of name), and that they put the wrong name on the account.
  • xylophone
    xylophone Posts: 44,348 Forumite
    Name Dropper First Anniversary First Post
    "Santander arranged a transfer of all their CTF accounts to Family Investments and the CTF is still with them?"
    No, the CTF is with the new owners, but Santander still hold the extra funds that were supposed to be added to the fund.

    I meant was the CTF still with FI (now One Family) - I assume you mean it is?
    Santander explained the limit, and did their thing, leaving a balance of £1300, to which they said they would put into a holding account ready for the next tax year.

    In whose name was the account at this stage?

    On transfer of the CTF to FI (OF), Santander moved the cash in the "holding account" to a current/savings account (and told you they had done so) but the name on the account is that of an individual or organisation completely unknown to you.

    This makes no sense at all.

    You have made a formal written complaint and got nowhere.

    Time for the Banking Ombudsman?

    https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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