Irritation factor

[saddad]

Our first endowment... taken out 25 years ago matures this month, and although it doesn't really meet half the amount we were promised that's not an issue  as we converted to repayment about 10 years ago and as I am out of work a few thousand will come in handy. The really irritating factor is that having taken our premiums for 25 years with no hassle they are putting hurdles in the way of repaying. Allegedly to stop money laundering etc. we need to prove identities. OH has no valid passport, an old style (non-photo) driving licence in her maiden name. Works and banks in her maiden name....
We shouldn't have to go through so much hassle to get what is after all our money... even if they have done the equivalent of P*ssing half of it up the proverbial wall...

Rant over...  :-X

[saddad]

[Digeroo]

Same happened to us.  They tryied to sit on the money as long as possible.  Said they needed details of the bank account.  Said it would take three weeks to transfer the money.

I went mad.  I told them that the money had come out of the same bank account for 25 ****** years so they could just get and pay it back into the same ******* account.  Said they know precisely who I am I have been banking with the same bank for 40 year and my OH even longer.  As for the three weeks to transfer the money I rather suggested that they could do it instantly.  . 

They said it was ok that they had an agreement with the building societies for late payment.  I told them I was not interested they did not have an agreement with me for late payment.  I had paid on time for 25 years and expected the repayment on time.  In the end they did it in three days.

They charged interested for a full year on 1st Jan and were trying to repay it after the new year. 

Rant at the bank.  Rant on the phone.  Rant in writing.   Rant online. 
Every time you complain they have to spent time investigating,  in the end it is cheaper for them to cough up.     If you print off identical letters they will ignore the extra ones, but can not if each one is slightly different. 

[small]

I was unable to open a bank account I wanted to last year for the same reasons - no passport, no photo ID - it made me feel like a non-person. There's not much soul in these financial institutions.

[Obelixx]

Banks are in it to make money.  The longer they hang on to it the more profits they make for their shareholders but they do also need to consider keep their customers happy.

Well done Digeroo for standing up to them.

As for requiring proof of identity, it's a security measure against fraud, identity theft, money laundering and more.  They're not very good at it yet but you should be grateful they do at least try to protect existing customers - and of course their own potential liabilities - by asking for proofs.  They'd be negligent if they didn't.

[Duke Ellington]

It is very annoying.I know it's supposed to be a joke and not a funny one but ........

THE COMPUTER SAYS NO!!!!

Duke

[grannyjanny]

Disgraceful. What more can I say.

[hightower]

I can't help but think that you'd feel somewhat different if a stranger went in after obtaining your details and managed to withdraw your money without any security barriers. They really are there to our benefit, in what is becoming a world of identity theft and fraud.

[saddad]

I agree about the need for protection from Identity theft... but as they have taken the money from the same account for 25 years they only have to reverse the payment... I know of no cases where an  identity thief makes payments to a company for decades after stealing your identity..  :-\

[macmac]

I know they are bound by rules but when we had to visit a local solicitor when an aunt died ,the receptionist was so rude  >:( when we didn't have  a passport or photo i.d..she implied we were some kind of second class citizen because we didn't travel. She should try aggoraphobia  :(

[Obelixx]

I quite agree Saddad and you should be jumping up and down like Digeroo did and maybe sugegsting they pay interest on your money for the period they delay paying it to you.

My comments about security were directed at Small and the opening of new accounts.

[Ellen K]

I moved a cash ISA from the Yorkshire BS to HBOS last year and it was over a month after I closed the old account before HBOS said they had received the money.

Barstewards

And don't tell me that has anything to do with ID theft.

[Digeroo]

When someone got my CC details the bank were very efficient at sorting it out.  I agree they need to be careful.  But with an endowment payment they have 25 years to sort of the details there is no excuse for delaying repayment.   

Saddad do not take no for an answer.  Everytime they came up with an excuse (they had lots) I simply said that was still unacceptable to me.  I told them I considered what they were doing was theft. 

The whole endowment thing was a total fraud, it only paid half the amount.  After the value fell due to share prices they transfer a large percentage of it to fixed interest so did not benefit when the value of the share rose again.  It was a total con.  Delayed payment was like a red rag to a bull for me.

[small]

Sorry. I didn't mean to suggest banks don't need ID, it was just those particular demands, meaning a non-driving stay-at-home wasn't welcome - posted before I considered.

[Deb P]

Doesn't surprise me.

When my parents moved to Derby last May, they closed several bank accounts in London. Recently, they received a redirected letter from Chelsea Building Society telling them the interest for the year ( less than £100) which surprised them as they had asked them to close the account before they moved.

Mum wrote again, informing them of their new address and again asking them to close the joint account and send them a cheque. Mum got another redirected letter, acknowledging their request, but asking for both their signatures before they could close the account they had already been asked to close the year before.

Sadly, that week my dad had a significant stroke and was rendered unable to speak or write. Mum wrote explaining this, reiterating their new address again, and explaining why his signature could not be provided at this time, and also querying why it was necessary as they had already received their original request to close the account.

She was infuriated to receive yet another redirected letter asking for written proof from the hospital Dr's confirming his illness and degree of disability! As if she hadn't got enough to worry about!

[GeeGee]

Deb P - that is totally disgusting, but not surprising sadly.

Good for you Digeroo. Quite right, of course they had 25yrs to sort out identity etc.

It would not take much to mark policies coming to term and do all the identity double checks etc a few weeks before the end date in order that the monies can be transferred on time.

Of course they never will because they make a lot of money out of keeping your money, even for a few days!  >:(

Saddad - go for it as Digeroo says. Tell them what is what and fight for your money. Even better tell them straight you want the interest that you are losing as a result of the delay and furthermore, compensation for the loss of the enjoyment of YOUR money over the period that they delay paying you!  ;)

[shirlton]

Makes you wonder if keeping it under the mattress was a good idea ;D

[Hector]

These folk are super and can complain on your behalf. They sorted out my duff insurance company
http://www.financial-ombudsman.org.uk/

[saddad]

Thanks Hector, but we aren't at that stage yet...
OH nearly went ballistic (she has a lot of other stuff on her mind ATM) when I was away at the start of the week and we got another letter saying we hadn't sent back the forms as requested.... it was easily resolved with a 'phone call as it had been sent out "automated" during our initial period and the money has been cleared and should be in the bank today!  8)

[Digeroo]

Glad you finally got  your money.  I must say that I really enjoyed paying off the mortgage.  I had been paying mine off gradually so the amount received from the endowment would be enough to cover the debt and I had enough left over to replace a 25 year old oven.  But I should have had enough to buy a new car.