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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sat Jun 16, 2007 3:54 am Post subject: Barclays 6.5% Fixed Rate Mini Cash ISA Account Opening Delay |
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When Barclays first announced their 6.5% Mini Cash ISA account to the public on 16th March 2007, many savers leapt with joy at this excellent 12 month fixed rate ISA. However, having applied for the account months ago people are still waiting for the accounts to be opened.
What's Going on ?
Many, many, many account applicants are still waiting on not only confirmation that the cash ISA accounts have been opened but the actual deposit monies to be taken from chequing accounts and credited to the new accounts. The delay in corresponding with clients on account status is now running into several months, as customers increasingly wonder whether or not the account will actually be opened or not.
Barclays withdrew the cash ISA's from the the market place on 15th May 2007, citing exceptional demand which is understandable. However what is not understandable is why such a big bank as Barclays is showing itself at being so inept at processing customer applications?
The branch staff on queries tend to respond with the message that on account opening, interest will be back dated to the date that applications were checked by the branches or applications received by post. This would be amazing if it occurs, as months on monies remain in client bank accounts waiting to be taken by Barclays.
The Barclays website stated on account withdrawal that savers had until the 30th of May to return completed applications, which would be processed by the end of June, though did not mention the back dating of interest.
However the Barclays website subsquently carries the following message -
Have you already applied for a Tax Beater Cash ISA for the 2007/2008 Tax Year?
Due to a high demand for our Tax Beater Cash ISA, you may experience a delay in hearing from us. We are working very hard to ensure applications are processed as quickly as possible and interest calculations on your initial deposit will be backdated to the date we received your application - so you won't miss out on a thing.
Applications received before 15 May 2007
You should receive notification of your account details by the end of June.
Which does imply interest will be backdated to the date of the account application.
Therefore the best thing for customers to do is to wait until the beginning of JUly before chasing Barclays on the status of their Cash ISA applications. And we shall just have to wait and see if Barclays does back date interest to the date applications were received, as branch staff are informing customers on queries as to the delay in account opening.
By Shahla Walayat
http://www.moneyforums.co.uk |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Sat Jun 16, 2007 2:34 pm Post subject: |
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I posted my application forms off and it took nearly two months to open.
I am already an existing customer so was disappointed it took so long and was beginning to think it had not gone through.
But yes interest was backdated as promises |
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