"money-Mafia"

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"money-Mafia"

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Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

"money-Mafia"

Today I contacted a Building Society which I opened an ISA account with £3000 some 8 years ago.
The company had been taken over by a Spanish Bank (Santander) and my enquiry was about moving my ISA over to a more profitiable account in their product line.

I was told that my present account was receiving 0.1% per annum interest rate and that the account was dormant, since there had been no recent activity and no further transactions could be done.

When I pointed out that no recent transactions had been done was because it was a savings account and I didn't require any money out or wanted to put any more in.... (I do everyday stuff like everybody else, on a current or credit card account)...so what's the problem?

Also that it is not possible under law to add money to an old ISA, since they are renewed on a year by year basis...so what are they getting at?

After an hour of listening to **** and getting passed from person to person who asked for the same details but could do nothing"since there had been no recent activity" and (costing 10p per minute), I finally lost it and told them I just wanted to close the account and a cheque sent to me at my registered address.

I was told this was not possible either...

I would have to come in person to their office (which would mean losing half a day's work since it is a distance away), with proof of my identity...either a current passport or new-style photo driving licence.

When I said that I did not have a current passport (since I don't travel these days), nor a photo driving license, but just the old non-photo original one I got decades ago....they said that in that case the account would have to remain dormant...since I could be "anybody".

When I pointed out that my phone number (which they saw on their screen) was the same one I had registered with and was requesting a cheque in the same name sent to the same address the original account was opened with...they maintained that it was not possible "for security reasons".

When I asked if I could email or fax any documents they requested, they said that this could not be done and I would have to appear in person.

When I explained that I actually opened the account by post, so nobody had ever seen me in person at their office, they said sorry but those are the rules.

When I explained again that I do not have photo ID, and it is not a requirement in law to have a passport or driving licence in the UK, I was told to bring in a Utility Bill...although they could not guarantee this would be sufficient, since they need a Passport or Photo Driving Licence.

So I asked if I had to give my neighbour my account documentation plus a utility bill, then he would be able to withdraw all the money in cash, but yet they would refuse to send a cheque in the name of the registered account holder at the registered address?

They said, yes..possibly...but that they had "security cameras" in the building and that they were doing it "for my own protection" and I should be commending them on their vigilance...

So I finally asked that if I had to take a half-day off work to bring in some documentation, would it be acceptable?

I was told that they could not guarantee that.

So what if they were not happy with Utility Bills, Birth Certficate, NI number card, Government/Council letters?

Then the account would remain dormant at 0.1% interest and I would have no access to it, I was told.

Well...no wonder the Banks are making record profits.
It doesn't take a genius to borrow money at 0.1%-0.5% and lend it out at 7%

I will go in to see them....and will speak my business in the loudest voice I have so everyone can hear...and refuse to leave the building until I leave with the dough or they get Security....

Count on it.

SANTANDER BANK SUCKS!

What was that thread again... about the whole system being ****?

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Mar. 29 2010 11:56:35

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: "money-Mafia" (in reply to Ron.M)

quote:

ORIGINAL: Ron.M

It doesn't take a genius to borrow money at 0.1%-0.5% and lend it out at 7%

well obviously they must be some kind of genius.

because everybody knows about this **** system, but people don't do anything against it and somehow accept it after a bit of grumbling. and not even politicians are able to change anything.

so either they are genius or we are all stupid.
or both.

i mean, imagine all people with money in banks worldwide would take that money away for one day, just one day, as a little punishment for all the ****. the whole system would collapse.

interesting thing is that the banks changed NADA after the whole crisis.
they do exactly the same **** as before the crisis.
and in 10-20 years or so, we will have the next crisis and have to pay for it again, till the next one in 50 years, and so on and so on.

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 29 2010 12:52:32

KMMI77

Posts: 1821
Joined: Jul. 26 2009
From: The land down under

RE: "money-Mafia" (in reply to Ron.M)

I feel your pain Ron.

I hate dealing with banks, electricity, gas, internet providers etc... There are fewer and fewer alternatives these days. Once these giants take over all the competition they set up there rules and everyone must follow.

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 0:04:02

gerundino63

Posts: 1743
Joined: Jul. 11 2003
From: The Netherlands

RE: "money-Mafia" (in reply to Ron.M)

Hi Ron,

had the same kind of problems.....Just to annoy the bank I withdraw all my money, EXEPT 10 cents......they are obliged to keep the account for 30 years.
So they must send me every time papers for tax, interest , etc.

After a few years they said I have to shut down the account but I did not....

then they called me on the Phone what I was up to with the account....?

"nothing"I said, "why you are not shutting it down? there are only 10 cents on.?"

"Well that are the rules" I said......"What rules?" they said....

Well, the rule: "If you p***ss me off, I p***ss you off......."

I agree a little childish, but I enjoyed it very much, Never had so much fun for only 10 cents.!

BTW, still have the acount.....

Peter

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 3:17:39

Pimientito

Posts: 2481
Joined: Jul. 30 2007
From: Marbella

RE: "money-Mafia" (in reply to Ron.M)

I sympathise Ron but this is the daily reality of dealing with any kind of banking matter in Spain. I must admit that i didnt think Santander would bring their banking practices to the UK but it could be a taste of the future.
Its not surprising then to find that most people in Spain prefer to deal in cash and there is a large "black economy", simply to avoid using the banks. The Uk has gone mad IMO with the way that everyone pays for everything by cheque, credit or debit card. In Spain many businesses have signs in the window that say "we dont accept cheques or card payments" The only way to carry a transaction is with cash. Imagine if this caught on in the UK again :D

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 3:32:02

Arash

Posts: 4495
Joined: Aug. 9 2006
From: Iran (living in Germany)

RE: "money-Mafia" (in reply to gerundino63)

quote:

ORIGINAL: gerundino63

Hi Ron,

had the same kind of problems.....Just to annoy the bank I withdraw all my money, EXEPT 10 cents......they are obliged to keep the account for 30 years.
So they must send me every time papers for tax, interest , etc.

After a few years they said I have to shut down the account but I did not....

then they called me on the Phone what I was up to with the account....?

"nothing"I said, "why you are not shutting it down? there are only 10 cents on.?"

"Well that are the rules" I said......"What rules?" they said....

Well, the rule: "If you p***ss me off, I p***ss you off......."

I agree a little childish, but I enjoyed it very much, Never had so much fun for only 10 cents.!

BTW, still have the acount.....

Peter

fantastic !

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 6:41:29

Estevan

Posts: 1936
Joined: Dec. 20 2006
From: Torontolucía

RE: "money-Mafia" (in reply to Pimientito)

quote:

The Uk has gone mad IMO with the way that everyone pays for everything by cheque, credit or debit card.

Going the way of Iceland where they use credit cards for every purchase, no matter how small. That worked out well...

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 6:55:14

edguerin

Posts: 1589
Joined: Dec. 24 2007
From: Siegburg, Alemania

RE: "money-Mafia" (in reply to Ron.M)

quote:

a current passport

Oh, so they'll accept a passport?

Here in Germany, a German passport is NOT proof of nationality (albeit it is accepted as proof of identity). Of course you can't get a passport without proving you're German, and the passport does state: "the bearer of this document is German", but none the less that's no proof ...

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 9:43:56

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: "money-Mafia" (in reply to edguerin)

quote:

Of course you can't get a passport without proving you're German, and the passport does state: "the bearer of this document is German", but none the less that's no proof ...

It's like that Spike Milligan army joke....

"You better watch it Milligan....the Staff Sergeant hates Jews..."

" But..but....I'm not Jewish..."

"Makes no difference.."

Or that old joke you used to see on a British Pound Note (From the Chief Cashier, The Bank of England)....

"I promise to pay the bearer on demand the sum of one, five [ten/twenty/fifty] pounds"

Well... we all found out that was a heap of Old Bull!..

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 11:03:24

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: "money-Mafia" (in reply to Ron.M)

Yeah, my bank in Granada won't send my statements to the UK because I am not in my house in Spain to authorise the request that I made from the UK. So I have to jump on a plane to go to my own house to pick up the letter, sign it and send it back to them - a letter of authorisation that they will not send to my address in the UK, madness. Same deal isn't it? They only want me to sign a form.

This is the same banking group that undervalued my house by 50% in a recent transaction and then told the buyer that they wouldn't lend it anyway - but he was scared off by the low valuation and didn't bother to seek alternative funds. That bank holds my mortgage of course

- bastards!

The same bank that refuses my electronic transfers because I have "insufficient funds", though I am 250 Euros in credit. Phone the stupid little branch, that is never open and no-one answers.

Same town where the local post office decided their own opening hours which ended up being 10-12 on most days except Wednesdays and "puentes", a normal working day between a fiesta and the weekend. So they can party. The employee is paid 1500 Euros a month for his troubles.

Don't get me started.

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 30 2010 11:56:32

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: "money-Mafia" - news today (in reply to Ron.M)

At last! Investigation launched into the great ISA rip-off

http://www.dailymail.co.uk/news/article-1262445/At-A-probe-great-ISA-rip-triggered.html

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 31 2010 1:34:01

marrow3

Posts: 166
Joined: Mar. 1 2009

RE: "money-Mafia" - news today (in reply to Escribano)

it was the front page story for the Times (uk) today as well. Perhaps they'll be forced to do something about it.

REPORT THIS POST AS INAPPROPRIATE | Date Mar. 31 2010 2:19:33

Escribano

Posts: 6415
Joined: Jul. 6 2003
From: England, living in Italy

RE: "money-Mafia" - news today (in reply to marrow3)

quote:

it was the front page story for the Times (uk) today as well

So I see, which probably means it's not a Daily Mail non-story, for once.

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REPORT THIS POST AS INAPPROPRIATE | Date Mar. 31 2010 2:59:20

Ron.M

Posts: 7051
Joined: Jul. 7 2003
From: Scotland

RE: "money-Mafia" - news today (in reply to Escribano)

I heard it on the Today Programme and more during the day.

A spokesman for the Banks said "We have done nothing wrong and were only following the (FSA) rules."

Now where have I heard that phrase before?....

cheers,

Ron

REPORT THIS POST AS INAPPROPRIATE | Date Mar. 31 2010 4:06:30