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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Barclays 6.5% Fixed Rate Mini Cash ISA Account Opening Delays Continue

Personal_Finance / ISA's Jun 15, 2007 - 11:59 PM GMT

By: Shahla_Walayat

Personal_Finance 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 that 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

Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved

The UK Money Saving & Investing Forums is a free online publication providing, FREE Online Tools including Credit Score Calculator and the Savings Calculator . Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide . Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from 0% Credit card deals , to the state of the Housing market . The best Savings & Deposit Accounts etc. This article maybe reproduced if reprinted in its entirety with links to http://www.moneyforums.co.uk

Shahla Walayat Archive

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Comments

Jane
16 Jun 07, 10:37
Opened

I applied in the last tax year 23rd MArch and had to wait until to 12th May when they finally wrote to me to let me know my isa had been opened.

The Cheque had been cashed the day before the letter.

However I applied for 2006/7 tax year and account was reported as opened on 5th April. Not sure now which year I am in so have tried phoning them. Do not try this unless you have endless days to spare. It doesnt matter what button on the menu you press they cut you off and say they are too busy. Makes no difference what time of day you call either.

I am so glad I dont have any other accounts with them as they are useless.

I would not recommend barclays in the future.

Jane.


Marge
16 Jun 07, 10:57

According to the advisor at Barclays, the ISAs dept told him that accounts opened before April 27th will have had their backdated interest credited to their ISAs on May 1st.

Although Barclays had my application since 2nd May, they did not open my ISA until 28th May. I've only had one days interest credited to my ISA.

So I would be very skeptical about the promise of getting full interest backdated.


Stella
19 Jun 07, 23:25
2006-07 isa

Still waiting for anyword from my application that I made on 25th March 2007 !

About 4 weeks ago I went to the branch and was told nto to worry that the account would be opened and I would get interest backdated, but no specifics about the account.

I really regret applying for this ISA, my £3k has been sat on my current accoutn do nothing for nearly 3 months !

if any barclays staff are reading this, they should take note to get their act together and not to advertise products they cannot manage properly !


Joe - Barclays staff
28 Jun 07, 16:29
Barclays Cash ISA - To Stella

it is understandable that you are annoyed that barclays took a while to process your application, take it from me, everytime 1 of these applications came in, we no longer were alowed to pass it over to a personal banker to open the account (i am a cashier) due to the high amount of applications we had, SO, we had to send them off to our external personal bankers as we called them, which due to it being a non existant job roll, there was such a low quantity of people willing to process this application, the reason a regular PB couldent process the application is because extensive NI checks needed to be delt with, SO when you say "barclays staff" specify WHO you mean because NONE of the branches at all had any news on delay time, we were struggling as much as you trying to explain. but as most misruble 50+ customers are, they have no patience as there horrible ill ridden lives are slowly vanishing, an ISA is the only way to retain your youth.... as long as you get it open before you are 60. but unfortunatly you are most proberbly over that mile stone aswell arnt you. awww poor granny


Ken L Evans
12 Jul 07, 14:00
Barclays Cash ISA

I agree with all comments re:Barclays Cash ISA's.

I opened one with £3k on May 11th & was told written confirmation was not neccessary (it' all on computer) After 4 visits to local branch in an attempt to check progress. June 26th. I was advised to write to Liverpool to cancel the account.July 9th phoned Liverpool only to be told there was no record of my application (they must have ignored my correspondence) July 11th back to local branch this time advised to cancel my cheque and re-invest in some other company's Isa. I was only able to cancel my cheque when my Barclays advisor went to my bank to personally confirm original cheque had been misslaid I calculate loss of interest about £35

Bank with Barclays? Not Likely !


Diane
13 Aug 07, 09:06
Joe - Barclays staff

You were a bit personal to Stella, Joe. Don't see where she mentions her age. My ISA has taken 5 months and I have received an application form to complete as they have lost the original. I am struggling to find a reason to keep my Barclays account if you are a reflection of its staff. One day you will be over 50 and by then, you may be able to spell.

Its allowed not alowed; non-existent not non existant; job roll? do you mean job role?; couldn't not couldent; dealt not delt; miserable not misruble; unfortunately not unfortunatly; probably not proberbly; aren't not arnt. Oh there is more but it will take you until your 50+ to know and then one day, you will come across a know-nothing young sprat and you will know what it feels like to deal with someone like you. awww poor baby.


Glyn
12 Jan 09, 11:54
Barclays Mini ISA

I too had problems with Barclays, the lady opening the account asked lots of private questions, regarding my children etc, nothing to do with the account, after all I have banked with them for over 50 years, so why ask now!

She got a rocket!

My account took over 6 weeks to be opened,on 23 May although the cheque was cleared from my current account straight away.

Then they tried to only credit interest from 1st June.

After one MIGHTY kick, I did get full interest backdated

and a bouquet of flowers.... but not until August.

So dont mess about, its your money... kick!

Far too many of these young ones who know diddly squat,

in charge of our important matters.


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