EBS wont give me my money!

Keogh08

Had an 18mth savings account with EBS that matured 2mths ago, when it matured they rang me to ask me what I wanted to do with the funds, told them that I would need the funds this summer but didnt need them in the mean time. I received a letter the following week that stated that the funds had been rolled over into a 12mth account, I rang the EBS & said again that I would need the funds this summer to which the girl replied that it wouldnt be a problem.

Went to the EBS today & was told that I could not withdraw this money as it was tied up in a deposit account for 12mths, I could withdraw 50% but that is no good to me as I need all of it. I recounted what had taken place to the teller but he basically said as it had taken place over the phone it was all hearsay! What am I supposed to do now?

GerardKeating

Keogh08 wrote: »

Had an 18mth savings account with EBS that matured 2mths ago, when it matured they rang me to ask me what I wanted to do with the funds, told them that I would need the funds this summer but didnt need them in the mean time. I received a letter the following week that stated that the funds had been rolled over into a 12mth account, I rang the EBS & said again that I would need the funds this summer to which the girl replied that it wouldnt be a problem.

Went to the EBS today & was told that I could not withdraw this money as it was tied up in a deposit account for 12mths, I could withdraw 50% but that is no good to me as I need all of it. I recounted what had taken place to the teller but he basically said as it had taken place over the phone it was all hearsay! What am I supposed to do now?

Since all took place over the phone, you cannot prove you asked for access to the money, but it works both ways, they cannot prove you wanted another 12 month contract. Check with the regulator, but i am not sure if such automatic roll-over letters, like the one you got are valid.

amcalester

Send a letter of complaint to the EBS outlining all that has happened, send it in recorded delivery and wait 2 weeks to get a response.

If no response is received within 2 weeks contact the ombudsman. It is very unlikey that you wont recieve a response within that time, banks have signed up acknowledge all complaints within a certain timeline (5 working days from receiving the complaint) they then have 1 month to investigate the complaint and issue you with a results.

chris85

amcalester wrote: »

Send a letter of complaint to the EBS outlining all that has happened, send it in recorded delivery and wait 2 weeks to get a response.

If no response is received within 2 weeks contact the ombudsman. It is very unlikey that you wont recieve a response within that time, banks have signed up acknowledge all complaints within a certain timeline (5 working days from receiving the complaint) they then have 1 month to investigate the complaint and issue you with a results.

You must get the complaint closed with the bank (have an outcome) before the ombudsman will take on any case.

Go to your branch and put in an offical complaint or write to them followed up with call and request a timeframe for response. They will generally respond within a few days of the letter being received to advise of the timeframe and the person dealing with your complaint. If you are unhappy with the outcome then head to the ombudsman.

People run too quick to the ombudsmand these days who will do nothing until your complaint has been addressed by the instituation who are obliged to complete the complaints procedure efficiently.

Your contract will most likely state if the money is not withdrawn then the account rolls over as this is built into most deposit accounts like these. i cant see any t&c on their website for the fixed term deposits so cant be sure but check it out. If it does say so and you only have their word on the phone then you could be in a pickle. Definitely worth a complaint as you would probably get the money but nothing guaranteed.

oldyouth

This happened to my (elderly) parents. When I got on the case, they soon pulled in their horns. Very shoddy practice and they should capitulate at the 1st threat

belongtojazz

Just a thougt but it may be worth asking them if their calls are recorded "for training and monitoring purposes" if they are you should ask them to check the recording as this would then be proof of the conversation.

chris85

belongtojazz wrote: »

Just a thougt but it may be worth asking them if their calls are recorded "for training and monitoring purposes" if they are you should ask them to check the recording as this would then be proof of the conversation.

worth asking but havent come accross a company who records all calls or many at all. its generally to cover themselves when a manager is listening in, doing training or if they are recording a call for training.

craoltoir

You should be able to withdraw your money when you want, regardless. They may apply an interest penalty depending on the conditions of the account. Threatening the Financial Ombudsman should sort it out.