Treefrog2108
Registered User
- Messages
- 53
hi.
I had a sum of money in an Interest first fixed account with a particular bank. Its maturity date was up last week and the bank opened another year long fixed term deposit and locked away my money, without my approval or signature.
I did recieve a letter last week stating that the maturity date was up , and reading it back now, it does say that If I do not get in contact with them (which I didnt) they will re invest it.
So I recieved the letter today with my new account details, although I had no intentention of re investing for another year,I believe I can get a better interest rate.
So basicly, what I am asking is was this legal? Would they not need my approval and signature to reinvest my hard earned cash?
Does the letters statement about "if I do not get in contact they will lock it away for another year" hold water?
I have not spoken to the bank yet, I just got the letter, but I wish to take the money out and invest it elsewhere. without penalties.
I appreciate any advice before I ring the bank.
I had a sum of money in an Interest first fixed account with a particular bank. Its maturity date was up last week and the bank opened another year long fixed term deposit and locked away my money, without my approval or signature.
I did recieve a letter last week stating that the maturity date was up , and reading it back now, it does say that If I do not get in contact with them (which I didnt) they will re invest it.
So I recieved the letter today with my new account details, although I had no intentention of re investing for another year,I believe I can get a better interest rate.
So basicly, what I am asking is was this legal? Would they not need my approval and signature to reinvest my hard earned cash?
Does the letters statement about "if I do not get in contact they will lock it away for another year" hold water?
I have not spoken to the bank yet, I just got the letter, but I wish to take the money out and invest it elsewhere. without penalties.
I appreciate any advice before I ring the bank.