EBS Lump Sum Savings Account.

[Maria123999]

Hi

Invested 'lump sum' in an EBS 1yr savings account on 1-June-2014. Matured on 1-June-2015.
'The lump sum' automatically rolled over for an additional year (unbeknown to us) and now we're being refused access to our lump sum. Only 50% available.
EBS staff say there is nothing they can do - It's in the terms and conditions. Point blank.

We were prepared to waiver interest occurred. But no. It's in the terms and conditions...

Has anybody any advise on what to do to get our other 50% back?

Thanks.

 

[Lightning]

EBS automatically reinvest all term deposits on maturity date without the prior clear opt-in consent of the deposit holder.

It is outrageous and should ideally not happen. Matured term deposits, without an instruction, should ideally be placed in an instant access account.

Anyway, EBS are complying with their T&C's.

You could try talking to a manager in EBS. A good sob story as to why you need the money helps.

 

[Insidesmoke]

Same happened to us. Initially rolled over to current account. We changed to fix term. On expiry automatically rolled over to fixed term. Would have not consented to such as we would shop around first and then decide at our own convenience (young family etc). Could only access 30%. Explained situation to branch manager, buying a home, who was very nice and customer focused. Head office refused release of funds. We were furious, it's our money not theirs. No problem paying a small penalty for early exit, but refusing to return our money for an exceptional circumstance is wrong. Wrote a letter of complaint to ebs and will also notify the financial ombudsman. A customer for 20 years, will never bank with them again.