DrMoriarty
Moderator
- Messages
- 5,173
G'day all, looking for an opinion on the following scenario. Sorry, it's rather long-winded...
Last May I switched current account from UB to PTSB, but kept an old savings a/c open with UB. I had written to my branch a week or so before the switch asking them not to issue a renewal chequebook, since I had just written my last two cheques, and asking them to close the current a/c after these had been presented and cleared. A week later I received the unwanted chequebook in the post and returned it to them, requesting a refund of the duty. Fair enough, I figured, the letters crossed in the post or the chequebook-issuing department hadn't been notified by the branch not to issue one — no big deal.
Then I logged on and discovered that, contrary to my written instruction, UB had jumped the gun and closed the current account earlier than I'd asked, leaving me with two uncashed cheques "out there" and likely to be presented (and "bounced"). Fortunately, I was able to contact the two recipients of these cheques and ask them to tear them up and send them new cheques from my new PTSB a/c. A slightly more annoying cock-up by UB, but one I could let pass. However...
A week later, a third party sent me a fairly substantial funds transfer from Barclays in the UK (£4K/€5K approx.) — but sent it to the now closed UB account. He went back to his Barclays branch the same day, but the money had left and they told him it that if the receiving account was no longer operative the payment would be rejected and the funds should be returned within a few days and the charges reversed. This was confirmed to me verbally by staff at my old UB branch, because I dropped in to ask (having been unable to get through by 'phone). They said that no transfer had been received prior to the account being closed and that if one came now, since it couldn't be re-directed to my remaining UB savings account, it would be returned to Barclays.
He checked regularly over the past 3-4 weeks, but no sign of anything.
Today, Barclays told him that they’d finally contacted Ulster Bank directly, as they were worried about the missing money, and discovered that the money was in fact received by Ulster bank and was “being held” for me. So I should go to my old UB branch with proof of ID and proof of the transfer, and that that would be the quickest way to get the money.
I’ll be taking time off work to do this tomorrow, and I intend to let the manager have a piece of my mind. During the month-long delay — while they kindly “held onto” the money for me, I received no contact of any kind from UB. They had my PTSB account details, and a letter dated 17 May instructing them to transfer my closing balance to that PTSB a/c. They knew that I had another savings account with them, but decided not to deposit the money into that instead, even though they had prematurely closed the current account for which it was destined. Instead, they literally just “sat on” these funds in a holding account, said nothing to Barclays, said nothing to me, and just waited for somebody to come looking, I guess?
In the meantime, in the absence of these funds, I ended up — for the first time ever — not being able to clear my credit card balance, at the start of June, and having to borrow cash from friends and colleagues in order to avoid missing our mortgage repayment. We have been emptying the pennies jar for day-to-day expenses, and I had to request an increased credit limit from my credit card provider (AIB) because I started getting hit with over-limit fees, due to the rolled-over unpaid balance from June. Between credit card interest and fees, I am out of pocket to the tune of €112 — not to mention a huge amount of inconvenience, embarrassment and wasted time — as a direct result of Ulster Bank’s failures, and I intend to seek recompense for at least the monetary loss demonstrably attributable to same.
However, going on past experience, and particularly given that I am no longer an “valued (fee-paying) customer” of that fine establishment, I fully expect to be given the brush-off. If that happens, I intend to lodge a formal complaint and follow it up with the Ombudsman if necessary.
So — if you’re still reading at this stage!
— what I’m wondering is whether anyone here could refer me to any relevant sections of banking codes or regulations, consumer legislation etc. that might bolster my case? I don’t want to waste time arguing this with the branch manager, who is particularly smug and pompous ; I’d much prefer to simply quote him chapter and verse and invite him to do the right thing.
Or, a contrario, do you think I have a case at all? Was there any obligation on Ulster Bank to act otherwise than to just sit on the money and wait to be approached? No contact, no attempt to transfer the funds either to my PTSB account or to my UB savings account, where I could have seen the balance online? (this savings account has had a nil balance for years, but they keep sending me paper statements, despite several attempts on my part to get them to save their money and the environment).
I no longer expect probity or even simple human courtesy from these guys, but I would be amazed if their conduct in this was legitimate, and as I said I have suffered a financial loss directly as a result of their error/failure/deliberate omission.
Last May I switched current account from UB to PTSB, but kept an old savings a/c open with UB. I had written to my branch a week or so before the switch asking them not to issue a renewal chequebook, since I had just written my last two cheques, and asking them to close the current a/c after these had been presented and cleared. A week later I received the unwanted chequebook in the post and returned it to them, requesting a refund of the duty. Fair enough, I figured, the letters crossed in the post or the chequebook-issuing department hadn't been notified by the branch not to issue one — no big deal.
Then I logged on and discovered that, contrary to my written instruction, UB had jumped the gun and closed the current account earlier than I'd asked, leaving me with two uncashed cheques "out there" and likely to be presented (and "bounced"). Fortunately, I was able to contact the two recipients of these cheques and ask them to tear them up and send them new cheques from my new PTSB a/c. A slightly more annoying cock-up by UB, but one I could let pass. However...
A week later, a third party sent me a fairly substantial funds transfer from Barclays in the UK (£4K/€5K approx.) — but sent it to the now closed UB account. He went back to his Barclays branch the same day, but the money had left and they told him it that if the receiving account was no longer operative the payment would be rejected and the funds should be returned within a few days and the charges reversed. This was confirmed to me verbally by staff at my old UB branch, because I dropped in to ask (having been unable to get through by 'phone). They said that no transfer had been received prior to the account being closed and that if one came now, since it couldn't be re-directed to my remaining UB savings account, it would be returned to Barclays.
He checked regularly over the past 3-4 weeks, but no sign of anything.
Today, Barclays told him that they’d finally contacted Ulster Bank directly, as they were worried about the missing money, and discovered that the money was in fact received by Ulster bank and was “being held” for me. So I should go to my old UB branch with proof of ID and proof of the transfer, and that that would be the quickest way to get the money.
I’ll be taking time off work to do this tomorrow, and I intend to let the manager have a piece of my mind. During the month-long delay — while they kindly “held onto” the money for me, I received no contact of any kind from UB. They had my PTSB account details, and a letter dated 17 May instructing them to transfer my closing balance to that PTSB a/c. They knew that I had another savings account with them, but decided not to deposit the money into that instead, even though they had prematurely closed the current account for which it was destined. Instead, they literally just “sat on” these funds in a holding account, said nothing to Barclays, said nothing to me, and just waited for somebody to come looking, I guess?
In the meantime, in the absence of these funds, I ended up — for the first time ever — not being able to clear my credit card balance, at the start of June, and having to borrow cash from friends and colleagues in order to avoid missing our mortgage repayment. We have been emptying the pennies jar for day-to-day expenses, and I had to request an increased credit limit from my credit card provider (AIB) because I started getting hit with over-limit fees, due to the rolled-over unpaid balance from June. Between credit card interest and fees, I am out of pocket to the tune of €112 — not to mention a huge amount of inconvenience, embarrassment and wasted time — as a direct result of Ulster Bank’s failures, and I intend to seek recompense for at least the monetary loss demonstrably attributable to same.
However, going on past experience, and particularly given that I am no longer an “valued (fee-paying) customer” of that fine establishment, I fully expect to be given the brush-off. If that happens, I intend to lodge a formal complaint and follow it up with the Ombudsman if necessary.
So — if you’re still reading at this stage!
— what I’m wondering is whether anyone here could refer me to any relevant sections of banking codes or regulations, consumer legislation etc. that might bolster my case? I don’t want to waste time arguing this with the branch manager, who is particularly smug and pompous ; I’d much prefer to simply quote him chapter and verse and invite him to do the right thing.Or, a contrario, do you think I have a case at all? Was there any obligation on Ulster Bank to act otherwise than to just sit on the money and wait to be approached? No contact, no attempt to transfer the funds either to my PTSB account or to my UB savings account, where I could have seen the balance online? (this savings account has had a nil balance for years, but they keep sending me paper statements, despite several attempts on my part to get them to save their money and the environment).
I no longer expect probity or even simple human courtesy from these guys, but I would be amazed if their conduct in this was legitimate, and as I said I have suffered a financial loss directly as a result of their error/failure/deliberate omission.
