old - Fazer Owners Club - old
General => General => Topic started by: sinto on 14 July 2015, 11:05:42 pm
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Hi,
I'm looking for some serious advice on what to do about a situation my father has found himself in.
He's 89 in August and suffers a wee bit of memory loss etc.
He went to his building society to withdraw his savings to get them all transfered into his current account at the bank.
BS gave him two cheques to value of approximately 50k, he took these to the bank immediately after leaving BS.
Financial advisor asked if he could help and proceeded to get my father to read various sheets of info and watch a video on a pc monitor in the bank, got to mention my father can't read unless he uses his easy read that increases the size and puts it onto his tv even then he struggles.
So long and short of it, guy at Bank has now put his 50k into a bond for 3yrs!
I found out about this by accident and duly went to the bank with my father to ask why they done this and was told "we asked your father if this is what he wanted, and went through various options but he said he wasn't interested in getting hold of the money, he just wanted it safe"
I asked why they didn't realise they were dealing with an old guy who can't walk, listen, or read properly? And why didn't they think to say, we should call your son, who they know as, I bank there too!
So now, after asking them to cancel it as we were told it had a 14day cooling off period, are being told we can't and was given wrong information, if he wants to cancel it now, they are charging £453 for the privilege.
So my dad has an bond account, which if he needs money, he'll be charged a hefty fee to take it out, admitted they said it goes down every month till the 3rd July 2018!
Yes, my dad has a current account which he gets his pension into etc and is more well off than I'll ever be, but I guess I'm asking....
Do you think this is right?
Could I get it sorted without the costs?
I know it's certainly not moral, but they are banks etc after all so I don't hold out much hope, but your advice and help would be really grateful.
Thanks,
Colin
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Get the whole thing down in writing in a formal letter of complaint, in your dads name and with him signing it and witnessed by someone not related to either of you - and send it to the bank (before the 14 days are up - even if the bank say that doesn't apply).
If they don't play ball, write to the banking ombudsman.
I might not work, but then again, maybe it will.
I'm in the middle of an argument with my bank at the moment, where I believe they misrepresented themselves in a share deal for me which has ended up costing me a lot of Capital Gains tax that I shouldn't have incurred and they now want a huge admin fee (because they were foreign shares and I had to open an international currency account to the money from the sale of the shares) just to give me my cash - theiving bar-stewards, the lot of them
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Already started a draft letter, also today at the bank when I spoke to assistant manager, I stated I wanted to put in a formal complaint of which she took a note of it.
My dad's that bamboozled about it, he says just cancel it for the sake of £4.50, just shows he's not switched on to what's happening to him.
He also doesn't realise if he dies before the bond time, they will still charge the fees etc to cash it in and he certainly doesn't want that either.
Yeah, they are foccin at it, it's really a bummer when they do it to us and we can deal with it but to a nearly 89 year old is outrageous really.
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Bunch of tossers, sorry mate, that's all the input i can give unfortunately. :grumble
But this might be helpful, good luck anyway Sinto.
https://www.citizensadvice.org.uk/debt-and-money/banking/complaints-about-banks-and-building-societies/ (https://www.citizensadvice.org.uk/debt-and-money/banking/complaints-about-banks-and-building-societies/)
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+1......tossers,not sure of the complaint process but they are 100% in the wrong for a number of reasons...main one for not calling you,the cost of a phone call :grumble :grumble :grumble hope you get the right result...
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I'm off work today and going a run with a mate on the bike to clear my head, I'm like a wee Scottish Terrier when I start I won't let go :/ they're not getting away with it Scots free!
I appreciate your thoughts guys, I really do.
It's really a matter of the way they treated my dad, the money is safe, thank goodness but it's shear principle :)
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Get the press involved , shaming them might make a difference. Move your account as well .
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Try contacting Dominic Littlewood, TV programe Don't get done get Dom he loves taking on the rip off merchants.
How long have you been a customer of that bank? Do not see the assistant manager demand an appointment with the manager. You could threaten to close all your accounts with that bank.
Contact some of these smartass lawyers that deal with mis sold/products which your father has been so obviously sold.
Foccing wanking fecking bankers, Good luck. :lmao2
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As morally reprehensible as it is, the bank hasn't done anything wrong.
However, they may have failed in their duty of care to a vulnerable customer, so it's worth exploring that avenue.
if that fails then explain to the bank that you will stir up a shit storm of negative publicity over this matter..........and I'd use those words.
Finally, I know it's not easy to accept this, but it might be in your father's best interest to create a power of attorney for you and your siblings because it sounds like your dad is prime telescam material.
I found that oaps start thinking like children again once the mental processes start to wonder and are easily separated from their money.
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:agree with the sadlonelygit
Power of attorney is the way to go even before you get this individual issue sorted out. My Mrs and her brother (plus someone who I cannot remember) have had this arranged by her parents already for when it happens. The in-laws arranged it because they know the trouble they both had trying to get it sorted when their mothers minds went west.
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:agree with the sadlonelygit
Power of attorney is the way to go even before you get this individual issue sorted out. My Mrs and her brother (plus someone who I cannot remember) have had this arranged by her parents already for when it happens. The in-laws arranged it because they know the trouble they both had trying to get it sorted when their mothers minds went west.
I know it's too late for the current issues you have but do the above, my Dad got MND early last year at the age of 73, at the time we all thought Power of Attorney might be a bit drastic but did it anyway (with Dads approval) and thank god we did, 12 months later he can't write a cheque or go to the bank so I am now dealing with all his financial affairs, he had loads of ISA's and small savings accounts dotted all over the place and it has been a nightmare trying to sort it all out, and that is with the POA,
[size=78%]it is almost impossible to discuss direct with the bank someone's else's affairs without it, bear in mind it takes between 2 and 3 months to come through, and you then need to activate it with each financial Institution your Dad has money with. I fear the only way to sort this out now is to get the ombudsman involved and get the local press involved, although for the sake of £450 out of £50k it may just be easier to bite the bullet now and then go for recourse afterwards[/size]
Jonesy
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Cunts
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Pretty poor.
Citizens Advice Bureau should be able to help.
Hope you can get it sorted out.
But yes make sure your father has a POA document.
You need to have a good chat with him, it sounds like he needs your help now.
Your father needs to decide who he names as his attorney or attorneys. If he names more than one try to avoid them being named as joint attorneys. In fact walk away from any solicitor who suggests joint attorney is a good idea.
Ask your Dad if you can take him to the doctor and get him checked out. Remember if he goes to the doctor or other appointments by himself, as you know he may not fully understand what he is being told and may not remember anyway.
If your father does not have a POA document or will not draw one up, you will have the joy of at some point in the future having to go through the courts to get control of his affairs when he is no longer capable of doing these things himself. And that could potentially be a wee nightmare just right when you least need it.
I've got one parent in a care home, and one still at home, both have dementia. It can be hard going.
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Oh I'd suggest you want POA that covers welfare and financial.
That way if he was to be declared incapacitated and/or becomes a danger to himself you will be in a position to make decisions in terms of looking after his health and wellbeing.
In short your father should consider a comprehensive POA document.
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If the financial advisor wouldn't help I'd have asked for his superior and escalate up to the branch manager making a fuss as I went. The magic words to use in any complaint now are:
I was mis-sold this product
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Update update....
Went out on bike to clear my head today and that certainly worked.
About 10am got a call from bank and they left me a voicemail to call them back and speak to the manager.
I duly done so, pen and paper at the ready.....
Conversation goes a bit like this...
Hello, it's Donna the bank manager, I can only apologise for the inconvenience this may of caused your dad and yourself, I called your dad this morning and explained what we've done but as was agreed, we're calling you to advise of the situation.
I've sorted this problem out, I transfered the bond into a savings account then transfered all of that into your dad's current account.
There is £14 in interest that occurred due to the amount of money in the new savings account, that is transferred too, also as a good will gesture will we have added £25. I hope this is helpful and again can only apologise for the way this was handled, but our staff are trained to assess on a 'state the customer comes into the bank on the day' not as what they were before or after. (or something along those lines, sorry, but can't remember all the exact details)
To say I was gobsmacked was an understatement, so all in all, I don't need to do anymore on the matter, absolute brilliant, I feel really great it's dealt within a short space of time.
I won't thank you all individualy, but all your comments and suggestions were taken on board and would of used some or all of them to fight this. And thanks to the personal messages I got too, it really makes a difference :)
I really appreciate all your support in this matter and if posting this thread makes one of you guys aware of what might happen to someone you know, well, it was certainly worth posting.
Again, big thanks and one of the many reasons this is not just a forum, it's a foccin community, our foccin community, let's keep it the best :)
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Great news, the right result......... :thumbup
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Great news, the right result......... :thumbup
It sure was red, thanks.
I was taken aback but I'm glad the manager saw sense and I do believe has some moral in her and took the personal view instead of a computer view. Has regained my confidence, I've also spoke to my brother, who stays near London so not that easy for him to come up, about the letter of attorney thing and he's coming up beginning of August to sort it out as he's the older one :)
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Just read this now and glad you managed to get a bank to see sense, but whats make it so incredible is that the bank did it in the first instance to a vulnerable customer.
Unfortunately commission flashing in front of a bank workers eyes often outweighs common sense.
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Yeah unfazed,
That's why I was pleased to post it, if it stops someone else from being treated like my dad did, well that's a good thing in my book.
I don't really know if banks are still on commission like they were years ago, but I certainly smell a rat with this.
To answer some previous questions I've banked with them for about 30+ years and my mum and dad probably about 70+ years.
Just shows how vulnerable the older generation are nowadays, my dad was wanting all his money in one account so he could deal with it better, but after talking to him more about it, he was wanting to do this to make it easier for my brother and I to deal with once he's no longer here. He was even trying to get my mum's accounts changed over although we've already done that after my mum passed away 5 years ago, just shows how his mind is working, it's a shame to see him go this way, but he's been really lucky in that he's nearly 89 and done well so far, but could be a slippery slope now I fear :(
I'm really pleased I was actually off yesterday and was able to take him to the bank and get it sorted, how many other old people have been tricked into doing this sort of thing without their families knowing, and the older generation are so stubborn and independent, they actually don't like asking for help, and the last people they'd ask us their families which is the ones they are trying to protect. I really think these sort of organisations should have a moral duty of care to the customers and not be driven by scores or commission, thankfully the bank manager was aware if my dad's situation and knows him and took it on board to sort this, otherwise it would of been a nightmare to resolve.
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Sinto , good news , reckon someone in the bank has had a rocket up the chuff.
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Yep, as long as they got something :b
Hopefully they'll learn from this one issue and maybe think the next time it happens to actually have morals and get the persons family involved, regardless about a letter of attorney, they should just do what they would want done to their elderly parents really.
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Sinto , they are not called wank--g fuc-ing bankers for no reason.
My niece is a corparate lawyer for RBS on her own addmission all she does is do her best to ensure that the bank can riggle out of dodgy dealings.
I remember a family reunion a few years back and during a conversation with her which nearly became very heated I ended up asking her how she slept at night. Her reply was very comfortably thanks to her mid year bonus.
Callous little bitch.
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Thumbs up to Donna, it's nice to be nice.
We feel better, she'll feel better, and it's great to know that humanity and understanding is alive and well.
Probably rides a Fazer too...... :thumbup
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Thumbs up to Donna, it's nice to be nice.
We feel better, she'll feel better, and it's great to know that humanity and understanding is alive and well.
Probably rides a Fazer too...... :thumbup
:agree
But she won't be riding much now if she does have a :faz I don't presume, as she's now off on maternity leave :eek perfect timing for me that she was in just the one day I needed her there :) result :)
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I don't really know if banks are still on commission like they were years ago,
I was talking to a TSB bank manager a few weeks ago and she was saying how much better her job is not that they do not get paid commission like some of the other banks still do. Because people aren't constantly chasing a commission cheque, they actually speak to people and get the customer the best deal rather than the one that gives the bank staff the biggest cheque.
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Don't let social work get involved--then they will leave him with F*** all--arseholes. :pc
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Don't let social work get involved--then they will leave him with F*** all--arseholes. :pc
They're not involved with any other money he has, that was all put into trust before my mum died years ago, this was money he had in a couple of building society accounts and as he just does things on a whim as his brain isn't working as it should. But, thankfully we got it sorted for him. :)
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Silly question but why did he want to transfer it from BS to bank current account?
Does he intend going on a spending spree, I would be quicker to question why the building society was so happy to allow him the withdrawal with seemingly no regard. Is the bond giving a competitive rate, check money saving expert.com he calculates some accounts are worth paying the early redemption after 1 or 2 yrs because interest still better than competition.
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Not a silly question midden,
I asked him that exact question myself.
I'm still none the wiser as to the reasons he gave me...
He wanted all his 'available' money in one account and this would make it easier for my brother and myself to sort it out once he dies.
He is 88, 89 next month, so maybe he's not in the right frame of mind.
He's not interested in what % rate is, he just wanted it all together I reckon.
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:agree with the sadlonelygit
Power of attorney is the way to go even before you get this individual issue sorted out. My Mrs and her brother (plus someone who I cannot remember) have had this arranged by her parents already for when it happens. The in-laws arranged it because they know the trouble they both had trying to get it sorted when their mothers minds went west.
Another one here for POA do it now as he needs to be of sound mind to sign the POA agreement too. He can do it and then forget it knowing all is inplace for you to act on his behalf - without it no one will speak to you.
There is also enduring power of attorney, cant remember now -- was a few years ago for me
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:agree
Yep, I'm with that too.
My bro is coming beginning of Aug and we're going to sort it then :)
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Personally I'd be inclined to leave where it is, doubt he needs the stress of complaints. Sounds like you and your brother will get a nice amount regardless of any interest loss and who knows, your dad may live to see its maturity. Fingers crossed ;)
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Don't think you understood the outcome from earlier posts midden, the bank transfered all the monies and admitted they were wrong, (in my view) as they even gave £25 to compensate.
All's good now, and yes my bro will sort out the POA as mentioned above.
He may well live to what would of been the maturity date, but it's all sorted now :)
And yes, we will get a reasonable amount but that wasn't the point really, it was down to moral and principles :)
Just a wee add....
Been looking through the paperwork etc to find out the 'bond' account was only giving 1.4% AER, Surely this isn't the best % rate out there, I know banks etc don't give much but to tie someone into thus over 3 years is utterly ridiculous :groan
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I can see how someone wanted there money all in one place. It can be a nightmare trying to find everything when it's all over the place.
I'm glad you got it sorted.
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Yeah Andy, he was trying to do his best to get it sorted, but his wee old brain couldn't understand what was happening, he swears blind he didn't take the cheques to the bank, but bank says he arrived with them, he also says he went to bank days after the BS, but looking at the dates, I figure he went straight to bank from BS.
Bit of a shame he's had to think he had to do all this to save my bro and me sorting, which wouldn't of been difficult for us but he doesn't see it like that :(
Yes, it did get sorted but only because of my interventions, otherwise he would of been stuck with the 'bond' acvount.
As said before, I'm glad I posted this, as if it stops one person that we care about getting treated like this, it's done it's job :)
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Know I'm about to play devil's advocate a bit here, but to be fair to the bank if your father doesn't come across as not being entirely sure what's going on, then they might well have just recommended him a product that seemed to suit - if he said he wasn't interested in getting hold of the money but just wanted it all in one place then a bond account is pretty much what he would want even with that low interest rate (assuming better than a current/savings account)?
I'd be a bit more pissed off that after you explained to them that he was "getting on a bit" they tried to charge you £453, but at least it got sorted out properly in the end!
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If he has some money make sure it is not all in a current account.
Current accounts are vulnerable.
My parents were defrauded of a considerable amount from their current account at the start of the year.
POA is for your father to sort out. It will be his business with his solicitor, but yes you can assist him in getting this sorted out.
It can take months to come through. But my mother has just ditched her existing POA document as it has a springing clause in it (means it cannot be used until she is declared incapacitated) but we need a new document like yesterday (without the springing clause). She was recently been diagnosed with dementia and needs help with all sorts of stuff, so solicitor has asked for the document to be expedited, so should have a certificate in around three weeks. (Scotland)
I can use my fathers existing document as he has been declared incapacitated. Though it's a joint attorney document - I suggest you run a mile from a joint attorney document.
You also need to seek advice from a solicitor or from the Office of Public Guardian as to what your responsibilities will be and what you have to do. There is a guide on their web site.
It can bust yer heid a bit but once you have a handle on it it's quite simple (I think!) - as long as you are not stuck with a joint attorney who has different ideas from you.
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Glad its all sorted.
My dad was cajoled into an "Equity Release" scheme and signed away half the value of his house. I clearly remember him being so proud when he told me and showed me the contract.
The bastards had carefully worded it along the lines of............
" You will receive every year the sum of £ 3600 paid monthly "
He was heartbroken when I explained the actual deal to him. My brother and I tried to cancel but were too late. The salesman had even added a note on Dad's Fact find to say he had discussed it with his sons who were both in agreement. Lying bastard.
On the plus side your Dad's money was safe, though tied up for 3 years.
Have a look at the NSI pensioner bonds. Good interest rates and a one or three year term.