Anglo Irish Bank terminates investment early

embroiderer

I had a 1yr fixed term investment account with them @ 3.50% maturing on 6th April 2011 (in about a months time) in other words, I had "done" about 10 1/2 months of the 1 yr term.

Without warning, and without my consent or knowledge, Anglo closed my account with them, sending a bank draft to my home, via courrier, at night (after working hours) and accompanied by a short note which said they were closing the account because I had threatened their staff. I didnt do this, but whether I did or didnt, is beside the point. There is a complaints procedure that MUST be followed first, and the people involved must be given a chance to refute the allegation, or at least be made aware of what was happening.

There was no printed name on the letter, and no title/position of the person who just signed it with a squiggle.
Neither was there an explanation of the breakdown of the amount on the draft.

I telephoned the next morning, and was told that I HAD CLOSED MY ACCOUNT WITH THEM!!!! therefore my account had reverted to 1% interest instead of 3 1/2% as per the contract I had with them.

I pointed out that i had not done so, and asked who had signed the letter. The manager I spoke with said she had no idea, and would "have to look into it" Yet it was she who had signed the bank draft! She promised to get back to me with the information, but didnt.

Consequently, my solicitor has sent them a letter, by hand, on 21st Feb 2011.(12 days ago) They started to close up the very next day. To date.(5 march) we have heard nothing. that was 13 days ago.

I am very curious to know if there are others out there who have had a similar experience to me.

BuffyBot

There is a complaints procedure that MUST be followed first, and the people involved must be given a chance to refute the allegation, or at least be made aware of what was happening.

I'd be interested to know what procedure you think there is for an issue like this. It seems rather unlikely they've decided to stop doing business with you without provocation or reason, and to be honest there is a smack of "something you're not telling us here".

I suggest you look at their complaints procedure, which is available here:
http://www.angloirishbank.ie/Privacy_Statement/Legal_Terms_and_Conditions/Customer_Complaints_Policy.pdf and ensure your letter was sent to the right people at the right place.

amdublin

Out of the blue they just sent you draft and letter

Have you had any interaction recently with them at all prior to draft arriving op?

coylemj

embroiderer wrote: »

.... they were closing the account because I had threatened their staff. I didnt do this, but whether I did or didnt, is beside the point.

So you don't deny that you did something along those lines (threaten their staff), just that it's irrelevant?

You seem to think that we should completely ignore that aspect of the case and shower you with sympathy.

Don't expect an easy ride here with that kind of first post.

chris85

If you were abusive to staff in there then you cant blame the bank really. They have taken action on this basis and their is a complaints procedure you can follow if you feel the need to do so and refute their claims.

embroiderer

I already KNOW there is a complaints procedure, and have read it , as I stated. It is not important what actually happened, or didnt happen. My point is that they didnt follow their own procedures, and did not contact me by any way before cancelling my account before its end of its term, and consequently imposed a penalty of reducing the agreed interest rate of 3.5% to 1% - ( which is what happens if the investor pulls out of the contract before term ) I didnt have a chance to even get an explanation beforehand, neither have I signed anything.

I cannot find anything in the rules that state Anglo has the right to terminate my contract with them, and without warning into the bargain.

I would be grateful if "Buffy Bot" could guide me to that particular rule.

Im not interested in explaining myself, its neither here nor there at the moment. I simply want to know if there are others out there with a similar experience of their dealings with Anglo Irish.

amdublin

Hmm.

You were obviously so rude to them they don't want your business and don't want to deal with you ever again.

It's like if you go into a shop and are rude. Chances are you won't be served and will be ejected.

It isn't stated anywhere, but common sense and general etiquette guides on this occasion.

You must have been really horrendous though??

Rebel1977

if u were rude or abusive to the staff I have no sympathy at all you deserve all you get and more.

BuffyBot

My point is that they didnt follow their own procedures, and did not contact me by any way before cancelling my account before its end of its term

I think the salient point here is that you don't, as of yet, know their procedure. And you'll only find that out from them.

You'll need to exhaust the complaints procedure as outlined in Anglo's literature. If you're not satisfied by that, and you've obtained a letter of final response from them, you can complain to the ombudsman.

So I'd suggest starting the complaints procedure again, including the lack of response to your previous communication as part of the complaint.

coylemj

embroiderer wrote: »

.... they were closing the account because I had threatened their staff. I didnt do this, but whether I did or didnt, is beside the point.

embroiderer wrote: »

It is not important what actually happened, or didnt happen.

.....................

Im not interested in explaining myself, its neither here nor there at the moment.

If they went to the trouble of sending you a letter after hours and via courier telling you in no uncertain terms to take your business and shove it, then in my book you do need to explain yourself.

Considering the crap the staff of Anglo have probably been getting over the past couple of years, you must have really pushed the boat out! What did you do or say to drive them to this extreme measure?

unclebill98

Ok, so your not getting into it, fair enough. You have clearly had a run in of some sorts.

Normally a termination notice must give a set period of time. This will vary depending on account. A savings account would not be a day to day banking so the notice period would be less.

So, follow the banks complaint system, get there final response and go to the Ombudsman, stop wasting your money on your solicitor. They will get no further than the far cheaper option of the ombudsman.

Lastly , don't be rude to bank staff.

Buffybot is spot on with their posts.

wmpdd3

you may need that solicitor if the person you had dealings wants to take things further. I know i would. The fact you wil not go into why the bank had to break contract with you is just too strange.

embroiderer

No, its not like that at all. Its like.....If you go in a shop that you have done successful business with on previous occasions., and have a good working relationship with the staff in that "shop".....You "buy" into some product that is very expensive, but wont be delivered for a year. As agreed in a contract. Nearing the end of the contract, you go into the "shop" to deliver some paperwork that is necessary to complete delivery of the "goods", but you find that the entire policy of "We pride ourselves on offering a highly personalised customer service, in all aspects of customer dealings". And, " Customers will feel that we have handled their issues in a courteous, prompt and professional manner" has changed. The atmosphere was very strange, staff were on edge and very rude, verbally aggressive even. Words were exchanged, but then things calmed down, the bit of business was done, we even chatted about the state of things in Anglo, and I remarked how it must be very stressful for ordinary staff on the floor, not knowing from one day to the next if they were in a job still.Then I left. Next evening, without warning, and against all rules of the "shop" my business with them was terminated by returning my money,BUT NOT ALL OF IT, and without explaination or a chance of rebuttal - Hmm! - Im not feeling the love at this end. Im the victim here, not Anglo.

wmpdd3

You buy TV in my shop, all is fine you have an issue with TV you return I try help you, you are not happy, you lash out at me I get security to remove you from shop. From now on we contact each other by letter only. You are still angry and lash our further, you get a exclusion order from the store. End of.

I, as an employee, under the health and safety procedure of my company am entitled to be treated without aggression in my job.

Really I think the solicitor will decide if there is anything to pursue here.


(I wouldn't have thought it was possible but this OP got people to agree with Anglo, he/she should be a politician)

Rebel1977

The only vicitm is the poor anglo staff member(s) that you abused mate.