Inflexibility of Reds Saver Account & BBS in general

Rang Barnsley Building Society Monday to inform them that I require £5000 Cash out of my Reds Saver Account this Friday. Was told could only have £3000 cash but could have a cheque. This was no good as I needed cash. I then suggested that I could call in wednesday for £3000 & then friday for a further £2000, again I was flatly refused. They said that I could only draw a maximum of £3000 cash in any seven day period. I went on the wednesday for my £3000 & again asked about having the full £5000. Once again I was politley turned down. I asked to see the Supervisor who basically repeated everything the assistant had told me.I then suggested that I could withdraw £2000 from my ISA account & then transfer the money back from the Reds Saver Account, this was refused as it doesn't matter how many accounts you have, the maximum of £3000 still stands.I asked if I could I pointed out that it was my money, I had given a good few days notice, I thought they were being unreasonable, & also warned them that they were on the verge of losing a customer. This made no difference, all I got was the repeated answer we can't do anything. I took my money, ordered a further sum for next week. When I got home I realised what had just happened: I HAD BEEN REFUSED WHAT WAS A REASONABLE REQUEST FOR MY OWN CASH, DUE TO THE BBS STAFF STRICTLY ADHERING TO BBS POLICY/PROTOCOL, YET THEY HAD JUST HANDED ME £3000 CASH,WITHOUT ASKING FOR ANY ID WHATSOEVER, (APART FROM THE BOOK & MY SIGNATURE) what a load of tosh. Needless to say my account will be closed in the near future & my Mortgage will be moved next time around.

 

Sounds like they have a three grand per week cap on withdrawals mate.

Anyway, unless you enjoy paying for annoying television ads and the rape of old buildings you don't want a high street mortgage mate. I can put you in touch with someone who'll knock them for six.

 

Nothing in the terms of the account limiting withdrawals to 3k per week. Sounds like you have a fair reason to complain.

"Withdrawals are also simple and can be made over the counter with your passbook to draw either cash or cheques. No notice of withdrawal is required subject to the terms and conditions of the account."

Terms And Conditions

3. Withdrawals: These are payable on demand up to £500 in cash or up to the account balance by cheque, to be available immediately at any branch office

http://www.barnsley-bs.co.uk/savings/affinityaccounts/reds.htm

 

RE: Sounds like they have a three grand per week cap on withdrawals mate.

PM me the details please Mr Windy.

 

3. Withdrawals: These are payable on demand up to £500 in cash or up to the account balance by cheque, to be available immediately at any branch office


That has covered it hasn't it - they would have given him £3000 in cash and the rest on a cheque. In fact they were allowing him more than they had to by cash.

 

Being a building society they can only pay out or lend what they hold in their own reserves- unlike a bank who can borrow from other sources. The way that it works is that you pay your money in and the bank lends it to borrowers and therefore building societies have to plan for big withdrawals and set limits because they might not have the money in the reserves. At least thats the way I understand it from my old economics lectures.

 

5 days notice is a plan for a big withdrawal isn't it?

I didn't just turn up. I phoned in advance.