Warning: EBS Term Deposit rolls over & lockedin for the same duration.

B

Boscod

Registered User
Messages
20
I have a term deposit with EBS, which if you require any changes to, they must be made on / before the maturity date, otherwise it rolls over and is locked in for the same duration, ie 12, 24 months etc.
They issue a notification of the maturity date in advance to allow these chages, and mine arrived today. However to my surprise it was dated 22nd Feb and my deposit matured today!
Lucky for me I was home in time to contact them today, and spoke to two people about the delay in receiving the letter. Both expressed surprise about this, however it was clear to me that their comments were far from genuine. Unfortunately the envelope was not franked, so the postal date could not be confirmed, although I seem to recieve other mail on time.
To me, this looks like a ply to retain deposits, so should you require access to your funds, care is recommended when dealing with EBS.
 
I had a 10 month term deposit with EBS which matured in early Feb. I contacted the branch a few days before (hadn't received any documentation from them at that stage), and was told that I had about 10 days grace after the maturity date to make changes, withdraw the cash, etc.

I was able to go into the branch after the maturity date and withdraw the cash with no difficulty.

The letter from EBS arrived the day after I'd closed the account - several days after the maturity date.

I have found in the past that mail from EBS rarely arrives close to the letter date (except for mortgage increase/decrease notifications), and as the envelopes are never franked, it's impossible to confirm when they were posted.
 
send in a letter of complaint highlighting your concerns and why you think they are acting this way. If you arent happy with their reply send it to the financial services ombudsman

i dont think they are the only banks trying to make it difficult for people to withdraw money.
 
I had a 15 or 18 month fixed rate a/c with them and it was only after getting home and reading the full t & c's of this account in that

"we will not notifiy you when this a/c matures but will reinvest it in a similar a/c if we have received no notice from you to otherwise"

that was enuf for me in ever investing with them anymore and this was when they were independent.:(
 
I never get a letter from the EBS reminding me of any maturing accounts. I suppose at the end of the day it is your money and you should deal with it. Having said that it would be nice to receive a reminder. This may have something to do with the fact that most EBS offices are run by tied agents who are too mean to spend money on postage.
 
You must log in or register to reply here.
Back
Top