These bonds left retiree George both shaken and stirred
If you have money or bonds lodged with a building society or bank that has been the subject of a takeover, it would pay to double-check the accounts are still active.
George Horsburgh from Alva, Clackmannanshire, is locked in a stalemate with the Nationwide over two children’s bonds he bought for his grandkids.
He got them from the Dunfermline Building Society in March, 2001, and reckons they would now be worth about £900.
Trouble is, Dunfermline Building Society was taken over by Nationwide in 2009 and when retired clerk of works George, 72, went to surrender the bonds he ran into a brick wall. “Two years ago I tried to cash them at the local Nationwide branch in Stirling but I was shocked when I was told there was no record of them,” George said.
A string of correspondence with Nationwide then started. But the society insisted the bonds were cashed eight years ago, prior to the company taking over the Dunfermline.
“Nationwide wrote to me to say the funds would have been transferred to me by cheque or to another fund,” George said. “But they also said they had no idea where the funds went as they are only required to keep records for a limited time.
“There is no way I cashed the bonds and I certainly wasn’t informed of any accounts being closed by either the Dunfermline or the new owners Nationwide. I still have the original bond certificates.”
In frustration, George contacted Raw Deal. We asked Nationwide to investigate but the company insists it is in the right.
A spokesperson said: “The customer opened two children’s bonds in March 2001 on behalf of his grandchildren.
“Our records show that in March 2009, he closed all his accounts, including the children’s bonds. In line with Financial Conduct Authority regulations, we are required to keep customer data for the life of any product plus six years after closure. In this case, we deleted the customer’s data in 2015.”
George vehemently disputes the bonds were cashed and is now lodging a complaint with the Financial Ombudsman.
“There will be people out there who might be in for a similar shock if they have money or bonds with a bank that has been taken over,” George said. “The money was to go towards my grandchildren’s education fund as they are now at university age.
“It is no wonder the general public has little faith in banks, bankers and financial establishments.”