Not upheld: Service failures generally complaint against Market Harborough Building Society

Decision detail

Summary

Mr W opened two 180-day notice savings accounts with Market Harborough Building Society in April 2023 but needed to withdraw funds in June 2023 due to unforeseen circumstances. Market Harborough refused to allow withdrawal without 180 days' notice and rejected his request to transfer to a 90-day account. Mr W complained that the terms and conditions lacked clarity about the notice requirement and that no circumstances existed to waive it. The ombudsman examined the product documentation and found it clearly stated the 180-day notice requirement both in the account description and in specific withdrawal terms, and concluded the terms were sufficiently transparent and that Mr W had agreed to an unbreakable account.

The Ombudsman's reasoning

The ombudsman examined Market Harborough's documentation and found it clearly stated the 180-day notice requirement both in the account description and in the specific question about withdrawals. The ombudsman noted that higher interest rates are typically only available to savers willing to tie up their money, and that the only normal exception to notice requirements is an initial cooling-off period. The ombudsman concluded the terms were sufficiently clear and that Mr W had agreed to an unbreakable account where the 180-day notice strictly applies.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website