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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Got an Isa question? Don’t ask your bank

Category : Business

Of 180 advisers in Which? survey only 28 gave full correct answers on Isa transfers, with HSBC and Yorkshire doing worst

How do you transfer your old cash Isa to a new provider? According to one RBS employee, the answer is: “Just withdraw all your funds, close the account down and transfer it to somebody else.” If you were to take these steps your savings would lose their tax-free status, which could leave you substantially out of pocket. Instead, your new provider should manage the transfer for you.

The RBS employee’s inaccurate advice is just one example of the misinformation being bandied around by banks and building societies about Isas, according to research from Which? to be published on 22 March. Its researchers called 180 advisers at 15 different providers to test their knowledge of the cash Isa transfer rules; only 16 gave fully correct answers to all of its questions.

Some of the biggest clangers came when the advisers were asked how much you can put into a cash Isa each year. The limit is currently £5,640, which will rise to £5,760 on 6 April 2013. “There’s no limit,” said one Yorkshire bank employee, while an HSBC member of staff said: “We cannot provide that information.”

“Without reliable advice, customers could be put off from moving their money or, worse still, lose out as a result of misleading information,” said Which? executive director Richard Lloyd.

“We want to see better training for frontline staff as part of the big change that’s needed in banking, so that banks put customers first.”

Of the 15 providers Which? tested, each was given a percentage score based on how many of their advisers answered all the questions correctly. The consumer body made 12 calls to each provider.

National Savings & Investments’ advisers gave the most correct answers, with an overall score of 72%. Santander and the Cooperative were not far behind.

At the bottom of the table were HSBC, scoring just 33% for accurate advice, Yorkshire bank, scoring 35%, and RBS with 44%. Even customer-friendly First Direct did poorly, scoring only 49%.

So where did they go wrong?

Only 28 of the 180 advisers gave a full, correct explanation of the rules on how much you can transfer. You can hold only one “active” cash Isa account each tax year, but you can move as much money as you want from Isa subscriptions from previous years.

Several advisers, including the one from RBS – but also advisers from Lloyds TSB, Natwest and Yorkshire bank – wrongly suggested that the Which? callers should withdraw money from their cash Isa to transfer it.

In more than a third of calls, advisers were not aware that you could transfer from a cash Isa to a stocks and shares Isa. However, this has been possible since 2008.

Responding to the findings, RBS said it had just completed staff retraining and communications to make sure its staff have “the most up-to date information”. HSBC/First Direct said its performance was “not acceptable” and that it was now improving staff training. Yorkshire bank said it would take action “should any gaps in training be identified”.

For those savers who do have money to transfer from previous Isa subscriptions, the options of where to move your money have shrunk dramatically this year. According to moneyfacts.co.uk, just three of the top 10 variable cash Isas accept transfers in, compared with five this time last year and nine in February 2011.

“Savers with the largest pots are being turned away, leaving them with the same provider as last year, in an account that could be paying peanuts because the bonus has expired, or with a new account that is not a best buy,” said Sylvia Waycot, editor at moneyfacts.co.uk.

The top accounts that accept transfers in are currently from the Cheshire building society and Santander, both paying 2.5%. In both cases the rate includes a 2% bonus that expires next year.

The next best rate is from the Harpenden building society at 2.25%.

Klout, Controversial Influence-Quantifier, Revamps Its Scores

Category : Business

Klout is revamping its scoring methods, in part to address criticism that it discounted ‘real world’ influence

Read more from the original source: Klout, Controversial Influence-Quantifier, Revamps Its Scores

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Shares of MercadoLibre ([[MELI]] +20.5%) run hot after beating estimates with its Q2 report and scoring an upgrade from JPMorgan to Overweight to Neutral. The Latin American e-commerce player saw confirmed users rise a solid 25% Y/Y to 73.2M.

Category : Stocks, World News

Shares of MercadoLibre (MELI +20.5%) run hot after beating estimates with its Q2 report and scoring an upgrade from JPMorgan to Overweight to Neutral. The Latin American e-commerce player saw confirmed users rise a solid 25% Y/Y to 73.2M. Post your comment!

Read more from the original source: Shares of MercadoLibre ([[MELI]] +20.5%) run hot after beating estimates with its Q2 report and scoring an upgrade from JPMorgan to Overweight to Neutral. The Latin American e-commerce player saw confirmed users rise a solid 25% Y/Y to 73.2M.

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How small investors can get in on Facebook IPO

Category : Stocks

You might think that scoring a stake in Facebook’s initial public offering if you are an average investor is like trying to change your privacy controls on the social networking site — seemingly impossible.

Go here to read the rest: How small investors can get in on Facebook IPO

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Bruins claim opener in OT

Category : World News

Chris Kelly’s newest piece of jewelry is a thick, padlocked chain that he wore around his neck after scoring the game-winning goal in Boston’s playoff opener on Thursday night.
The message: Try not to be the weak link

See the original post: Bruins claim opener in OT

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Don Cherry offers Sidney Crosby advice

Category : World News

Pittsburgh Penguins superstar Sidney Crosby needs to avoid the cheap tactics that have drawn fire from critics and concentrate on scoring, Don Cherry said Saturday night during his Coach’s Corner segment on CBC’s Hockey Night in Canada.

Continued here: Don Cherry offers Sidney Crosby advice

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Cards rout top-seeded Spartans

Category : World News

Louisville figured its game against Michigan State to be low-scoring, a natural expectation with two of the nation’s best defenses butting heads.
The Cardinals had one big advantage: Gorgui Dieng.

Visit link: Cards rout top-seeded Spartans

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Slow golfers to receive yellow cards

Category : World News

The Japan LPGA Tour has decided to use soccer-like yellow cards for slow play to avoid confusion caused by verbal warnings.
“Slow play has been a big issue in recent years, and we concluded it’s better to show a yellow card for problematic slow play than to explain,” Yoko Ema, tour official in charge of rules and scoring, told a press conference Thursday at Ryukyu Golf Club in Okinawa Prefecture, the venue for the season-opening Daikin Orchid Ladies.

Follow this link: Slow golfers to receive yellow cards

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West holds on for win in NBA All-Star Game

Category : World News

The Kevin and Kobe show won it for the West at the NBA All-Star Game, holding off LeBron James at the end.
They got an MVP and a scoring record, too.

View post: West holds on for win in NBA All-Star Game

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Staal, Peters propel Hurricanes to whitewash of Capitals

Category : World News

With one of their cornerstones playing like this, the Carolina Hurricanes certainly didn’t miss their other one.
Eric Staal stayed on his scoring tear with two goals and an assist, and Justin Peters cruised to his first NHL shutout in the Hurricanes’ 5-0 rout of the reeling Washington Capitals on Monday night.

Read more: Staal, Peters propel Hurricanes to whitewash of Capitals

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