We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
NW has not received transfer Isa form
loulou41
Posts: 2,871 Forumite
I thought my isa is taking a long time to transfer from NW to YBS. I phoned YBS and was told they are waiting for a cheque from NW. I phoned NW this morning and was informed they have not received any request of transfer. YBS said they did send a transfer form and to fill another and take it to NW. I am not very happy, I have got a receipt dated 11th Feb for my passbook. I wonder whether this has been mislaid as well. I was a bit surprised when I gave the form to the NW CS, she told me she did not need it. I told her how would you know how much I wanted to transfer? In the meantime, NW is paying pittance for their cash isa and the longer it is going to take, I will be losing out. Has it ever happened to anybody? Thanks
0
Comments
-
Please see here. The BBA/BSA 'guidelines' are meant to be followed by most ISA providers by now. Amongst other things, the 'existing' ISA provider (Nationwide) is obliged to follow up about at the start of the 'third' week (of the 4 week = 30 days HMRC 'guidelines') with the 'new' provdier (YBS) if there is any cause for delay at their end [of course that assumes they open their post etc]
...meanwhile, the 'new' provider (YBS) is supposed to 'chase up' the existing provider (Nationwide) indpendently after about 2 more working days anyway...
..in fact, the guideline prescribe that the transfer should be complete by about halfway through the 'third' week - 20 working days after your requested the transfer - and if it isn't YBS has to take steps about it, not you..
You are not required to independently request a transfer of the old provider - that was, and remains, the new provider's duty...
I suggest you go back to YBS and ask them
i) if they now follow the BBA guidelines (on transfers)
ii) Quote to them the following from the guidelines:CHASE UP: If the new ISA Manager has not heard anything from the existing ISA Manager within 14 business days after sending the cash ISA Transfer Authority Form, it is the responsibility of the new ISA Manager to check the progress.....under construction.... COVID is a [discontinued] scam0 -
The advice I was given by the new provider YBS was since they have sent a request of transfer to NW and NW Isa team said they have not received it, then the only option is to submit another transfer form. I can ask YBS to chase NW, but this is going to take longer. Thanks.0
-
I think, you have misunderstood me, I do not request the transfer myself. It is a transfer form I have to fill in the details and then sign and take it to NW, the old provider.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards