Clydesdale/Yorkshire Bank ISA transfer delays

Opened in branch 23 April, transfers accepted despite official cut off date of 17 April.

Working backwards, it seems like they have processed things as fast as they could whilst being "old-fashioned"

24 April - forms posted to head office
27 April - forms received by head office
28 April - transfer requests posted by head office to building soc A and bank B
29 April - request received by building soc A
1 May - account closed and cheque posted by building soc A to YB
?5 May - request received by bank B
5 May - cheque received at YB from bulding soc A
7 May - funds from bank B sent by faster payment to YB
11 May - day 4 of cheque clearing cycle

So I'm quite pleased with YB so far (except that I didn't manage to open more than 1 current account as I missed the deadline)

charlieboycat wrote: »

My guess is that Santander is deliberately holding on to matured fixed rate ISA funds at the low post-maturity rate for the maximum time allowed by setting their systems to close/transfer 21 calendar days after receiving requests.

I eat my own words. Letter from Yorkshire dated Friday 24th April saying the transfer request had been sent to the old provider (Santander). Old ISA was still open and visible online last night after Santander's cut-off time, but was gone this morning (Friday 8th May). The funds appeared online in Yorkshire later this morning. So only 2 calendar weeks and only 9 working days because of the bank holiday.

Thought I would like to share/update my experiences with opening an ISA with Yorkshire bank.

Sent application form and 3 transfer forms by post on around 16April, letter received account opened but only 2, notifications that they had sent transfer authority to other providers.
Asked in branch about missing transfer form told to contact their customer centre as account had been opened by post.

Whilst in bank deposited a cheque to top up ISA, made cheque out as original one sent in post ie Yorkshire Bank and then my name, told to cross out Yorkshire bank and initial deletion. Cheque then returned unpaid by my bank as apparently should have full signature next to any deletion( should have known this of course but like many others I don't write many cheques these days.

Although annoyed thought easily rectified go into branch with new cheque, but no it gets worse.

On Saturday got a telephone call from one of the original providers telling me they had received the transfer authorities relating to the two other building societies but not the one they should have had for their organisation. Also although they said they had received. 2 forms , I checked on line and 1 of the other providers had already completed their transfer.

So having applied on 16 April to transfer 3 existing ISAs 2 of them will obviously have to start again as soon as I can get into a branch next week and try and sort it out.

This is the first time I have used Yorkshire bank and I guess I spite of their good interest rate I may live to regret it.

Sorry for such a long post ,but I feel better for the rant.