Natiowide ISA. Do we have ANY power at all?

GreyPilgrim

...or are we pretty much at the banks mercy?

It's kind of comforting (in a sadistic way) to know that I'm not the only one having severe problems transferring ISAs into Nationwide. I'm in a position like many others where my money is stuck between them an an old provider and it's not simply a case of 'voting with my feet' and going somewhere else - I SIMPLY CANNOT GET MY MONEY BACK FROM THEM!

My first ISA cheque has been received by them, but the second cheque has not even left the old provider despite BOTH requests being started on April 5th. - they will not process the first cheque until they receive the second cheque unless I go into the branch and start a seperate application (which is extremely inconvenient)

I don't want to steal thunder from previous posts and I know my problems probably pale into insignificance compared to others but, for gods sake...

============================================
Why are we having to FIGHT a bank to TAKE our money????
Do we have any powers at all, or do we have to just bend over and think of england?
============================================

I wish Martin would take this on as a personal crusade and try and champion the 'little mans' cause. You know, maybe as a bit of payback for cutting and pasting the rest of our forum input into a manuscript, publishing it and earning stacks of money from us.

Sapphire

GreyPilgrim wrote: »

Why are we having to FIGHT a bank to TAKE our money????
Do we have any powers at all, or do we have to just bend over and think of england?
============================================

I wish Martin would take this on as a personal crusade and try and champion the 'little mans' cause. You know, maybe as a bit of payback for cutting and pasting the rest of our forum input into a manuscript, publishing it and earning stacks of money from us.

Yes, I wonder why Martin hasn't commented on this issue. It really is serious, and has affected many people. Martin usually seems to be the first to comment on things that are going wrong in such cases, but it hasn't happened in this instance. Perhaps he feels he can't do anything about the situation?

GreyPilgrim

One of the things that angers me is that Nationwide uses (and in fact the recorded intro on the 01793 576757 helpline quotes) "due to unprecedented demand...", and then go on to state that they did not expect to have a higher volume of calls..

Hold on, doesn't a mad rush to transfer ISA's ALWAYS happen at the start of the financial year?

Isn't it a key responsibility of a business to proactively plan for peaks and troughs in demand? I admit that a lot of things are unpredictable (ie tsunamis, earthquakes, recessions...)

BUT THE START OF THE FINANCIAL YEAR HAPPENS AT THE SAME TIME EVERY YEAR!!

And of all the types of business there are, I would expect a bank to be on the ball when it comes to planning for one.



It's like Alex Ferguson waking up one day and saying "YAAAAAWWWNNN....oh bloody hell, I just remembered the football season started yesterday, I should have had a team in place weeks ago"

Any ideas how we bring this to martins attention and see if it's worthy of his time?

GreyPilgrim

Sapphire wrote: »

Perhaps he feels he can't do anything about the situation?

My opinion of him would sink a bit lower if that were the case. If you only score points by picking low hanging fruit then it's not very admirable is it.

Milarky

[strike]I believe that nothing substantive will change in relation to ISAs - and cash ISA transfers in partcular - however poor things may get. The reason being that this is an area regulated by the government. (i.e. general governmental incompetence accounts for lots of things) and government will not move to correct deficiencies in transfers* until they become so glaring that you can see the 'fear in their eyes'.[/strike]

[strike]Look, for example at the awkward way Gordon Brown (then chancellor) made the change to the annual limits on ISA contributions (and cash ISAs in particular) permanent. He had to go through the faux exercise of 'consulting' on whether to keep them after 2006 (I think) because the allowances were only set up for five years initially. Of course we all knew what the responses to the question would be on that one - no one had to ask the question - but still the pointless exercise was carried out.[/strike]

Ironic really that ISAs are so popular given the never ending problems they seem to produce?

*It may even be the case that ISAs don't need to be transferred by cheque but that the HMRC has never made this clear to the banks themselves so that transfers might be a lot easier without the need for any new regulations anyway. And when it comes to regulations banks do seem to have a constant let-out and only ever regulate themselves because the government agrees they are the 'experts'

Acutally I've reconsidered this and it's a bit wide of the mark considering the most recent reports (http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=446922&in_page_id=7) This makes the system effectively 'broken' and semi-official fix inevitable at some point

luckylizard

i agree this is an obvious cause for Martin to champion and it's odd that he isn't. he's supposed to be the MoneySAVINGExpert after all.

it's clear that the banks/BS need to be forced to conduct these transfers electronically in future, rather than rely on this ridiculous cheque/form/pigeon post/oh-we've-lost-it crap. :mad:

GreyPilgrim

Lets start a campaign.

"OY! MARTIN!"

Tudorln

Hi, I had trouble transferring my Wifes and myselfs ISA from Norther Rock to Nat West. The cheque got lost and as usual despite many phone calls and letters no joy.
In the end it took some 8 weeks I got in touch with the Financial Ombudsman Service and sent all the details to them and guess what just heard from them.
They have negociated a very nice sum in compensation for us.
This is a free service and no comission is charged but they do seem to be up to there necks in complaints.

YorkshireBoy

Tudorln wrote: »

They have negociated a very nice sum in compensation for us.

...and charged the institution a £450 'case fee' as well if the compensation wasn't sorted with the provider directly.

In my recent experience, the institutions will go all out for a settlement without involving the FOS. This, I assume, is for two reasons...

1. To avoid the £450 fee (which is charged for each and every complaint after the third complaint received each year), and

2. The regulatory bodies will clamp down very firmly on systematic failings within an organisation. Yes, the odd delay will happen, but several thousand...lost cheques...found cheques...and poor communications to the account holders? That deserves to be remedied.

bristolleedsfan

GreyPilgrim wrote: »

One of the things that angers me is that Nationwide uses (and in fact the recorded intro on the 01793 576757 helpline quotes) "due to unprecedented demand...", and then go on to state that they did not expect to have a higher volume of calls..

Hold on, doesn't a mad rush to transfer ISA's ALWAYS happen at the start of the financial year?

quote]


Nationwides ISA transfer delays predates both April 2008 and 2008 itself

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=423189&in_page_id=7


http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=424694&in_page_id=7

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=425696&in_page_id=7

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=446444&in_page_id=7

mobile10

YorkshireBoy wrote: »

...and charged the institution a £450 'case fee' as well if the compensation wasn't sorted with the provider directly.

In my recent experience, the institutions will go all out for a settlement without involving the FOS. This, I assume, is for two reasons...

1. To avoid the £450 fee (which is charged for each and every complaint after the third complaint received each year), and

2. The regulatory bodies will clamp down very firmly on systematic failings within an organisation. Yes, the odd delay will happen, but several thousand...lost cheques...found cheques...and poor communications to the account holders? That deserves to be remedied.

I wrote a formal letter of complaint to the chief executive. All i had was a reply saying how sorry they were and my points had been taken into account for future customer services developments. No mention of compensation. Although I didn't formally request compensation, do you think I should have?