Natiowide ISA. Do we have ANY power at all?

YorkshireBoy

mobile10 wrote: »

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?

No, I think you should have used the 'proper' complaints channel, ie 8 weeks to resolution or take it to the FOS.

I'm not sure why people think a letter to the Chief Executive will work (although I concede that sometimes it does)? The Chief Executive runs the company. He (or rather his sectretary/PA who has replied on his behalf because I bet the CEO never even saw your letter) doesn't deal with complaints.

I never 'demand' compensation, but I let them know how disappointed I am in their service and state that I'll be considering my position once I've received their final response. Usually does the trick!

mobile10

They've said that my letter is their final reply and if I'm not happy with it then I have the option to go to the FO. Is it worth it? or will I just get a response from the FO stating that a letter of apology is all that i should have received from NW

bristolleedsfan

YorkshireBoy wrote: »

I'm not sure why people think a letter to the Chief Executive will work (although I concede that sometimes it does)? The Chief Executive runs the company. He (or rather his sectretary/PA who has replied on his behalf because I bet the CEO never even saw your letter) doesn't deal with complaints.

Letters/emailed letters to C.O.E create a paper record, last thing an organisation wants is for inefficiency to continue despite a paper record to the C.O.E.

Some on here including me found that a emailed letter to the Million pound a year man @Nationwide resulted in our former Portman ISA account transfer outs being sorted in days. ( after having previously spanned months) together with a quick 100.00 compensation offer.

While the C.O.E wont read the letters, one thing is certain a letter addressed to the C.O.E especially to his/her email address will be dealt with by the most appropriate person.

Compensation is not applicable in every case, after all their is absolutely nothing to say that a organisation has to open a transfer in ISA within a certain period, if Nationwide chooses not to bank cheques for weeks or months and backdate interest for the customer its not actually broken any rules. Transfers into a fixed rate account are by definition bar penalties transfers into a non transactional account so as long as Nationwide fully backdate the interest losses incurred by the customer are very minimal. ( bit of time, phoning perhaps, stress depending on the circumstances of the case.)

Transfers outs are different because their is a statutory requirement that they are completed within 30 days.

Mr Mobile10, only you will know if u have a case for compensation based on your individual case.

Sapphire

bristolleedsfan wrote: »

Transfers into a fixed rate account are by definition bar penalties transfers into a non transactional account so as long as Nationwide fully backdate the interest losses incurred by the customer are very minimal. ( bit of time, phoning perhaps, stress depending on the circumstances of the case.)

I think if you take up to a day trying to contact people at Nationwide and writing letters (as I did), you should be entitled to the equivalent of what you would be paid for work in your profession, since you have lost money due to taking so much time in trying to sort out the Nationwide business.

You should also be compensated for the cost of any postage you incur and phone calls you make - in the latter case especially given that you can hang on for 20 minutes or more with stupid music blaring in your ear.

That's not even taking into account the stress of worrying about your money, for which you should also be compensated. :cool:

YorkshireBoy

Sapphire wrote: »

you should be entitled to the equivalent of what you would be paid for work in your profession, since you have lost money due to taking so much time in trying to sort out the Nationwide business.

I don't think the FOS will normally back you up on that one (unless you're self-employed), because (they'll probably say) you should/could have done it 'in your own time'.

You should also be compensated for...phone calls you make - in the latter case especially given that you can hang on for 20 minutes or more with stupid music blaring in your ear.

Be careful with this one, because if/when they 'review the tapes' they can tell where you're calling from, as I found out recently when I was told "I see you called from 01xxx on the 21st. According to our records that's your work number"

That's not even taking into account the stress of worrying about your money, for which you should also be compensated. :cool:

The FOS may award compensation for distress and inconvenience*, but in doing so (or not, as the case may be) they'll take into account the communication received from the institution. ie, if you were told "it'll take 8 weeks but we'll backdate the interest so you won't lose out financially", then they're not going to award much for you ringing every couple of days to check on progress or for any stress you claim you've suffered because there is no update to their last message.


* http://www.financial-ombudsman.org.uk/publications/ombudsman-news/14/feb-awardsfordistress.htm

Stavros_3

Jesus don't get me started on this one. Its taken 3.5 months to get my cheque from the B & B to Nationwide, 2 weeks later my ISA with the Nationwide STILL isn't open Aghhhhhhhhhhhhhhhhhh

bristolleedsfan

Stavros wrote: »

Jesus don't get me started on this one. Its taken 3.5 months to get my cheque from the B & B to Nationwide, 2 weeks later my ISA with the Nationwide STILL isn't open Aghhhhhhhhhhhhhhhhhh

The Months are counting down to when people will be wanting to transfer their ISAs out of Nationwide once the fixed rate terms have finished.

Sapphire

I don't think the FOS will normally back you up on that one (unless you're self-employed), because (they'll probably say) you should/could have done it 'in your own time'.

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They should compensate customers whether they are self-employed or not. Why should anyone have to sacrifice a day or more chasing their own money??? (And for your information, I am self-employed.):mad:
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Be careful with this one, because if/when they 'review the tapes' they can tell where you're calling from, as I found out recently when I was told "I see you called from 01xxx on the 21st. According to our records that's your work number"

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I wouldn't have to 'be careful with this one' since all my phone calls were made from home, at my own expense. :mad:
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The FOS may award compensation for distress and inconvenience*, but in doing so (or not, as the case may be) they'll take into account the communication received from the institution. ie, if you were told "it'll take 8 weeks but we'll backdate the interest so you won't lose out financially", then they're not going to award much for you ringing every couple of days to check on progress or for any stress you claim you've suffered because there is no update to their last message.

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There was no communication, godamit. Why on Earth do you assume Nationwide communicated with me when I wrote/phoned them. I received a letter finally and £50 compensation, but only after three months, and after I had written to at least six individuals in the company. :mad:
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YorkshireBoy

Sapphire, I'm not sure why you're having a pop at me, but I'll rise to the bait!

They should compensate customers whether they are self-employed or not.

What they should do and what they will do may be two separate things. I only mentioned this because the FOS told me it in a recent telephone conversation.

(And for your information, I am self-employed.):mad:

I don't care what you are! My post was generalising.

I wouldn't have to 'be careful with this one' since all my phone calls were made from home, at my own expense. :mad:

For goodness sake...I'm generalising and giving an example of what happened to me! Anyway, why not use www.saynoto0870.com?

There was no communication, godamit.

I didn't say there was, with regard to your issue. I used ie*...as in 'it's an example'!!!!!! I even provided a link to further information...which leads on to some actual examples of awards, and also gives some examples of the FOS refusing to make an award. But, you were so intent on rounding on me I bet you didn't even bother to read the information!

Why on Earth do you assume Nationwide communicated with me when I wrote/phoned them.

See above...I didn't assume anything.

I received a letter finally and £50 compensation, but only after three months, and after I had written to at least six individuals in the company. :mad:

I hope you haven't 'settled' and are taking it further?... because I made 3 phone calls (they made a few more to me) and got £325 from A&L for my delays and their general incompetence, in a much shorter timescale than you. There's your benchmark.


* abbreviation for Latin id est, meaning "that is; in other words"

Sapphire

Sorry, YB - I didn't mean to have a go at you. I am just really angry about the whole situation, despite Nationwide's apology. I'm also deeply suspicious about all the delays, having transferred several ISAs before with no problem at all. I feel there must be a scam of some sort behind the delays - the financial institutions perhaps using our money while it is in limbo? Why else would this situation develop so suddenly, and with several banks and building societies? Being busy is no excuse - if they are so busy, they should take on extra staff. That's what any other company would do. :cool: