Natiowide ISA. Do we have ANY power at all?

Hungerdunger

Happychappy wrote: »

Is the Nationwide the most incompetent financial institution :eek: or does anyone have a story which can trump this.

It doesn't trump it, but it does confirm their incompetence.

Partner and I deposited £3,600 each on 8th April along with a transfer request to move funds from the Principality into a fixed rate ISA bond.

I'll leave out all the details about waiting in local branch for info; emails; phone calls and incorrect information.

Partner's ISA correctly set up two weeks ago - Start date 8th April.

One week ago I received my certificate - start date 9th May (presumably the date they received the Principality cheque). I immediately fired off yet another letter and have just received one of their standard letters back - they are looking into my complaint. I'm now taking bets as to whether it will all be sorted by Christmas.

I think the worst thing was the inability of NW to acknowledge back in April that they were having serious problems. I would have respected them much more if a message had appeared on their home page; surely that wouldn't be too difficult to sort out

Happychappy

I have countless letters etc and complaint lodged with the Ombudsmen, what narks me is the bonds start on 22nd May, yet they have had the funds (£7200) since 10th April and no mention of this in all the robotic letters I have received.

Stavros_3

Someone suggested writing the CEO, I posted a copy of my letter on here and was derided by one member saying that if they had received it then it would go to the bottom of the in-tray. Well mine obviously didn't as received an apology and a nice cheque for my troubles. It sometimes does pay to be direct

GreyPilgrim

I've given up. I've told them to stop trying to get the money from Barclays (not that they have been trying - Barclays haven't had any of the 'numerous requests for a transfer') and to return the Bradford and Bingley cheque that they're been sitting on since May 23rd.

So far I've only lost about £50 worth of interest, better just cut my losses and avoid them like the plague from now on.

Stompa

Oh blast. I was just thinking of transferring some ISA's to Nationwide, but having discovered this thread, I take it that it would be a bad idea?

edda

Stompa wrote: »

Oh blast. I was just thinking of transferring some ISA's to Nationwide, but having discovered this thread, I take it that it would be a bad idea?

Unless you enjoy pain and stress

NW did announce in 2007 that all their ISA transfer admin issues had been sorted out - and if you believe that...

baby_boomer

Stompa wrote: »

Oh blast. I was just thinking of transferring some ISA's to Nationwide, but having discovered this thread, I take it that it would be a bad idea?

At least Nationwide has stopped ISA transfers in after early July in order that its ISA department can focus exclusively on transfers out.

This should now be having an impact on the backlog.

The funny thing was, when I started my own endless process back in October 2007 I saw a manager in Nationwide Leicester who mistook my request and gave me a transfer IN form.

When I explained I wanted to move to another provider, NOT move money TO Nationwide, he said that he wasn't sure where the forms were "as we never get any requests to move ISAs out because we're a mutual" :rotfl: :rotfl: I kid you not!

Lychee

I applied to transfer two separate ISAs to Nationwide Fixed Rate ISA, back in May. In June I called up and had confirmation that Nationwide received both cheques, a week apart. During all this up to now I have always been assured that interest is backdated to the date on the cheque.

I now have a letter from Nationwide to say my Fixed Rate ISA is opened - both ISAs have been put into one Nationwide Fixed Rate ISA. The interest? Backdated to 10 June. The cheques were dated 2 June and 10 June.

They're being cheeky aren't they? So where's my interest for the first cheque dated between 2 June - 10 June?!?!?!?!?!

What's that CEO's email address again....

Hungerdunger

Lychee wrote: »

What's that CEO's email address again....

Perhaps you could also remind him about the missing month's worth of interest on my ISA (see post #32 above).

And if you really do want to contact the CEO, it's graham.beale@nationwide.co.uk

baby_boomer

Skipton also have a big backlog after the success of their 6.5% FR ISA.

My Lloyds ISA to transfer in was closed on 31 July but there was no sign of any money in my new Skipton account as of 20 August.

But Nationwide's problems are unique.

Maybe they should up the rate on their instant access ISA for existing ISA customers to 7% until Christmas. That would help slow down the transfer requests :rotfl:.

4.8% is just compounding the problem. They aren't supposed to be after profits, are they?

No wonder the Nationwide bankers on the board have decided that their next expansion is to be in Ireland - away from the criticisms of the UK financial press.