natwest isa 7.32%

lolly5648

I am transferring 2 ISAs to Natwest and have now had confirmation from both of them that they sent the cheques to Natwest on the 14th so it will be interesting to see how long Natwest take to clear them and credit them to my account

tweet

Just out of interest does anyone know why they have to physically send paper cheques in the post to the new bank for ISA transfers; why can't this all be done electronically in this day and age?

Milarky

tweet wrote: »

Just out of interest does anyone know why they have to physically send paper cheques in the post to the new bank for ISA transfers; why can't this all be done electronically in this day and age?

The simply answer is they don't [have to, that is] but have settled on cheques in the post as a 'workaday' way of moving an agreed amount [agreed at both ends] from an account with one institution to another.

Agreed, there is no reason why they this system can't be replaced in time by an electronic 'solution' - with 'instant' transfers -but look at the trouble the banks have dealing with each under under normal circumstances (I'm thinking of the late arrival of 'faster payments' at the banker's ball - despite having about 8 years to prepare for a change several haven't gotten around to updating their own systems to use it - and we all lose out) So even if a common method of transfer was agreed (and why wouldn't they just use faster payments for this now, anyway?) today, it will take an age for all the players to become part of it.

..so expect cheques to be used for ISA transfers for years to come....

The government is intent on allowing 'self-regulation' sort this mess out rather than pass rules which impose a system of the banking system.

coolio_2

Funds sent 14th October from NSandI not received and confirmed all interest payments will go into current account and not ISA So angry about that part

Bisoy

I've requested transfers of 3 of my ISA's from different providers. I have received letter of confirmation from YBS 16/10/08 that the transfer has been completed but still not showing on my natwest account. Egg Isa still there and ICESAVE god knows when I can get hold of it.

Milarky

Bisoy wrote: »

I've requested transfers of 3 of my ISA's from different providers. I have received letter of confirmation from YBS 16/10/08 that the transfer has been completed but still not showing on my natwest account.

Same date as my YBS transfer out to NatWest. (Let's see if they also 'arrive' the same day?)

Update: My NatWest account finally credited with YBS payment dated 22 October

£$&*"($£&(

My B&B ISA account was closed on the 15th and the cheque sent. The money has arrived in my Nat West ISA today so it spent 3 working days in the ether which seems quite acceptable to me.

haselden

coolio wrote: »

Funds sent 14th October from NSandI not received and confirmed all interest payments will go into current account and not ISA So angry about that part

My funds were sent by KRBS on the 16th, not showing in account yet.

Puzzled by your comment on interest going into current account ?

Was this NS&I, or NatWest, or are you transferring to RBS ?

Never heard about this before regarding ISAs

Coquelles

Thought I'd share my experience;

• Opened account 24 Sept. I was an exisiting NatWest customer.
• A & L sent transfer to Natwest on 7 October
• 20 October Transfer shows up on my Natwest ISA (under two weeks not too bad)
• But hang on theres another credit for £3550.85 - the money isn't mine no idea where its come from. Tempted to do nothing but have told Natwest...they are 'investigating my concern'. So if you're waiting for a transfer of £3550.85 maybe i've got it!!

Coolio; when i opened my account they asked where I wanted the interest I told them the ISA. Maybe in your case they put your current account down, they should be able to change it if you ask.

Rich_innameonly_2

goodfella66 wrote: »

Has anyone had their money successfully transferred yet? I did mine on one of the first days of the offer (before all the adverts) & the money still hasn't been transferred.

I went into local branch and completed transfer paperwork two weeks ago today, received the account opening confirmation but no transfer at the moment.