NatWest Balance ISA transfer

Sandieflowers

Our transfer from Alliance and Leicester took four weeks.

Two problems with Nat West, the 1st month's interest did not include the 2% bonus interest and for some reason they treated £3600 of my OH transfer as new funds which meant he received less interest.

We have been in touch with the branch and hopefully these problems will be sorted, it might be a good idea for others to check the interest they have been credited.

LesU

My wife tried to do a transfer from B&B to get the good NatWest ISA rate. We printed off the form from the Internet, filled it out and then were stumped as to where to send it! Reread the web page and realised you didn't send it anywhere, you 'simply' took it into your nearest NatWest branch!
My wife tried using the telephone route and was told that they could sort out everything, no need to go to a branch. After a lot of heavy selling of other products, the telephone person promised to send out the form.
A form arrived, but not for transfers, only for opening and depositing in a new account.
Another telephone escapade later. "Oh No!" says the telephone person, "the previous NatWest person was completely wrong. Send me your completed Internet form, marked my attention and we'll sort it all out". The form goes off, 2 weeks later it comes back marked up 'We can't transfer funds into this account as it hasn't been opened'. Please 'simply' go into your branch and open up an account and we will progress it.
The ISA has stayed in B&B.

grnglide

MigsyBigsy wrote: »

Has anyone had any problems tranferring their transfer to NatWest?

I applied to transfer my ISA on the 1st October from Barclays and hasn't gone through. Have phoned various times to Natwest who said that Barclays have not received the transfer form...

Could I also ask, NatWest have reassured me that when it eventually goes through (if it does) the interest will be backdated from the date of the application (1st October). my question therefore is, will this mean that interest earned from the 1st October from Barclays ISA will have to be paid back to them?

thank you

I find it unlikely in the extreme that Nat West will pay interest on an ISA for a period that they havent received the funds!!!

ISA are funny things as they rely on transfers between the financial institutions who always blame each other when thing do goind wrong. I seem to remember that the institution that the transfer is from has a month to action the transfer. A lot of ISAs are transferred between institutions by cheque , presumably accompanying the transfer certificate!

And no - you won't have to repay any interest!

evenasus

Phew, I was going to transfer my B&B ISA to Nat West. It seemed a lot of trouble when I read that I had to open another account with Nat West first.

Opted for a transfer to Northern Rock instead.
Printed the transfer form off, filled it in and popped it into the local branch.
A couple of days later, I got a letter from NR saying that they had forwarded the transfer request onto B&B,

Got a letter from B&B this morning, just a week later, telling me the total of the ISA and that they had sent a cheque off to Northern Rock.

Seems trouble free and very efficient...Just touched the kitchen table. (wood);)

masonic

grnglide wrote: »

I find it unlikely in the extreme that Nat West will pay interest on an ISA for a period that they havent received the funds!!!

If a bank has made a mistake that has resulted in you suffering a loss (e.g. of interest), then it is perfectly reasonable to expect compensation for that loss. It is by no means unheard of for banks to part with 3 figure sums in apology when things have gone wrong.