Natwest / Icesave ISA

fox7522

cosmetichamster wrote: »

Congratulations MM46! My case is exactly the same as yours, except for that my account still shows no transfer as of this morning. I am starting to worry, not least because their Central Tax Unit cannot be contacted (no phone number or email address on their correspondence)....
Cottager may be spot on re. the likely backlog, but it is not reassuring that apparently no-one at Natwest has any idea when faced with concerned customers. I will phone their customer services today and report back. At least I took a copy of that blessed certificate before posting.
Will this ICESAVE nightmare ever end, I wonder?

Same here, I will report back what customer services say tomorrow. Wish I would have taken a copy of that dam certificate now, but at least I sent it recorded delivery.

TattyBear

I opened a cash ISA in my local Natwest branch on the 19th December, handing over my cheque and Icesave certificate. My ISA account now exists, but has no money it, and my cheque still hasn't been cashed. I have £39K sitting in my current account earning no interest while I'm waiting for Natwest to pull its thumb out of its jacksy and put my cheque through clearing. I am not a happy bunny and will be going back to the branch to complain.

Please be aware than unknown to me, Natwest withdrew the bonus rates for transfers in on 18th December, something which wasn't mentioned on its website on that day. I only found out today and am very angry. If I knew the bonus offer had been withdrawn, I'd never have opened an account with these shysters.

Cheshire Building Society has a 4.5% fixed for a year which I will be very happy to take considering Shatwest's top ISA rate is now 3.2%.

LGG_2

Please be aware than unknown to me, Natwest withdrew the bonus rates for transfers in on 18th December, something which wasn't mentioned on its website on that day. I only found out today and am very angry. If I knew the bonus offer had been withdrawn, I'd never have opened an account with these shysters.

something i never knew either. luckily or unluckily i opened the account not long b4 that. anyway went into the branch today to see what was happening or not happeing with my ISA mess Up and all i got after waiting for the cashier to go and see the manager or make a cup of tea and nip to the toliet more like was nothing has changed the paper work hasnt gone through and no idea when it will. come back in 3 years.. with all the hassle im inclined to just open another account somewhere else and get the money transfered yet i cant even do that as theres only 3600 sat in my ISA instead of nearly 21500 that was transfered from icesave via my current account. the next !!!! take will be getting the lost intrest out of them even though they keep saying its their fault and the intrest will be added back, yeah ive heard that one b4. does it ever end?

btw couldnt you cancell your cheque and open up somewhere else or is that not possible with the isa rules. after all if the money hasnt gone into the isa its not a completed transfer so u dont have to wait for the cheque to clear and then transfer as normal to a new account

ScarletBea

LGG wrote: »

theres only 3600 sat in my ISA instead of nearly 21500 that was transfered from icesave via my current account.

It seems they're doing the same mistake to everybody then...

I wrote the cheque for the full amount (£6800-odd, only 2 years), then the movements in my current account (also Natwest) are:
day 1 - Debit for the full amount
day 2 - credit of the extra amount (over £3600) with the description "ISA subs exceeded"
day 2 - debit back out of that amount with description "To ISA"

It seems they caught on...

The ISA account just has 2 credits, on day 2, one for £3600 and one for the rest.

Reaper

I finally heard from Nat West and... they received my certificate but lost the cheque I enclosed :mad:
I told them the cheque number and they are searching for it. Not very impressed.

LGG_2

ScarletBea wrote: »

It seems they're doing the same mistake to everybody then...

I wrote the cheque for the full amount (£6800-odd, only 2 years), then the movements in my current account (also Natwest) are:
day 1 - Debit for the full amount
day 2 - credit of the extra amount (over £3600) with the description "ISA subs exceeded"
day 2 - debit back out of that amount with description "To ISA"

It seems they caught on...

The ISA account just has 2 credits, on day 2, one for £3600 and one for the rest.

yeah mine was quoted as isa subs exceeded and 17 k or so was put into the savings account i had to open as part of the deal. i guess this is the real reason they make u open another account up ontop of the isa. cause they couldnt organise a !!!! up in a brewery

Pendle_Gazza

I was quite impressed, but it appears I was lucky! I visited my local branch on Monday 15th and presented the cheque and certificate, and I was looking at it online a week later. Everything was spot on, with my whole ISA amount having been credited by Wednesday 17th.

neatesaver

I have also experienced considerable difficulty in getting my NatWest ISA open and the cash transferred into the account.
It took 3 weeks for NatWest to reply to my letter with completed ISA forms. I completed and sent these a week before I received the funds from IceSave. When I complained they told me they did not normally reply to business letters!!!
IceSave cash was in my account on Dec 1st but even now (Jan 2nd) they have not been transferred to my ISA account. Why does it take over four weeks?
I think NatWest have been totally inefficient in this transfer.
Finally had a person on the phone this morning who told me he would ensure that it was placed in my ISA account today and that interest would be backdated to the day they received the cash (Dec 1st).
I shall believe it when it happens.
What dreadfully poor service. I have been a customer for over 40 years and cannot find any excuse for such bad service and assistance. The numerous promises that they would sort it out and phone back the next day - they never did return a single call.

TattyBear

I went in to my branch today to have a moan. My cheque for my Icesave funds still hasn't cleared 2 weeks after I opened the new ISA.

The woman I saw on customer service was totally clueless, and didn't even know what Icesave was. I told her I was ex-Icesave straight away, and she then proceeded to tell me that it can take a month for my ISA to be transferred from my current provider as my old provider has to send them a cheque for the funds.

And Jesus wept. :mad:

She told me that, despite what the Natwest website says, they were taking ISA applications to include the bonus rates up until Christmas Eve, and that I should get 4.23% interest rate. Well, I might get than when they actually get around to clearing my cheque.

Now I understand why I've been with Midland/HSBC for 33 years. The rest of them are totally inept.

Skieasy

TattyBear wrote: »

I opened a cash ISA in my local Natwest branch on the 19th December, handing over my cheque and Icesave certificate. My ISA account now exists, but has no money it, and my cheque still hasn't been cashed. I have £39K sitting in my current account earning no interest while I'm waiting for Natwest to pull its thumb out of its jacksy and put my cheque through clearing. I am not a happy bunny and will be going back to the branch to complain.

This goes on and on, doesn't it?

I went into my local Natwest branch 17 Dec (ISA previously opened in expectation of Icesave proceeds) and handed them a cheque plus Certificate). Questioned closely as I had no wish to lose further interest and add to the Icesave nightmare, Customer Services assured me my cheque would clear quickly and interest payable from date of me handing it to them. They took a copy of the Reinstatement Cert, all they required.

12 days later I revisited local branch to tell them that my £19K+ ISA transfer cash was still in a non-interest bearing Current Account. Customer Services now advised that details had first to be cleared with their Tax dept to ensure it qualified for tax-free status, and told me I would get a call "within 48 hours".

Still waiting....................:mad: