Natwest / Icesave ISA

sallysaver

Hi,
After lots of telephone calls and un- necessary visits to the local Branch, Nat West have done it again!!!! Despite being informed on numerous occassions, the cheque is lost, the certificates are lost, the (Isa) money has been taken from ourcurrent account today. Surprisingly, Nat West's customer services cannot help and have referred us to the Branch yet again. I can promise you the visit will be lots of fun. Standby for an update! Sally

ElusiveLucy

Well I am now deeply regretting trying to put my IceSave money into a NatWest ISA!

I went into the branch about 11th Dec and a very efficient lady opened the account, the account details arrived and I set it all up for online access etc, but still no money arrived in the account.

Then on saturday I received a letter saying that there were insufficient funds in my account for the transfer to go ahead.....this was not true as the full amount has been sitting in my current account since November! The letter suggested contacting them, but the phone number was permanently engaged, or transferring the money in myself. I tried to do the latter and my bank will only allow <£10k a day to be transferred. Worried that my money could end up in limbo being passed back and forth as the ISA account was showing a max investment allowed of £3,600 I decided to call them. The call centre put me through to a branch (same town, wrong branch from the one where I opened the ISA) and the woman there took my details as a complaint and promised to call me back today.....still no phone call, so I can feel a visit to the branch coming on.

I really can't believe that we've had so much hassle just because we invested in IceSave!!! All I want to do is to get my ISA money earning some interest again, surely it can't be that difficult???!!

tony1947

Hi All

This is my first post after being an avid reader and was prompted because I had a similar experience to most on this thread. Fortunately my situation is resolved and I was helped a lot by the NAT West Service Centre.

Basically they told me they cannot access funds from a "normal" current account into an ISA one. Even if they have the certificate and a copy of the letter from themselves re ICESAVE its just not possible.

I already had the ISA acount open just before ICESAVE went boobs up and I therefore knew the Sort and Account code even if the balance was zero.

When I called the helpdesk the operative told me to simply electronically transfer my funds from my current account (Halifax) to my ISA account. She also said the interest would be back dated to mid November when I opened the account.

I did this and a couple of days later the money appeared in my Nat West ISA.

Now I know we are all still fragile after IS but maybe if you have an ISA created with sort and bank codes available why not simply send them the money or at least raise the possibility next time you talk to them?

Cheers
Tony

LGG_2

went back in today to see whats happeing with sorting out the months intrest they owe me after putting my ISA money into the wrong account. same ole B.S "its an ongoing situation" if i had a quid for everytime they said that i wouldnt need to bother getting my intrest back off them. same ole rubbish of give me you number we will ring u back. and the guys whos supposed to be sorting this out has been off ill and will be on holiday next week. woopie doo. will this crap ever end. dont even get me started on waiting for cardreaders from tesco so i can move my other ice save money out of a crappy savings rates account into that. its just going on and on and on

LGG_2

shock horror just had phonecall from NW. the guy says hes been onto head office to get the process going and the intrest should be back into my account by the end of the week.we will see lol

sallysaver

tony1947 wrote: »

Hi All

This is my first post after being an avid reader and was prompted because I had a similar experience to most on this thread. Fortunately my situation is resolved and I was helped a lot by the NAT West Service Centre.

Basically they told me they cannot access funds from a "normal" current account into an ISA one. Even if they have the certificate and a copy of the letter from themselves re ICESAVE its just not possible.

I already had the ISA acount open just before ICESAVE went boobs up and I therefore knew the Sort and Account code even if the balance was zero.

When I called the helpdesk the operative told me to simply electronically transfer my funds from my current account (Halifax) to my ISA account. She also said the interest would be back dated to mid November when I opened the account.

I did this and a couple of days later the money appeared in my Nat West ISA.

Now I know we are all still fragile after IS but maybe if you have an ISA created with sort and bank codes available why not simply send them the money or at least raise the possibility next time you talk to them?

Cheers
Tony

Hi,
Our Isa with Nat West was already set up (End of September). At this point Icesave hadn't gone down the pan but strong rumours prompted Mr. Sallysaver to do something about it and besides Nat West interest rate (7.2%) was really quite tempting at the time. So there you are, we already had the account number, sort code etc., Of course days later, the inevitable happened and Icesave went boobies up! The funds were transferred by the FSCS (all present and correct) and the certificates subsequently arrived . As per NW instructions, a cheque and the certificates were posted the same day in the SAE provided. They have sworn blind they never received them on at least 6 occassions. 4 Times we have been put through to the Staff payroll section.
This has been going on since the beginning of December when we received the certificates. Today the Customer Service Team (Harrogate) cannot help and as I said earlier, have referred us to our local branch. Watch this space.
Sally

TattyBear

Well, here in the Bear Cave, things are finally looking up. Phoned the Natwest Complaints Dept yesterday and spoke to the woman who wrote the letter. I explained everything that had happened, and she seems to have sorted it all out.

I have at long last got the money showing in my Natwest ISA account, although the cheque hasn't yet gone through my current account yet. It's amazing what can be achieved through complaining.

The woman has said she will phone me tomorrow to check that all is OK. I shall make sure she understands it's her responsibility to ensure I get my interest backdated.

sceptic99

Been reading all the NatWest ISA posts on here tonight and wanted to share/vent some of my frustrations too...

Decided to transfer ISA to NW from ING after finding out that they were no longer under the FSCS (they announced it rather sneakily too....a little line at the bottom of a letter announcing that they were slashing interest rates on their savings accounts).

Had been thinking of NW for some time, have current and savings with them already so thought it might be easy (!). Saw late night 17.12.08 that offer was closing next dat so went in to local branch on 18.12.08 with all the paperwork.

Helpful young man opens account and reassures me that it will all be done in 30 days.

20.12.08: I can see the ISA account in the NW online bank, with £0.00 in it.

So far, so good..........

9.1.09...concerned re no change to either ING or NW accounts. Called NW Actionline...its like a lottery as to how good the person you get is gonna be. Message on my "file" that something regarding my application was done on 5.1.09 but noone sure what was done! ING insist they have not received any communication from NW.

Go into branch 10.1.09....lady looks up stuff on computer and says that on 5.1.09 request sent to ING. Listens to my concerns re slowness of whole thing and registers a "concern", with promise to call me back in 48 hours (again, !).

I know its early days, I know they were overrun with transfer requests.....but how long do I wait till I start bashing my head a bit harder?

Assuming it all goes through, I know NW should at least give me the bonus interest from when they received my form, but should I be expecting/demanding more?

My only glimmer of hope is that people on here manage to be making some headway....

Thanks...

sceptic99

the saga continues........

14.1.09: NW lady calls back and says paperwork DEFINITELY sent and ball firmly in ING court and up to me to chase it up. Asked her while on phone to clarify interest issue....on website it says bonus applied from day of receipt of form, can she please confirm this will happen......she says no, only interest from day all money is in account.

I have now raised this particular point as a new "concern" with them.


Can anyone please clarify....what is the stance on interest? My interpretation of the website Common Questions section is that the bonus (1.76% at time of application) is applied from when they get the form, and then the 12 month period starts when they actually have the money. Is this correct?

sallysaver

Hi,
Surpringly, our visit to the branch was un-eventful. Now informed appointment needed to see the 'Advisor' (not usually the case). Enquiries clerk confirms money is in Isa but thats about as far as it goes and i.e. doesn't know rate of interest, doesn't know if interest will be back dated but she has PROMISED that the person dealing with the case will ring after 4 TODAY. Here's waiting. Sally