Time to transfer ISA

leaphaze

I applied to transfer an ISA from Yorkshire to NatWest 02/12/08. Nothings happened so far. The NatWest a/cs are open and empty. The Yorkshire a/cs are still open. This is beyond the 30 days which the industry agreed.

Just wondering if I'm the exception or if others are also experiencing delays. In these times of interest rate strinkage I guess many people are switching and maybe slowing down the system.

Lokolo

Everyone experiences delays with ISAs, they're always shoddy.

Has the yorkshire account got the funds still in it? If so I most probably think your ISA transfer form somewhat got lost in the post or something.

whu

I have experienced delays this year transferring ISA's in April and October - April might be slightly explained by the time of year but October!!Both took between 2-3 months and I complained andgot compensation - remember though that until the money is transferred you will still get interest from your current provider until it is transferred

leaphaze

Lokolo wrote: »

Everyone experiences delays with ISAs, they're always shoddy.

Has the yorkshire account got the funds still in it? If so I most probably think your ISA transfer form somewhat got lost in the post or something.

Yes, the funds are still with the Yorkshire.

Since posting I rang the NatWest help line to be told transfers are very slow at the moment. I asked whether their computer tracked ISA transfers. No, so no way of knowing what happened, but not lost in the post since the forms were filled in at a branch and given to the manager.

KingL

Check with the Yorkshire, too. AFAIK, the source bank posts a cheque and ISA certification to the destination bank. If that has been lost in the post, you're going nowhere until you do the detective work to deduce the fact.

pollywollydoodle_2

We transfered ISA before xmas. The money was taken out of the old isa more or less straight away but not put in the new till about 3 weeks later. We said we would close the account unless intrest was paid from the date it was first taken out of the other ISA. They have eventually agreed so it goes to show it is worth complaining otherwise we would have lost 3 weeks intrest and they would have gained it

masonic

I had the same experience. It turned out Natwest had lost the transfer form. I ended up completing another transfer form, and then making a formal complaint to their customer relations unit when even that wasn't processed efficiently. You should be able to get them to backdate interest to (at worst) a week or two after you submitted the original transfer form (even though the money will have been earning interest elsewhere) if you're willing to see a complaint through.

sceptic99

Similar positon to leaphaze...applied in branch 18.12.08, still no movement in either ING or NatWest. Am I right in thinking the 30 days only starts when the old bank receives the request for the money from the new bank?

masonic

sceptic99 wrote: »

Similar positon to leaphaze...applied in branch 18.12.08, still no movement in either ING or NatWest. Am I right in thinking the 30 days only starts when the old bank receives the request for the money from the new bank?

Technically ING have 30 days to send the money to Natwest, but Natwest should be expected to pass the information to ING within a few days of you providing it. If they don't, then that's grounds for a complaint.

sceptic99

NatWest ISA transfer saga continues......

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, !).

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?

sceptic99

Just after last post, someone from local branch calls up. Has re-sent my paperwork to central tax unit for them to resend to ING with the complaint attached.


Also, confirmed that bonus interest definitely will be given from day of receipt of form to day that money is in account, with the full interest thereafter.

Just need it all to happen now......