Lloyds ISA transfer - branch useless 31 March 2009 at 3:33PM edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings 4 replies 844 views

savetilibleed

I thought I'd decided what to do with my YBS ISA - transfer about 3/4 of it to LTSFRISA at 3.2% then when that is done transfer the rest to NatWest. I thought best to lock most away, but have some available to switch.

Anyway - applied online in seconds for the LTSBFRISA then it presents you with a transfer form to complete online and print. Did that and decided to take it to a local branch today.
I handed it over at the counter unsigned as yet and the teller obviously didn't recognise the form and she'd she if they dealt with them there. I saw her show it to someone else who put on her glasses, did that "what the hell is that" bit where people move their head backwards. :rolleyes:

I then got called into an office, bloke kept looking at the form. "...how come I'd managed to save so much.... most people only have £30000 in an ISA. I explained to the bloke I'd had TESSAs and ISA's since early on, move them last year now need to do the same again." "Well I don't inderstand how you managed to save this much" (I was doing a partial transfer of £38000) and I'd move the rest elswhere into another variable account." "Oh so you managed to find somewhere paying more did you."

At this point I got narked, told him I could understand why I was being quizzed. Then of course he tried to me sell their upto 50% growth bond or whatever the **** it was. I explained my feelings about risk.

Then he said "to be honest I've never seen one of these forms, did you get it of the internet" I had already explained about the online transfer form and that was what they required to do the transfer! "Shall I just send it then?" "Yes".

I left feeling a mixture of anger and confusion. This was a branch that is the central branch to several other satellite branches. Not a big branch but I didn't think they would be so - well - useless. And - was I doing the right thing in not going against my instincts and playing safe with cash ISA's. Goodness knows I need better income that is possible with other. So I came home having done nothing feeling confused. I'm tempted to go for a SAGA FR ISA that pays monthly interest, even though the rates are not good.

Once I got out I thought of all the things I could have said - like - shall we swap places, me be the expert and you be the idiot. :mad:

:mad: Sorry about that

Rogerb_2

I did this a year ago at Lloyds, and although they didn't recognise the form after reading it they sent it off and the transfer happened very smoothly and fast. It was from C&G so internal to Lloyds group.
A year later I have just moved my Lloyds ISA to Halifax and again the branch didn't readily recognise the internet form as they had their own form, but after checking with others sent it off and again very smooth with Lloyds releasing the funds within a week or so. Again internal Lloyds group though.

Baldur

whu wrote: »

I am planning to top up my Lloyds ISA in April and will just do it in branch to make sure there is no hassle

I hope that your in-branch experience is better than mine was in early March last year - having been through their complaints process, written to the CEO, involved the Financial Ombusdman Service (basically the whole gamut of redress) they finally managed to explain why they had failed to transfer one tranche of my Cash ISA funds of well above rom a previous provider in February this year - the problem was an obviously incorrect statement on the ISA transfer form from Icesave. My first query to LTSB was in late March, so the whole matter could have been resolved fairly quickly - but they appear to have preferred to wait until well after Icesave failed. Frustration doesn't even begin to describe the months of wrangling with them at all levels.

BTW I think it is preposterous for them to question how you managed to save so much - they should know it is possible if you started when these products first came out

Those of us who have had Cash ISAs and the former TESSA probably have around £50, 000 in Cash ISA funds, so I totally agree that querying a partial transfer of £38,000 is ridiculous.

QTPie

Sounds almost as much fun as I had opening and paying into a Halifax Fixed rate ISA...

.... They employ some twits in banks sometimes...

QT

NX3

I've had the joy of a LTSB branch experience the last few days. I setup the ISA on the phone over the weekend and was told to go into a branch to activate my account. For reasons that LTSBstill can't explain they couldn't set my branch as my local one so I have to go out of my way to go to my account branch. I wasn't advised I needed an appointment to actrivate my account and had to come back the following day...sigh. So I went back today, had to wait approx 15 mins to see someone, so they were 15 mins lates. Account activated, only a few sales attempts on current account etc.... Hopefully the last time I ever have to go to a LTSB branch and can do everything online from now. Apoligies to branch staff but the whole procedure of having to go to a local branch, opening times I can't make with my job, hence I love First Direct for banking! Excluding the ISA rates ;-)