Nightmare with Barclays and Natwest ISA

powerfulone

All

I have had a nightmare with Barclays and Natwest trying to transfer an ISA, and I feel that this is proof that neither company will go the extra mile to help me out, but would rather blame each other. I am coming on here to see what legal recourse I have and if I can take them to the small claims court for lost interest.

I applied for the 7% fixed for 1 year ISA from Natwest back in October. I transferred a large amount of money, filled in the forms and waited. After 2 months and no money transferred I spent many hours queuing at both my local Natwest and Barclays branch. Natwest were very apologetic but just followed their standard proicesses. Barclays were arrogant and unhelful, just telling me to go back to Natwest and insisting they weren't holding back the money on purpose. (It's a lot of money to me, but I don't think it's quite going to affect their Standard & Poors rating!).

So here I am 7 months later no transfer and £100's in potentially lost interest. Whats the best action? Can I take either Bank to the small claim court for the lost interest? Whats the best way to get these "b"ankers undivided attention?

Lokolo

So its been 7 months and you haven't written a formal complaint to either....? :cool:
Complain to the new provider, Natwest.

Natwest: https://www.natwest.com/secure/global/contact_us/complaints_procedure.htm

Always do it by letter, recorded.

Baldur

The ISA transfer process is managed by the new ISA provider (Natwest in your case), Barclays were quite correct in referring you to back to Natwest.

If you are referring to Natwest's 7.32% rate ISA, which was offered in September/October 2008, it was not a fixed rate product, merely a variable rate product with a 1 year bonus - see http://forums.moneysavingexpert.com/showthread.html?t=1637689.

The Financial Services Ombudsman Service is one of the points of call, in addition to the details that Lokolo has provided.

powerfulone

Yes you are right should have done it sooner. Just did one to Barclays.

Have already done one to Natwest a few months ago, but I'd give odds of 80% it's Barclays fault, 20% it's Natwest.

Lokolo

You did one to Natwest.....? What did you say? What did they say?

powerfulone

Yeah I was going to go to the FSO next. I would have talked to their staff more, but frankly it doesn't seem worth it. They don't seem to know what they are talking about. As for the fixed rate - oops I thought it was fixed. But as it goes it is still more than Barclays. As soon as I have switched I'll have to switch again!

powerfulone

Lokolo wrote: »

You did one to Natwest.....? What did you say? What did they say?

Well I didn't write it, the lady helping me there processed the request to their central tax unit as a complaint, probably to speed things up.

I will write one myself, something to keep me busy tonight. I've been putting off stupidly because I got the impression it was all going through (letters being sent to confirm transfer, me returning them etc. etc.). I was planning to then complain formally after if I had not got the full interest for the period since October.

So I'll let you guys know what they say in response.

Thanks for your help so far...

Lokolo

Make sure you write dates etc. in the letter.

---

Hi,

I applied for X account on the Y date by branch/telephone/interenet (delete as appropriate). I want to transfer my previous ISA with Barclays, over to this new account. I had filled in all the forms and thought the transfer was going smoothly. It has now been Z months since I first applied yet there are constant problems with the account opening and transfer. The staff in branch have been/not been (delete as appropriate) helpful and have not helped me resolve the problem in any of the times I have been in branch. I have now missed out of A days of interest and the transfer still has not been completed.

I hope you can help solve this and if I do not get a satisfactory response within 8 weeks I will be complaining to Financial Services Obsudfdsfdsfsdf (can't spell). Guidelines state that ISA transfers should take upto 30 days to complete, of which this has not.

Yours faithfully,

powerfulone

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Wait for Baldur to look over the letter, I am not great at them and he has more life experience (a lot more) than me

SavySaver_2

7 months is completely unacceptable. Def needs to be escalated as complaint with NAtwest and Barclays. You should also be intitled to back dated interest. If I was you i'd want to know the reasons why it has taken so long? Has no one told you what the delay is? What explanations have you been given so far?

I work for Barclays and the whole ISA transfer takes approx 3 weeks but It really depends on the NEW provider and their processes. I am in the process of doing some from HBOS to Barclays and they have delayed this due to being no matching signatures for the cusotmers on their system!

Hope you get it sorted out soon.

whiteflag_3

SavySaver wrote: »

I work for Barclays

Oh you dont say!!!:rolleyes:

hotkee

SavySaver wrote: »

You should also be intitled

I believe it is entitled - I must correct this - its like an itch on the back of neck if I do not say something.

On this saga of ISA transfer - the irony is Barclays offer a better return (at least this year) on their interest than Natwest.