Natwest Messed up my ISA

penguine

I had problems with NatWest too, not as catastrophic as others on this thread as the main loss was just my time. I tried opening an e-ISA with them in order to transfer over funds from previous years only. I sat through half an hour opening the required savings account, fending off sales pitches to try to get me to purchase other products I didn't want, then finally the savings account was open and they gave me a reference number to open the e-ISA online. I did this a few days later but it never seems to have gone through and they have no record of it at all. After numerous phone calls, I went elsewhere (as their interest rate on the e-ISA had since dropped). I now have a savings account at NatWest which I don't need (balance of £0) and will never, ever open an account with them again.

The_Enforcer

On Wednesday, I went back into the branch local to my workplace, where I left my form on 10th June 2009 with a photocopy of the form that I had got them to date stamp. The cashier was most helpful. She took another copy of my copy and a copy of the other printout I had when I went to the branch local to my home to clarify what rate I would get (before actioning the transfer).

She said she would take ownership of the matter and would contact me on Monday to let me know the status of the transfer. She also said she would arrange for the interest to be backdated to a date 30 days after I handed over the form to them i.e. early July and would let me know how much that would be.

I reiterate my view that if you have a problem, it's far better to get to a branch if you can than fritter away valuable time and money on the telephone.

TE

The_Enforcer

NatWest had to re-send the forms. The funds were taken out of Standard Life on Monday 17th and deposited in the e-ISA on Tuesday 25th. So that's only 13 days from when I first went into the local branch. Well done the local branch staff.

No interest applied as yet, normally goes on at the end of the month in my Cash ISA Plus, so I'll see whether any backdated interest is paid and report back.

The_Enforcer

Got my backdated interest yesterday, about 2 1/2 times the standard interest payment that I received at the end of September - the first full month.

Definitely worth pursuing any disputes via your local branch.