Transferring Woes

forgery

Hey guys, I'm after a little bit of advice.

About 3 months ago now I requested 2 of my old Barclays ISAs get transferred over to my new First Direct ISA. One account was a full ISA, the other just had a small amount in.

As I say this was 3 months ago now and I'm still waiting for the larger ISA to get transferred. I raised a complaint with Barclays (the issue was at their end) I was told the 17th Sept was the resolution date so if it still hasn't moved by then I will really be expecting some kind of answer.

My question is about the interest I will have lost over this period of time. The Barclays ISAs were earning nothing, 0.5% sort of rate. With FD I will be getting 3.1% Due to this extortionate period of time, which I'm not happy and will be making a large fuss about, is there any way I can claim against either banks on the interest I may have lost over this period of time?

Many Thanks

Forg

Milarky

If Barclays still holds the money you'd go to them for the lost interest (3.1% in this case) but in addition also you have grounds from complaining that for at least 2 months (the time in excess of the widely misquoted '30 day rule' already taken) because you have not had access to this money.

forgery

Thanks for your reply Milarky. If I was to follow up on the '30 day rule' what should I expect. Should I ask for extra compensation for my wasted time? How do I go about approaching this when I, for example, ring up barclays complaint people, what should I expect from them?

Many Thanks

Rich1976

forgery wrote: »

Thanks for your reply Milarky. If I was to follow up on the '30 day rule' what should I expect. Should I ask for extra compensation for my wasted time? How do I go about approaching this when I, for example, ring up barclays complaint people, what should I expect from them?

Many Thanks

Don't complain over the phone as they will just fob you off. You're best to put it in writing and then they have to take it seriously and provide you with an adequate response.

I would ask for compensation as they should have transferred within 30 days. Have they said why this didn't happen? Presumably they'll pay the compensation directly to you as I don't think they're allowed to add it to your ISA.

I don't think you would have a claim against First Direct as they're not the ones in the wrong ( unless of course they made a mistake with the paperwork requesting Barclays to transfer the money). The rate on the FD ISA is now 3%

forgery

Thanks Rich. I will call the complaints department see what they say, last time they were happy to talk, if that gets me nowhere, as it probably will I will go into a branch and form a complaints letter with them. Now I know there is a '30 day rule' I know what I'll be demanding.

I still don't know why, lack of communication from them is another huge problem. They haven't said a word to me about why yet.

I didn't think FD were to blame, I just thought I'd mention it if there was any option. Still no money today, tomorrow is their deadline day, I've been as patient as anything but now this delay is just becoming rediculous. Looking forward to complaining tomorrow.