Please help- ISA transfer from nationwide to Halifax gone wrong!

fifimation

Hi,

I am really hoping some one can offer any advice!

27th May I applied to transfer my exciting ISA from Nationwide to Halifax, as they offered a Savings ISA Direct Reward -guaranteeing 3% interest compared to my 0.25% I was getting at nationwide- I thought why not! I filled in the correct paper work and was advised in the branch that it was all taken care of. I was also aware that they

“Guarantee to give the rate applicable on the day we process your request to transfer your isa to Halifax provided the funds are received within 60 days”

I then received paper work from Halifax on 24th June and on 6th July -advising they had not received the funds and that nationwide were having delays but currently dealing with cases from the 24th June and they would request the funds again. I thought this was a little odd as my case was surly before the 24th June so I decided to give Halifax a call!

It was from this point my problems and phone bill charges started:

I rang up Halifax on 20 July before my 60 days were up asking to see what had been done and what the problem was. I was advised that Nationwide had not received the original paper work from the 27th May and that they would have to send it again and not to worry some one will call me back.

No one called- so 21st July (the next day) I rang again: advised that paper work has been sent through and not to worry it is all processing.

On the 6th August I finally receive paper work confirming that my ISA is set up and the transfer funds have been received.

However a week or so later on the 18th August I realised that the ISA they had set up was not the ISA that I agreed or wanted. In fact they had put my money in a basic ISA saver with only 0.50 % and not the Savings ISA Direct Reward -guaranteeing 3% interest.

So the phone calls start again:

I ended up phoning on a weekly basis to point out the acct was the wrong type of ISA and to also note that I wanted my correct interest of 3% to be back dated. I was advised on a weekly basis that this was being done and it would be transferred to correct ISA acct and back dated to the 6th August (when my founds were first received from nationwide) not from the 27th May when I first requested the transfer. They stated this was because the founds were not received within the 60days!

Following no progress I called through to complaints to raise the issues.

1) When would my money be transferred to correct ISA acct as promised and agreed.
2) Why I could not get my interested back dated to the 27th may instead of 6th August, as it was Halifax paperwork that was not received which caused the delay.

I was advised that this would be done and that the person dealing with my case would call back. After numerous phones calls and empty promises of people advising they would call back and that it would be resolved within a few days, I received a letter from the 9th August: It stated that not only could they not get the interest back dated to 27th May, as the founds were not received within the 60days but they could not transfer my money to the Savings ISA Direct Reward acct as the offer has closed before my money was received. I then received a second letter asking if i wanted to transfer my acct to a fixed rate ISA.

I rang again this morning to complaints advising them that I am not satisfied with this response. I am outrage that they have taken my money any way and have put in a different acct. Not once I have I been advised this was the case in fact I had been advised that the money was getting transferred to the Savings ISA Direct Reward acct and should be done so in a matter of days with the interest back dated to at least the 6th of August!

I was advised that they will get back to me- but as usual I am not holding my breath on that promise!

I just don’t know where to go from here!?

Any advised welcome!

Gambit

Wow... that's a !!!! up and a half!

Did you note down names of people you spoke to throughout the process? Especially the people who gave you this information:

"I rang up Halifax on 20 July before my 60 days were up asking to see what had been done and what the problem was. I was advised that Nationwide had not received the original paper work from the 27th May and that they would have to send it again and not to worry some one will call me back.

No one called- so 21st July (the next day) I rang again: advised that paper work has been sent through and not to worry it is all processing."

In my experience calls do little to resolve these complicated events so I normally write to them. I would write EVERYTHING that has happened in a polite yet firm letter explaining your dis-satisfaction. Include as much detail as possible including names of people you have spoken to and times in which calls were made. Then send it to their customer relations team (addresss here) who should be able to see the whole problem and deal with it accordingly.

That's assuiming you havent written to them directly already. I know they have written to you but they might have only got half the story from people on the call centres who probably dont have the time to write up complaints/problems in details.

Good luck!!!

Rich1976

I agree with the OP. Your best option is to put your complaint in writing addressed to the Head of Customer Services. Make sure you write 'complaint' at the top of your letter. Halifax then have a certain time in which to respond. I suspect they will blame Nationwide for not having received the paperwork but in any case this isn't your fault and you have been disadvantaged by the problems caused between them both.

With any luck Halifax will be able to back date the interest which you should have had in the first place or if not they may offer you a 'gesture of goodwill' to make up for it.

If you're not happy with their response take them to the FSA.

Good Luck

rb10

This is a very difficult issue with ISA transfers - as you don't know who to blame.

Halifax have followed their own rules to the letter by giving you the ISA Saver Direct (0.5% variable) instead of ISA Direct Reward (3% fixed), as they did not receive the funds within 60 days. From your initial post, this seems to be the fault of Nationwide, as they failed to respond to Halifax's request for the money.

If you don't get anywhere with Halifax, it might be worth taking this up with Nationwide's complaints department. They are supposed to respond to ISA transfer requests within a specified time period (I think it's 30 days). As they failed to do this, you have lost out on a good account. I would request a compensation payment of 3% of the value of what you transferred.

fifimation

Thanks guys!

After reading you suggestions I started a letter to the Customer relations -putting everything in writing with names and dates. But then someone from Halifax called me back after my call this morning.

He was from customer Care and offered:

£20 for phone calls.

Plus he offered to pay the difference of lost interest from 0.5% to a cap of 3.0%, if I make a request to transfer to another provider within 14days. This means if a transfer to direct reward e-ISA (who are offering 3% and I’m thinking of transferring to) they will pay the difference of 2.5% from the 6th August till the date the funds transfer, as compensation.

He advised if I did not want to accept the offer then i could take it through to customer relations. I advised I would think about it for an evening a call him back tmrw.

What do you think?

And if I took the offer do you think it would affect any possible interest from the new provide for the period of when the funds would be transferring? As I have understood it, it would mean I could get two lots of interest, one as compensation and one from the new provide!?