first direct transfer question

stillburning

I was planning to transfer my Nat West cash Isa into the FD e-ISA. I filled in the online application last Monday, the application form arrived today and (as Baldur confirmed to the OP) have now found I have to wait for the transfer pack to be posted out.
I telephoned FD and they have confirmed the transfer pack cannot be ordered over the phone. Having read the other comments regarding delays contacting employers and transferring the funds I am coming to the conclusion that FD are struggling to administer the number of applications, or even delaying the opening of the accounts to reduce the time the accounts are in funds before the end of the 3% guaranteed period on 09/11/10.
(By comparison my wife tansferred her cash ISA into the Principality with a 4.2% fix for 3 years, the application including transfer details could be completed online, prited and posted the same day).
I'm well into 5 figures as I've maxed out my cash isa every year, every day of delay will cost me £3.50, over £100 a month in lost interest. I've checked other accounts today and Barnsley BS are offering 3% on 20K plus including a bonus of 0.75% I spoke to their customer services who advised me that the entire application could be completed online.
If anyone else has transferred an existing ISA into Barnsley BS it would be very useful to know how they got on.

Simstwins

Just a little update for you all

First Direct credited my account with the closing balance from NatWest yesterday, a full 2 weeks after NatWest closed my account. I still haven't had my concern answered by Natwest about the transfer process, even though I was advised I would be contacted by Monday just gone.

A bit dissappointed by the whole transaction now. I'm not sure where the delay occurred, Natwest, First Direct or good old Royal Mail.
Where to go from here?

lisyloo

I will let you know how mine goes.
If other people have had no problems, then it would suggest Royal Mail are the problem.

You could make a formal complaint to Nat West about sending a large sum by normal post and you could potentially take it to the ombudsman.
If you wrote a good letter (mentioning the ombudsman) you may get a gesture of good will from Natwest on the basis that it costs then something like £350 if you go to the ombudsman and that's before they have spent any time on it.
So you could make a nuisance of yourself in the hope that they get fed up of spending money on dealing with your complaint.
I've won most complaints I've put in, so if you argue it articulately you have a chance of getting something.
I would recommend mentioning awareness of your rights i.e. ombudsman and also showing your actual loss and pointing out the absurdness of using normal post for a 5 figure sum when it's well know there are disputes and problems right now.
Basically the better your case then the lower the chance of you being fobbed off.

stillburning

Following my previous post Principality also sent some more forms to be completed and posted back.
I looked at accounts that I could open locally in branch and found Chelsea BS had a 3.5% 30 day notice ISA for me and a 3.5% 12 month fixed for my wife (closes for new applications today!).
The website had a telephone number direct to the branch, who were very helpful and was advised they were busy so made an appointment, opened my account and completed transfer form, will return on Friday with my wifes paperwork, all will sent by internal mail.
I realise there is still a potential for a delay if Natwest post a cheque but at least I know Chelsea are not subject to Royal Mail delays.

ray123

Is it possible to open the first direct ISA now and transfer my existing ISA when it matures next May?

youngoffender

It would be a good idea to put any transfer plans on hold until the post strike is resolved. Better to keep earning a lower rate of interest than risk a transfer cheque getting stuck in a Royal Mail warehouse, earning nothing and causing you worry.

Baldur

If there are no restrictions in the Ts & Cs about when you can transfer, you can request and complete the ISA transfer form when you complete the (hard copy) application for the account - just set the maturity date of the existing ISA as the date on which you wish the transfer to take place.

Remember that, if your present Cash ISA is for the current tax year, you must not pay any new money into the First Direct account.

ray123

Thank you Baldur.

Have not put any money in yet. Still have 6% a/c with halifax which is fixed until December.

Perhaps my application will arrive at First Direct by that time! Am only depositing a pound for now.

amcluesent

My Nationwide->First Direct xfer is now in limbo too

Online Nationwide shows the £21K is gone, online FD remains at £0 after 3 working days.

lisyloo

online FD remains at £0 after 3 working days.

That's not enough time to allow for the post.
Mine took about one week in the post and I'm waiting for it to be "processed".
I don't think it took one week in the royal mail, but I don't think these things get despatched immediately or opened immediately given that they probably get a tens of thousands of letters per day.

I know it's frustrating but I think it will be a little longer than that if it's gone by post.