Problems in transferring cash ISA

cornishpete_2

I am currently transferring an ISA.
The old provider closed the account on 15 March and they say they sent a cheque to the new provider (Nationwide) on 16 March. A week later, despite chasing Nationwide, I am still waiting for the money to appear in my new account. Thus I have missed a week's interest already.

Why then are the banks still using cheques when they tell us that we should be using instant on line procedures? Is it because they they want to keep the interest to themselves? Or do Nationwide have a problem?

Mickygg

This has been discussed a few times by annoyed people. It is a cost thing - the government have suggested banks and building societies use electronic payments, but they say it costs money and so still use cheques.

When I last transferred to Nationwide it took just under a month to transfer, and so no interest for that period. It's not just Nationwide, it is a lot of banks and BS's.

I suppose this time of year there are a lot of transfers and requests to process, so it would take a bit longer than usual. Still very annoying though.

Just_landed

I had and having the same problem from Halifax to Nationwide I chased it up, didn't speed the job up but I felt better :mad: To cut the story short in my and probably your case nationwide back dated the interest to when I applied the first time so I expect them to do the same this time and probably will for you automatically.

cornishpete_2

Just_landed wrote: »

I had and having the same problem from Halifax to Nationwide I chased it up, didn't speed the job up but I felt better :mad: To cut the story short in my and probably your case nationwide back dated the interest to when I applied the first time so I expect them to do the same this time and probably will for you automatically.

Thanks - last time I changed the funds arrived in the new account just two days after they left the old one. I have put in my claim as, if Nationwide et al start new promotions in the ISA season, you would think they would gear up for a rush. :beer:

EdGasket

Two years ago I had an ISA transfer from Nationwide to Lloyds that took 3 months to complete ! There was no particular problem, just inefficiencies on both sides and of course cheque payment. Lloyds did backdate most of the interest but it was worrying at the time not knowing what was going on. Helplines were useless !

McKneff

Santander were unbelievably incometent with mine and my OHs.

Both were transfer requested at the same time.
OHs was transferred in a week.
Mine still hadnt appeared 3 weeks later, i chased it so they cancelled the cheque and sent another one, the first one arrived, hit my account but because Santander had cancelled it, out it went again. it was another 2 weeks beforethe second one got to my account.

There have been numerous other !!!! ups, i stayed with them only for the year my Isa was with them and cancelled all other dealings with them.
And dont get me started on the Abbey Zero credit card fiasco............