ISA transfer gone missing

linda_blake_2

I have recently transferred money from old ISA's into a new one with First Direct. However, one of the transfers has gone missing after leaving Egg. It was sent on 13th March and as it hadn't arrive at First Direct yesterday I rang Egg to report it. They said that someone would ring me back. As they hadn't done so by about 1.30 today I rang Egg again, only to be told that the person who the query had been sent to wasn't in and NO-ONE else could help. In the end he said that he would look into it but NOT today. He would look at it tomorrow and ring me then. I can't believe that my money has been lost and there isn't anyone in an organisation like EGG to at least see if the cheque has been cashed. Has anyone else had this problem? :mad:

Devin_Shockwell

Don't worry, your money hasn't been stolen!

It's difficult to pin down who is to blame when dealing with an ISA transfer gone wrong. Might be EGG dragging their feet or perhaps First Direct is not on the ball. If it were me I'd write a letter clearly stating the problem in black and white sending a copy to EGG and also First Direct. It might be worth while noting down your dissatisfaction and also mention you intend to file a complaint with the Financial Ombudsman (http://www.financial-ombudsman.org.uk/consumer/complaints.htm) if this isn't resolved to your satisfaction. Payment of lost interest on your ISA should also be a factor in your letter since your money is currently in limbo! Most banks would offer you something to prevent a complaint to the Financial Ombudsman as the number of complaints against a financial institution is made public and makes them look bad in comparison to other banks!

Lokolo

I have transferred twice out of Egg and found them to be flawless! Could just be that they love me though.