Super Complaint into Cash ISA transfers launched - let the OFT know you views

edited 27 April 2010 at 7:33PM in ISAs & Tax-free Savings
87 replies 12K views
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  • kittycat00kittycat00 Forumite
    105 Posts
    i have an eISA with natwest, my only complaint is that they haven't sent me any info! they haven't told me the amount I can put in has gone up, they haven't told me what/whether my interest rate has changed this year, that haven't told me whether I can put any more money in or anything!
  • gk.gk. Forumite
    10 Posts
    Last year NatWest eventually took over 2 months to transfer my cash ISA. This was after a chain of ridiculous mistakes, duplicate form filling, waste-of-time customer service calls and branch visits.

    This year, having just reviewed my account, I find that there have been 2 rate reductions since it was opened. They did not make any attempt to notify me of this, either by letter or email, and despite me having email notifications set up with them.

    I tried to enquire by email as to why this was, but they don't have any email contact info on their site. I tried their interactive chat thing, but the customer service rep was no help whatsoever. He simply stated that "the interest rate fluctuates many times during the financial year, and they do not notify customers by letter. They only update the rates on their website".

    The conversation ended with him posting the "web help" contact number (not a lot of use) and disconnecting before I could complain.

    As the BOE base rate hasn't changed since March last year, why would they expect their customers to go hunting their website for arbitrarily imposed rate changes?!

    I'm not impressed at all.
  • KonkyWonkyKonkyWonky Forumite
    646 Posts
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    Halifax

    Took them from April 6th until June 3rd 09 to transfer my funds from RBS, not sure which bank was at fault. Caused me no end of problems as part of the T&C of the Halifax ISA was the transfer must be complete within 30 days of the opening of the account, otherwise Halifax will void the ISA account and put the money into a Liquid Gold Saving account paying 0.1%!!! After many phone calls and tantrums they finally look like they are going to sort it out but it has taken over a month for them to even acknowledge that there is a problem and they have told me downright lies to try and lay the blame at my door!

    No details of interest rate on web account summary.

    I've got reservations about transferring again but it has to be done to get a competitive rate. I will however make a point of never giving Halifax my money again as if they are this incompetent with a simple ISA I don't want them near my hard earned cash. My girlfriend also has an ISA with them and she has had similair although not identical problems.
  • carpycarpy Forumite
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    A&L is a joke (i;ve known this for a long time it's just yet 'another' example of pathetic service!)

    i did an 'internal' transfer from my premier current account to flexible ISA, initially for £1 as a test which was fine and instant, or course being A&L it wouldn't let me do another but i kind of expected that!!! however i set it up to transfer the next day.

    today i check and the £5099 is showing as leaving my premier current (running balance £0) but it's not in the ISA so i suspect i now have a 3 day wait or something!!!1

    i use or have used virtually all the major online banks and i have never know another where 'internal' transfers between accounts do not happen instantly!!!

    A&L is truely awful in every respect :eek::mad:
  • This time wasting actually goes beyond ISA's. I recently had a problem with Birmingham Midshires when closing an ebond that matured on 27th Feb. They put a cheque in the post, it arrived on 4th March was banked the same day and cleared on 11th March - meanwhile BM got the use of my cash. Similar with Yorkshire Building Society when transferring ISA last year to LLoyds they complete by cheque in the post, that cost me another £17 plus. Why can they not be made to embrace the electronic age instead of using the primitive cheque and post?
  • lobigalobiga Forumite
    2 Posts
    Chelsea Building Society could not cope with giving Birmingham Midshires 90 days notice. It kept writing to me saying it had not received the transfer from Birmingham Midshires. I kept telling them that they would not receive anything for 90 days. When the 90 days was up the transfer did not happen. I tried to re-transfer (no notice required by then) but Chelsea had meanwhile changed its terms and conditions and now did not accept transfers. Stuck on 0.2% for 2 months until I decided to close the BMBS account, take the money and run
    Lobiga
  • I feel that ISA transfers are a nuisance to all Banks whether transferring in or out the make it as difficult as possible.Over the past years I have had correspondence lost,forms left in drawers at a branch one bank saying they have sent out three requests for transfer the other saying they have not received any request etc..
    This year I went to a Nationwide Branch to transfer an Isa from the Halifax having first checked with the Halifax that the transfer could take place without loss of interest. At the Nationwide I completed the transfer form and offered ID but was told this was not needed as I was on their system through accounts with the Cheshire and the Derbyshire. After two weeks I received a letter from Nationwide telling me I needed to complete another application or visit the Branch as I had not provided .ID.I rang them only to be told I could not be on their system or I would not have been contacted I asked to speak to the writer of the letter this was not possible. I returned to the Branch who again confirmed I was on the system but I asked them to take copies of my ID. On my return home I received a phone call from the Branch who said Head office had a record of my ID but had destroyed the application.
    I filled in another form and wrote to Nationwide who replied stating that I was on the system and the form had not been destroyed.
    On checking my internet account with the Halifax a few weeks later I saw a cheque for the agreed transfer amount had been issued.Today I received a letter from Halifax stating that the transfer will take place 14/5/2009 [last year]
    and to ignore their previous letter [not received] I checked the internet account only to find that any reference to the raising of the cheque had disappeared.I rang the Halifax who confirmed a cheque had been raised then cancelled but could not give an explanation but would put the transfer to be done ASAP
    I have now written asking for an explanation and asking for a rapid transfer as I will be out of time at the Nationwide.
    Sorry this reads like War and Peace but I could not shorten it!
  • Hi,
    I went into my local Abbey to open a new Isa and to transfer into the new account from the Nationwide.
    I opened the account by filling in the forms in the branch and was told they would sort it out from there but I also went into the Nationwide and told them I was going to transfer out.
    The account was opened on the 13th of June but the transfer was not compleated untill the 29th of July.
    The Abbey kept saying they had not recived the transfer yet.
    I have no idea if the interest was added for the time inbetween these dates (I was expecting a swift exchange and was bad at keeping my records).
    I have now recived my statement from the abbey and it has not got an interest rate on it ( why should i have to search or ask for it).
    I will be transfering again this year as the rate I was getting will be dropping again.
    When will banks learn how to keep and look after their customers, the bank which offers me a decent interest rate for a year then keeps it at the rate it offers it's new customers will get my money and loyalty and it is in their best interest to get that money and keep it, surely it saves on paperwork and manpower to not have to open and close accounts all the time.
  • KonkyWonkyKonkyWonky Forumite
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    When will banks learn how to keep and look after their customers, the bank which offers me a decent interest rate for a year then keeps it at the rate it offers it's new customers will get my money and loyalty and it is in their best interest to get that money and keep it, surely it saves on paperwork and manpower to not have to open and close accounts all the time.

    The trouble is they don't want to give you that all singing all dancing top rate so easily.

    They know that humans by nature are lazy and that if they snare you this year then a certain number of investors will simply be too lazy to switch the following year and they can get away with dropping the rate to 0.1% or so.
  • MarkyMarkDMarkyMarkD Forumite
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    chrismale wrote: »
    I too had problems when I transferred £19,000 just over a year ago from Kent Reliance to Halifax. When nearly a month had gone by and no sign of the new ISA I called Kent who claimed they had received nothing from Halifax. I then had to badger Halifax to resend the information as nothing was happening. Kent then claimed they still had 30 days to make the transfer as they had not received the docs initially! Also with previous transfers I have found that they regard the 30 days as a Target not a limit as it was supposed to be.
    Kent Reliance would have "claimed" not to have received anything from Halifax because they didn't! They don't just make these things up.

    And the 30 days is more than one thing ... it is (in Kent Reliance's case) a term of your agreement with them, as well as an HMRC recommended maximum.

    Obviously 30 days doesn't begin until one provider has actually received a transfer request from another.
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