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Bank Madness!
bagsacash
Posts: 194 Forumite
It all started on the 6/4/10 when I phoned Barclays to transfer my Golden ISA to their Golden ISA issue 2. The woman at Barclays said "you cant transfer unless you open a current account". I reminded her that I had a current account with Barclays untill they closed it just weeks after using it to open the Golden ISA the year previous. She said "you will have to open another". I filled out a tranfer form for natwest instead.
My next task was to put this years isa allowance some place where it could earn the bad rate the norm today. I chose A&L, opened the account on the 6/4/10, clicked on the A&L tranfer button and waited, 3 days later and still no tranfer. I found out from A&L it takes up to 8 days to set up a direct debt which happens to be the only way to fund their not so Flexible isa.
Eight bloody days to tranfer a few grand, what century is this? I decide to transfer this years allowance into natwest after being told by them I can transfer in by Bacs. Great I thought.
I phoned Halifax and asked what the maximum was I could transfer in each day by Bacs so the money could arive same day, halifax said they cant give me that information because of security reasons, I laughed, and pointed out that if one uses their maximum allowence each year with one transfer then they would need to re-activate their isa account each and every year if they wanted to top up.
From my Halifax account I clicked the transfer button and sent £2000 the money was sent to my e-isa account at natwest. After opening my natwest account I could see the money had been sent. The other £3100 was to take longer in this modern banking system of ours.
Next day, satarday, I just logged on to my accounts to take a few notes, and noted that my natwest account was showing NO transfer in or out of the £2000 I had tranfered the day before. Natwest told me that the account needs re-activating since I've not used it for a long time and the £2000 had bee bounced back. I reminded them I put £3600 into the account just a year ago, well he said you need to re-activate and it will take 3 to 4 days after signing the form.
I logged into my Halifax account to see if the £2000 had been returned from natwest but there was no sign of it.
These theiving swine now have my £2000 using it without my permission and free of interest.
Should people have to put up with this f***g madness from banks, all I want to do is put money into a savings account and its going to take a fornight to do so by the looks of things.
My next task was to put this years isa allowance some place where it could earn the bad rate the norm today. I chose A&L, opened the account on the 6/4/10, clicked on the A&L tranfer button and waited, 3 days later and still no tranfer. I found out from A&L it takes up to 8 days to set up a direct debt which happens to be the only way to fund their not so Flexible isa.
Eight bloody days to tranfer a few grand, what century is this? I decide to transfer this years allowance into natwest after being told by them I can transfer in by Bacs. Great I thought.
I phoned Halifax and asked what the maximum was I could transfer in each day by Bacs so the money could arive same day, halifax said they cant give me that information because of security reasons, I laughed, and pointed out that if one uses their maximum allowence each year with one transfer then they would need to re-activate their isa account each and every year if they wanted to top up.
From my Halifax account I clicked the transfer button and sent £2000 the money was sent to my e-isa account at natwest. After opening my natwest account I could see the money had been sent. The other £3100 was to take longer in this modern banking system of ours.
Next day, satarday, I just logged on to my accounts to take a few notes, and noted that my natwest account was showing NO transfer in or out of the £2000 I had tranfered the day before. Natwest told me that the account needs re-activating since I've not used it for a long time and the £2000 had bee bounced back. I reminded them I put £3600 into the account just a year ago, well he said you need to re-activate and it will take 3 to 4 days after signing the form.
I logged into my Halifax account to see if the £2000 had been returned from natwest but there was no sign of it.
These theiving swine now have my £2000 using it without my permission and free of interest.
Should people have to put up with this f***g madness from banks, all I want to do is put money into a savings account and its going to take a fornight to do so by the looks of things.
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Comments
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It does state clearly on the Barclays website information for the Barclays Golden ISA issue 2.
Transfers-in from other ISAs are not permitted0 -
You are talking nonsense. How can you have put £3600 into your NatWest ISA last year when you put £3600 into the Golden ISA? If you don't use ISAs for consecutive years funding, they need to be "re-activated". This is not down to HMRC regulations, not the banks. I will refer you to some comments I made in a different thread earlier today.0
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It does state clearly on the Barclays website information for the Barclays Golden ISA issue 2.
Transfers-in from other ISAs are not permitted
Well thats a very good reason to stay well clear of such ISA's. Because if you open one this year, next year the rate will fall and you will be left with the hassle of transfering to another provider, a transfer which takes at least a month. You may even be forced to transfer into a low a very low rate account due to the time involved. BEWARE!
You are talking nonsense. How can you have put £3600 into your NatWest ISA last year when you put £3600 into the Golden ISA? If you don't use ISAs for consecutive years funding, they need to be "re-activated". This is not down to HMRC regulations, not the banks. I will refer you to some comments I made in a different thread earlier today.
No not nonsense at all I forgot I actually transfered into natwest last May from a previous ISA provider ( a very simple explanation ) so my account has not even been open for 12 months yet and they are bouncing payments in to my account on the grounds the account has not been used in awhile. My money is now between banks with no access and I'm left with the hassle of tracking it down or waiting for it to arrive in my current account which may take days. Customer Beware!
Its either natwest madness or Labour madness. It basically means I would need to reactivate my account every 12 months if I want to use it.
And the link you provided is simply bank propaganda.
Fact is bank accounts are not new, they have been around for many years it should be a simple fast process of opening an account and tranfering money into it. Isa accounts are shamefull they should be an embarisment to a so called modern banking industry, they have customers tied up in nots with their multitude of different rules. The future of banking is going to be that customers will need a degree in banking law.0 -
Stupid! And I have been told my ISA transfer could take up to 60 days! And we all know what will happen to the interest rates on the bond I hope to open with that money............they will go south! Is it all worth it these ISA's think it would have been better just to take the money out and open up another fixed rate ordinary bond with it, missing out on the tax free status but securing the interest rate as it stands.0
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I've been on the phone to natwest today and I'm told if you tranfer money into an ISA account without putting anything of your yearly allowance in then its seen as a bormant account.
So if you wish to use that account next year you will need to reactivate the account or the money will be bounced.
I'm told its government policy this madness happens, more bureaucracy and yet another huge unecessary paper mountain and more hassle for the customer to overcome.
What next?0 -
Stupid! And I have been told my ISA transfer could take up to 60 days! And we all know what will happen to the interest rates on the bond I hope to open with that money............they will go south! Is it all worth it these ISA's think it would have been better just to take the money out and open up another fixed rate ordinary bond with it, missing out on the tax free status but securing the interest rate as it stands.
ISA transfers should take around 30 days. Anymore than this then you should put in a complaint for loss of interest.0 -
ISA transfers should take around 30 days. Anymore than this then you should put in a complaint for loss of interest
The 30 day rule is only an agreement by the banks its not law.0 -
ISA transfers should take around 30 days. Anymore than this then you should put in a complaint for loss of interest
The 30 day rule is only an agreement by the banks its not law.
It's not made by the banks, its made my HMRC.
They should still only take 30 days.
On my occasions of transferring the banks tend to tell me that it will be completed within 30 days and they will keep pestering the originator to send the money on.0 -
7 days to tranfer money is a stupid amount of time, 30 days is a pathetically stupid amount of time.
HMRC may have set the guidline of 30 days but its the banks that agree to abide by it, and its is only an agreement.Incredibly there are no sanctions for this appalling administration. HM Revenue & Customs has woolly rules saying the transfer should be completed within 30 days but nothing can be done when these rules are ignored. And the Banking Code, which is supposed to govern how customers are treated, does not set a deadline for transfers. But it does say current account transfer - a much more complicated process - should be done within ten days.
http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=424017&in_page_id=70 -
• Stephen and Morwena Cartwright from Wales, who tried to transfer their accounts to Principality Building Society after their local Woolwich branch closed.
They applied on May 12 and are still waiting for Barclays, which now owns Woolwich, to complete the deal.
• Marina Briggs, from Londonderry, waited from May 9 to August 20 to transfer her account to HSBC from Barclays, despite phone calls and letters, due to a hold up at Barclays.
• Betty Fuge from Bristol applied to transfer her Isa from Bradford & Bingley to Britannia on April 10. At the beginning of August, after numerous inquiries, she gave up. She is now transferring it to Halifax. • Another customer visited her NatWest branch to transfer her cash Isa from Nationwide on April 13. On May 15, she was wrongly told there had been a computer error at NatWest. But the hold-up was with Nationwide. She waited until July 9 for the money to turn up at NatWest.
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