Bank Madness!

alanq

bagsacash wrote: »

And the Banking Code, which is supposed to govern how customers are treated, does not set a deadline for transfers.

April 2009
"While the Revenue states transfers should be made in 30 days, the BBA’s guideline maximum has been reduced to 23 days."
http://www.timesonline.co.uk/tol/money/savings/article6035508.ece

Since November 2009 the voluntary Banking Code has been replaced by FSA rules.
"Notable changes for consumers will include the requirement to provide a prompt and efficient service to help customers switch accounts. This would apply more widely than the commitments in the banking codes, for example to cash ISAs, where the FSA has seen delays in the past. So when it comes to switching, customers will be able to have their transfer completed promptly – no matter what type of account."
http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/053.shtml

bagsacash

Surley the FSA or the BBA are not trying to tell us that 23 days for a tranfer is a prompt and efficient service? :rotfl:

juicyjude

Pathetic!!!!!!

bagsacash

The natwest plot thickens. I have been on to them several times today concerning the whereabouts of my money.

I've been told by them its not their problem its halifax from where I made the transfer, they must have requested the money back the natwest said.

Ive been told that the money was bounced back to halifax because the account needed reativating and this was on satarday.

And the latest lies coming from natwest are that they have a technical issue with some eISA accounts and that why my money has gone missing.

I sked the supervisor why other members of staff were not awhere of this techical problem and she assures me they are all awhere, I then asked why then have I been given two other stories by natwest about the same issue - she could not explain.

natwest staff just make it up as they go, I kid you not, just phone them with an issue and 9 times out of ten you will get a different answer to the same problem. They just make it up!

withnell

I've made several transfers, all happened within 30 days. You will always find a small percentage that have gone wrong in whatever walk of life you look

The Barclays Golden ISA is pretty good, because the rate has a 1% bonus, the interest earned in the 30 days waiting for transfer is a fairly reasonable 2.5ish percent - not market leading, but not too disappointing

ANGLICANPAT

Im a bit confused still about this interest thats allegedly lost when transfering isas. Ive queried it before as to whether you dont get any interest on your money whilst its 'in transfer mode' , because Ive seen posts that suggest thats the case , Ive also seen posts that suggest the process is seamless in terms of old provider paying up to the transfer date and the new one from it (which is what I hoped and assumed happened) .
So, when people say they lose interest for the 3-4 weeks the money is being transferred , do they just mean the difference between what the old account is earning and what the new one WILL earn?

bagsacash

From my past experience in tranfering from A&L to Natwest there is a point in which the money is in neither account and this is the period you lose interest on your savings.

We all know it does not take 30 days to make a tranfer, it doesn't even take a day, but its what the banks want they want 30 days to profit further from our hard earned cash.