Why does it take so long for an ISA transfer

juicyjude

I applied to have my 2 ISAs transferred to the Nationwide one from Bradford and Bingley, the other from Cheshire Building Society. I applied on the 7th April, one of the forms requesting transfer wasnt received until the 27th April, and no-one seems to know what has happened to the other one which Bradford and Bingley (yes good Santander) should have received. I have had so much trouble trying to find out about these and were told it was early days yet!!!!!!Gave up trying to phone the Nationwide transfer dept on my own phone, yes a call centre number so went down to branch where they verified my ID and after waiting 15 mins was able to speak to someone. Makes me think is it worth the hassle which is probably what they want. I wait with baited breath, hope when its all sorted out the rate doesnt drop!!!!!!:mad::mad::mad:

LucyTheDwarf

Some banks seem to do much worse at this than others. I'd heard so many people complaining about the hassle, and how long it all takes, that I was pretty much gob smacked that my transfer from HSBC to Aldermore took only a week - in peak ISA season also (7th April ish, I posted the transfer forms off). I suppose the answer is to vote with our money, and to use banks that know how to run their business efficiently - I'm so far very impressed with Aldermore, and have been a happy HSBC customer for years.

anon24

Hi Juicy Jude,
Nationwide are unfortunately notoriously bad at ISA Transfers. My parents have matured ISA bonds with them that matured at the start of April and for that they are only at the 13th March!!! This is just for internal maturities so you can imagine how far behind they are with ISA Transfers. as far as Im aware you will get your interest backdated and the rate you signed for will be honoured.

juicyjude

Many thanks Anon for that interesting and useful post. Doesnt give much confidence in them does it if internal maturities take so long! If I havent heard anything by next week I will go into branch again, just cant get through on the phone to the transfer dept of Nationwide and they use a "voice recognition" on the switchboard. I asked for the ISA dept and the automated voice said, "I am putting you through to the credit card dept"!!!!!!!!!!!!!!!!Not impressed as I had already waited 20 mins on the phone at a cost. Hmmmm sorry rant over!