Nationwide have my money, but I cant see it

blued

At the end of March I applied to transfer my ISA with First Direct to Nationwide. First Direct have confirmed to me that the funds were sent to Nationwide on 24/05/2010 however although I can see my new ISA with Nationwide when I log in, there is no money in it. I called Nationwide and they said it could take up to 8 weeks for the money to appear :shock: They have said the interest will be back dated but I dont think that is the point. What if I need that money in the next 8 weeks? This is the 3rd time I've transferred an ISA and it has never taken this long.

Has anyone else transferred to Nationwide recently? For the extra 0.25% I'm beginning to wonder if it was worth it.

pressuredrop_2

Only 10 days have passed since FD transferred the ISA. Patience is sometimes required when transferring ISAs.

martinman3

From personal experience of an external transfer to Nationwide the ISA account was created just before the funds were added. If the account can be seen then it is currently being dealt with and you may see the balance updated tomorrow.

blued

I've been able to see the the ISA for over 3 weeks.

Maybe patience is required but they have MY money and I can see no good reason for them not cashing the cheque into my account!?

missile

blued wrote: »

I can see no good reason for them not cashing the cheque into my account!?

Proud to be different :rotfl:

juicyjude

Hi blued, well sorry to say this but I have now been waiting 8 weeks plus 3 days for Nationwide to complete my transfers into their FRISA. Cheshire building society issued cheque 14th May closed my old account, Nationwide said they would process it last Monday. I said it was a bank holiday, dont worry they said they have staff working on the transfers on the holiday! Still not heard anything, BUT the application form was completed 6th April and they didnt sent it off until the 27th April. Totally useless, I will hold out for the rate I applied for even though surprise surprise the rate has fallen! I have put so many posts on this forum about this, just losing the will to live. Will be going into branch yet again this afternoon. Feel sorry for the staff in there though, they are really nice and its not their fault, Nationwide just get a grip!!!!!

blued

Well there's still nothing there today. I dont feel sorry for the staff on the phone at this stage because the one I last spoke to was quite blunt and said they have 8 weeks to set it all up from receiving my application. Then went on to say it is a busy time for ISA's at the start of the tax year. No !!!!! This isn't a new thing, there is a new tax year every year and if you're offering a decent rate you shoud have the processes in place to get things done.

I'm pretty sure they've had my application 8 weeks now. The account is set up so all that is left to be done is to credit it with my money that they already have from my previous provider. When I go in to the bank and hand them a cheque do they hold on to it for a while before putting it into my account?! NO!

delmar39

I guess as long as there are no breaks in interest it doesn't really matter, although I can see your frustration. I'm a Nationwide customer and in the process of transferring my Scottish Widows ISA to them so I'll look out for any delays. At the end of the day you've spoken to both banks dealing with the process and they confirm that your money is there so I'm sure it'll be resolved soon. Like I said, as long as there are no breaks in interest it'll be ok. It's your money so if you wanted it back quick they should give you 'instant access' to it.

blued

That's my point. If I needed that money today, now, could I get it?

juicyjude

I am in exactly the same position. Went into branch yesterday as I cant get through to the ISA dept and they said the accounts are up on the system as I have opened two with transferring from two providers, but they just dont know how long it will be before I receive the certificate and confirmation! I was also told they were inundated with applications and a very valid point you raised there blued yes they do know that the start of the tax year will be very busy. Its like we all know Christmas is a busy time, no surprises there. Totally inefficient, I said you must have a lot of complaints. She just looked at me! BUT I do sense a change of attitude with regard to the rate being honoured and interest credited. She said I will get it all backdated from the date on the application form I completed. At the start of this saga, and upon receipt of many threatening letters to void my application if the transfer was not completed within 10 days, I was told I would have to completed a fresh app form. This has not been mentioned for a few weeks now! I feel so many people have complained and been so frustrated with the whole process that to void applications would cause an uproar! And true, blued, would you be able to get your money!

Speculator

I gave up with Nationwide after they lost my 3 yr FRISA 4.4% maturity form. I've now successfully transferred to the Clydesdale 5yr 5% FRISA.