My ISA transfer has disappeared !

Daz2009

What are you supposed to do when one financial institution says they have sent the cheque for your transfer to the receiving B.S. who in turn say they have requested the funds but the existing provider won't release them ?

On top of that it is impossible to get thru to customers services by phone and they don't respond to email .
The B.S in question is Nationwide

10_66

Unfortunately, this is a common occurrence with ISA transfers. Your best plan of action would be to write a letter of complaint (recorded delivery), to both ISA providers, confirming that you will be referring the case to the Financial Ombudsman Service. As it's an official complaint they have to respond to it. Should they not satisfactorily resolve the situation within 8 weeks, then refer it to the FOS, details HERE. As each full investigation will cost the ISA provider around £500 (the FOS charge them this, whether or not the case is upheld). Both Nationwide and the other provider would obviously rather not pay this, so hopefully should sort it out for you.

tangsman

Daz2009 wrote: »

What are you supposed to do when one financial institution says they have sent the cheque for your transfer to the receiving B.S. who in turn say they have requested the funds but the existing provider won't release them ?

On top of that it is impossible to get thru to customers services by phone and they don't respond to email .
The B.S in question is Nationwide

Nationwide took 13 calendar days to process my ISA transfer cheque on arrival with them.

Suggest phoning them after 6 pm or on a Saturday morning.
They took 4 working days to return my phone call recently.

They also sent me a letter which was totally untrue saying they hadn't received the funds however 2 of their staff had already told me they had received the cheque! Probably a stalling technique.

Best of luck.

It shouldn't be like this.

Daz2009

I find it hard to believe that in this technological age,banks are using cheques to send and receive funds bewtween themselves.

Daz2009

I emailed the Nationwide last night to say I was going to take this to the next level.I log in today to find a reply to say they have received the cheque and it would be processed shortly......the money is sitting in my ISA account as I type.
Coincidence or what ?

Anyhow no harm done I suppose but it's not a very good way to conduct business is it.