Think Santander/Halifax have cocked up an ISA transfer..?

Nine_Lives

Well as there's no action so far on MY Halifax ISA (i posted the form off last Monday) i called to see whether the form had been received.
The chap said i'd have to get transferred to the switching team, at which point i was then told they are out of hours & cut off.

Great.

As for my girlfriend, her ISA has now returned to Halifax, but with a balance of "Nil" & also no history showing. The money is still floating around somewhere as it's not been credited to her Santander ISA.

Nine_Lives

So i'm wondering if the interest gurus can work this one out then.

The issue isn't really the interest due, as i'm guessing it wont be so much. This isn't the point though. Point is there's been a !!!!-up between Santander/Halifax.
Anyway...

6th September 2011 // Statement Opening Balance // balance = £5,228.53
4th October 2011 // Withdrawal of £2,502.34 // balance = £2,726.19
Then came the transfer request the other week
22nd March 2012 // Interest (Gross) of £101.12 // balance = £2,827.31
22nd March 2012 // Closed Account


Now the rate was 3.2% so long as the account had £1 or more in it for 12 months.
The plan was to leave £1 in there until 7th Sept 2012.

But instead of 3.2% being on the above amount for the time it's been in & then 3.2% on £1 thereafter, the whole account appears to have only gained 3% from day 1 due to this !!!!-up.


I'm wondering what the loss is?

Nine_Lives

Well my own Halifax ISA disappeared on Tuesday & remained gone this morning. Almost £18k missing.

I was able to use a landline at work thankfully & called to see what was going on. They said there's no record of the account & enquired about a transfer.

I told them i applied for a partial transfer, leaving only £1 remaining. The woman went to check this & told me the transfer is in hand & should be sorted in the next few days. I explained the situation with my gf's ISA mess about, so she put a marker on the system to specify i wanted to leave £1 remaining.

I log on tonight to discover that a "variable ISA" has suddenly appeared in my Halifax account. Not with a rate of 3% like the old account, but with a rate of 0.5%. No idea why this has suddenly appeared. The balance is "Nil". I'll not be impressed if the £1 is put into this account as this wasn't the request.

I also asked the procedure - whether Halifax see the transfer request form & was told yes they do. They aren't JUST given an instruction by Santander.
So to me, Halifax are just as much to blame.

hermante

Maybe you should have left something odd in the Halifax ISA, say £14.86, to make it absolutely clear that you wanted to keep it open.

Nine_Lives

hermante wrote: »

Maybe you should have left something odd in the Halifax ISA, say £14.86, to make it absolutely clear that you wanted to keep it open.

I understand where you're coming from...

..but in reply to that, all i say is, maybe Santander & Halifax should've just done as they were told instead of trying to get creative. They're paid to do, not to think. People can get dangerous when they think. If they'd have done as they were told, there'd be no issue.

Nine_Lives

What a carry on.

Got a statement from Halifax saying i had closed my account. I immediately get on the phone asking why it's been closed.

A Halifax worker said that if i don't credit the account for a period of time, then the account will close.
Uuumm, no pal, how do you explain fixed rate ISAs then? Plus my account has been fine for 11 months & only when i apply to transfer does it act up.

Oh yes that is strange he admits. Aye well done, keep up.

So i get transferred to a savings team, despite the number i call being "24 hour savings".

Basically, SOMEONE has made a mistake & closed my account paying me only 3%.
They get back to me & they will pay me the extra 0.2% that i have missed out on. They will also pay me £25 compensation - £10 for the call i had to make & a £15 apology.

The money hasn't yet appeared in my Santander account, but i hope it will soon.

If everything goes as the man says then it has been sorted, yet nothing has been sorted until it's totally 100% correct.


Shame my gf didn't have as much ease when she called.