Nationwide Flexclusive ISA - 4.25%, instant access

Paul_Varjak

Here is an interesting article...

http://www.moneymarketing.co.uk/regulation/fos-prepares-to-name-firms-when-publishing-final-decisions/1067563.article

All FOS decisons reached after 31 March 2013 will be published on a searchable FOS database, via their website.

No doubt, we should see a few FOS decisions about Nationwide's Flexclusive ISA published within a few weeks!

Hooloovoo

Paul_Varjak wrote: »

It won't have been your case hooloovoo. It would be a case that Nationwide lost

I fail to see how Nationwide could have lost a case, and then won a virtually identical case.

If FOS sided with a customer and said "transfers in are allowed" on 7 January, they can't possibly have then said to me "transfers in are not allowed" a few weeks later.

If that's really what has happened then the FOS are clearly a bunch of mildless jerks who'll be the first against the wall when the revolution comes.

june.elizabeth

I was told 8th January was when they were made aware of it. When I asked why the did not write to Members until the end of March he said "I can't answer that question". !!!!!!

Paul_Varjak

june.elizabeth wrote: »

I was told 8th January was when they were made aware of it. When I asked why the did not write to Members until the end of March he said "I can't answer that question". !!!!!!

I think the answer is that they did not change the Terms & Conditions on 8th January, they only changed their policy! A change in policy requires no notification but a change in Terms & Conditions does.

june.elizabeth

Makes some sort of sense.

AQAddict

I transferred a NatWest ISA of £30,000 to my existing Flexclusive ISA issue 1 on 8 April. All transferred fine on 16 April.

At the same time I sent a letter of complaint direct to their HQ complaints dept, outlining that I had verbally asked to make that transfer 12 months earlier when I opened the account in branch. Argued I never would have left it with NatWest earning peanuts, etc etc. Asked for backdated interest. (I only happened to find out that transfers were allowed in late Feb when - forgetting what the original terms were - I checked by DM to Nationwide and was surprised to hear I could transfer all along. Sadly I then lost a family member and transferring wasn't exactly high on my priority list. But the official letter of 25 March re. the terms and conditions messup stirred me into action!)

I received a response yesterday saying they 'hope to resolve the complaint by 8 May', and if they can't they will let me know. This is still less than the 56 day time limit, so perhaps that's a date they have slated for a final decision for everyone? Anyone else had a similar letter?

DragonQ

Yay my transfer from Santander is finally complete. Should get £800 in October.

Now to find out how Santander are going to sort out the mess they made.

EDIT: Ah, Santander have finished dealing with my complaint and claim that they have dealt with the situation correctly. *BZZT* wrong! I shall be writing a formal letter of complaint once I receive their decision letter - I can't believe they don't understand the difference between "maturity date" and "notice period"!

Paul_Varjak

I have received Nationwide's 'final response'. They say, as a 'gesture of goodwill' they will allow the consolidated funds to remain in the Flexclusive ISA (previos year's funds I transferred on-line in October 2012) They will NOT backdate interest to April 2012, when I originally asked for the consolidation to take place. They say that is their final decision, unless I feel there is something more I wish to add. So, I think I will now draft a letter for the Ombudsman and copy to Nationwide before sending it to the Ombudsman, just to see if they have a change of heart.

chopperward

My internal transfer from my ISA Issue 3 went through smoothly, but there was one issue I noticed. They transferred all the funds and closed the Issue 3 account when I asked for all but £1 to be transferred to keep the Issue 3 open so I had the opportunity to do a simple internal transfer after October if the Issue 3 was offered better interest than the Flexclusive.

I was told that the Flexclusive would track 1.5% above the Government so hopefully stay at 2%

Do you think I should get in touch with Nationwide and try and get the Issue 3 reopened? Is this possible, even though it’s there mistake?

I want to add funds into my 2013/14 ISA but might want to open one with a rival to Nationwide if there are good deals about once I have the funds.

Basically my feelings are that it'd have been nice if I had the Issue 3 still open so that I had the opportunity to do a simple transfer.

One problem, I didn’t photocopy the consolidation form so I have no proof of what I wrote.

What do think I should do?

chopperward

Can anyone tell me when 2012/13 interest will be paid into the account? I opnened this account early April 2012.