Nationwide Flexclusive ISA - 4.25%, instant access

Hooloovoo

veryintrigued wrote: »

So did they reply in red then?

No. It was mostly black with a blue hue.

badger09

Hooloovoo wrote: »

Yes, I've drafted out a reply that I will send tomorrow.



They haven't reinstated my transfer. Every time I transferred, whenever someone looked at my account (to reply to a secure message, or to deal with some ombudsman correspondence) they would reverse the transfer. As soon as I noticed, I would just transfer it back again. That happened several times.

Now, since they have decided they are in the wrong, presumably they wont be reversing my transfer again. But it still needs to be back dated to when I originally first made the transfer, and not the more recent date of my latest undoing their undoing [:rotfl:]

Not to mention the interest I've lost by transferring some of it out to a lower-rate two-year fix, just like ylesia.

I reckon at an absolute minimum I am down £350 in interest.

Sorry - I haven't reread everything, forgot about the transfer out assumed your ISA had been reinstated. I would expect Nationwide to compensate you for interest lost plus 'inconvenience' or whatever you like to call it.

What really perturbs me though is the substance of the FOS response.

Also, they apparently tried, unsuccessfully, to contact you by phone on 1 March but it took them until 9 March to send a letter to you. Then, to add insult to injury they set a deadline for you to reply, based on their unsuccessful contact attempt. Words fail me (well, clearly, they don't ).

Looks like the escalation route is in 'chocolate teapot' territory :mad:
http://www.financial-ombudsman.org.uk/faq/answers/complaints_a12.html

Hooloovoo

badger09 wrote: »

What really perturbs me though is the substance of the FOS response.

Also, they apparently tried, unsuccessfully, to contact you by phone on 1 March but it took them until 9 March to send a letter to you. Then, to add insult to injury they set a deadline for you to reply, based on their unsuccessful contact attempt. Words fail me (well, clearly, they don't ).

It's shocking really isn't it? It's like they haven't even read and understood all the details. What the hell have they been doing for the last three months?

Hooloovoo

So my case will now be forwarded on from the "Adjudicator" to an "Ombudsman" for a "final decision".

This process will take "between six to nine months, depending on the complexity of the case".

You know what? I simply can't be bothered.

moi

lolly5648 wrote: »

I think it should work but wondered if anyone has actually done it.

My Halifax ISA has been transferred to Flexclusive now, it only took a week!
Yesterday I got Nationwide's letter acknowledging my request form, saying they'd do it, could take up to a month... etc., but also yesterday the money from Halifax was paid into my Flexclusive ISA.

Hooloovoo

Ha! Just checked my account online and Nationwide have backdated all my eISA to Flexclusive ISA transfers to the date I originally made them online :T

So we're getting there slowly. They have fixed my ISA allowance. They have undone all of the "corrections" they made to my online transfers. That should short out part of the interest.

Now I just need to get them to compensate me for the interest I've lost due to needlessly transferring part of my cash ISA out to a lower-rate two-year fix. Maybe I'm pushing my luck with that one but it's worth a try.

badger09

Hooloovoo wrote: »

So my case will now be forwarded on from the "Adjudicator" to an "Ombudsman" for a "final decision".

This process will take "between six to nine months, depending on the complexity of the case".

You know what? I simply can't be bothered.

I sympathise with the 'can't be bothered' but if it isn't forwarded there's no chance the FOS will see the error of its Adjudicator's decision, and that really would be a shame .

Glad you've got it sorted with Nationwide and good luck with the compensation claim!

Hominu

le_loup wrote: »

Ah! Well you do need to keep up because transfers in from other NW ISAs have been permitted from the start of the account.

Well, it seems to be more of a battle to get NW to accept transfer from the looks of this thread and even more of a battle to get them to backdate or pay compensation.

I've also done some calculations and it seems that transferring into NW's 4.25% ISA would have actually made me worse off as my current deal still has 2 years left to go and I'm not likely to find an ISA higher than 3%, so the end result of a 4.25 + 3% ISA for the same duration would actually give slightly less at the end.

So no need to start a formal complaint with Nationwide and no point transferring now. I will stash another £5640 in Nationwide next month though, and maybe in the S&S part too.

Frank121

I am bit confused. If I understand correctly, Nationwide have decided to honor all transfer in requests and have even backdated Hooloovoo ISA's to the original transfer dates. They have done all this despite the FOS deciding that Nationwide have done nothing wrong. So does anyone know why Nationwide have changed there position? It seems strange to me, but I'm sure Nationwide didn't just change their mind without good reason. Would the FOS contact them as part of the investigation? Maybe they thought their days were numbered hehe.

Any ideas?

Cheers
Frank

Hooloovoo wrote: »

Ha! Just checked my account online and Nationwide have backdated all my eISA to Flexclusive ISA transfers to the date I originally made them online :T

So we're getting there slowly. They have fixed my ISA allowance. They have undone all of the "corrections" they made to my online transfers. That should short out part of the interest.

Now I just need to get them to compensate me for the interest I've lost due to needlessly transferring part of my cash ISA out to a lower-rate two-year fix. Maybe I'm pushing my luck with that one but it's worth a try.

Hooloovoo

Frank121 wrote: »

They have done all this despite the FOS deciding that Nationwide have done nothing wrong. So does anyone know why Nationwide have changed there position?

I've been pondering that too. I doesn't make any sense.

Would the FOS contact them as part of the investigation? Maybe they thought their days were numbered hehe.

Yes, the FOS definitely contact both parties and give everyone chance to have their say. They will have definitely contacted Nationwide to get all the details of the case from them.

As you said, I think they just assumed their game was up and that the FOS would find in my favour. Quite simply because, as we all expected, they should have. It seems quite obvious to everyone involved that the FOS are wrong. I wonder how many other cases they've got wrong since they were created?