Santander has lost my Cash ISA Money!!!

opinions4u

UPDATE: I contacted Northern Rock who in turn contacted Santander regarding this issue. Turned out that Santander had received the funds - but deposited them in the wrong account! Perhaps this falls outside the standard transfer procedure?

No. That's standard procedure for Santander.

innovate

DietIrnBru wrote: »

FYI I have transferred my ISA many times and am equally familiar with the possible period of time involved in transfer. Perhaps if you re-read the post - a cheque that was cashed by Santander - yet they denied receiving it. There appears to be plenty of evidence that people don't read forum posts properly.

I did read your post properly. When you put your original post up, there had hardly been more than 15 working days since "early April", therefore there was (/is) every chance that your transfer would have concluded ok without your intervention.

Apart from your request in "early April", you did not mention any dates. Therefore it could have been possible that when you initially contacted Santander that they hadn't yet cashed the cheque. By the time you then called NR, Santander had cashed it. A bank cashing a cheque doesn't necessarily mean you can see it in your account, either - - the important thing is that, eventually, you get your ISA interest backdated to the day the money left your old account. But I believe you know that since you have transferred your ISA many times.

Nobody could tell from your OP that you are familiar with the transfer time periods (as I said, 15 working days had hardly been up since "early April"). Your post was very similar to posts from other people in other threads, that's why you got my standard answer to these posts.

Anyway, there is always an exception - may be you are the one whose ISA transfer would have got messed up if you had not intervened. Glad you got it sorted now.

Cardew

DietIrnBru wrote: »

FYI I have transferred my ISA many times and am equally familiar with the possible period of time involved in transfer. Perhaps if you re-read the post - a cheque that was cashed by Santander - yet they denied receiving it.

Do major banks still send cheques to each other?

I would have thought that the funds would just be transferred electronically.

I'm awaiting a copy of the cheque form Northern Rock

Did that ever arrive?

innovate

Cardew wrote: »

Do major banks still send cheques to each other?

Yep, it is hard to believe, but some still do. Lloyds is one I know that do.

SallySunshine

Unbelievable in this electronic age that banks still have to send cheques for ISA transfers.

The only thing that's changed is that they now have to, by law, have the transfer done in 15 days.

My transfer from Santander to Natwest was quite speedy and well within the 15 day deadline.

savetilibleed

Cardew wrote: »

Do major banks still send cheques to each other?
I would have thought that the funds would just be transferred electronically.

You'd think so wouldn't you.

I'm transferring out of ING Direct to Santander. Cheques left ING on 23 Apr, and on 26 Apr Santander said they wrote to ING to chase. Still not in my account. I believe ING when they say they did that.

By contrast about a month and a half ago I transferred to another (fixed) ISA in Santander which left Barnsley BS on a Friday and was credited to the Santander account on Monday.

BFM

my wife and I both set up the 2 year fixed ISAs with Santander and moved our respective 2011/12 santander ISAs and transferred prior year Halifax ISAs into the same account.

We set them up on the 9th or so, and within 2.5 weeks it was all there including a backdated Halifax transfer adjustment.

hopefully we can avoid the negative customer service that many have faced, but so far so good.

DietIrnBru

UPDATE:

Northern Rock really went above and beyond on advocating on my behalf. They got a copy of the cheque and contacted Santander who sheepishly admitted they had put the money in the wrong account. Northern Rock also sent me a letter confirming what had been said.

Phone call today from Santander offering apologies and stating the money was now in my account with a £35 compensation. I considered haggling but was relieved enough to have my money back. I did state that I wanted a formal complaint raised regardless of the compensation and wanted a formal reply stating what happened and what will be done to prevent it happening to other customers.

I will let the dust settle and consider holding my money at Santander - but events have proven that Northern Rock really do have exemplary customer service teams. Hats off to them - as for Santader - I advised I would be submitting a letter via recorded delivery, just in case they lose that too.

richy_7

I'm in exactly the same position. Transferred ISA from AA Savings to Santander, sending the transfer form to Santander 5 or 6 weeks ago. AA closed my account and sent transfer cheque at the end of April. Money was not in Santander in early May, so phoned Santander to ask how long it would take to credit account. They said they have had no response from AA. Phoned AA who said Santander had cashed cheque on 8th May.

Phoned Santander again who still denied having any response from AA, let alone any cheque.

The very helpful people at AA are now sending me a copy of the cheque they sent to Santander with proof that Santander have cashed it.

I have raised a complaint with Santander...shall wait the outcome and send them the copy of the cheque when I receive it.

I wish I had gone somewhere else, Santander never again....

Eponym

Santander's ISA teams are useless.

My problems are on this thread (https://forums.moneysavingexpert.com/discussion/3915199) but long story short - I sent in a transfer from 25th March. I got a letter to say they'd requested the money but because I'd paid into two ISAs they'd returned it. I'd done no such thing so I rang them. They agreed I hadn't paid into two but then said they hadn't received the transfer form. Clearly they had or they wouldn't have tried to request the funds.

I had to fill in another transfer form (which I sent along with an explanatory letter and copies of the transfer form and their correspondence) and 1 month later it still hasn't been done.

Posted the second form on 1st May, Santander say they received it (which obviously means processed it) on 11th May. So that's a nearly 2 week delay right there. I ended up speaking to the complaints department, who spoke to a different ISA team whose system said they had not received either form! How can different ISA teams have different information about that? I have now sent a second letter, with co[pies of my first letter, the first transfer form and their letters, to explain the situation again and to request a) the process be expedited, b) backdated interest to the date of the first transfer, and c) a written explanation of how this has happened.

I'm still yet to receive any response to my first letter. The second eltter was only posted on Monday.

Still, I have had £250 compensation from them so it's not all bad.