Ing transfer isa to nat west

ceejayblue

I recently opened an e ISA with Nat West (reading through the other threads on here beginning to think I should've gone elsewhere!) and I sent off transfer forms for my Nationwide ISA and my ING ISA to be transferred. My Nationwide one transferred very quickly, within the 15 days and I then transferred in cash to cover this year's allowance and sat and waited for the ING one to clear through.

I'm still waiting for the ING one to show up and have spoken to them and they tell me all the forms etc were fine and a cheque was sent on 11 April to Nat West! Call Nat West again and they say no we haven't received it and it can take up to 21 days to clear it all through! Got to wait another couple of days to allow for the 15 day period that I understood was a government maximum time limit and then check again!

Why do they have to raise cheques, aren't we supposed to be in an internet banking age? My PO Savings account transfers funds to my current account the same day and my current account transferred my 2012/13 allowance the same day too when I did it last week! I'm not happy with Nat West or ING at this moment in time and hope that I will get any interest added that I should've got if it had been in the account.

I'm sure this isn't a one off, so has anyone any advice please?

innovate

Like other banks, NatWest reference the industry standard timeline on their website. It appears that you are very close to the 15 days, if not beyond the deadline, by now.

The good news is, you should get the NatWest interest from the date your funds left your ING account. The bad news is that it appears you need to keep checking. "up to 21 days" to clear a cheque somehow sounds bizarre. Many ISA transfers still go by cheque, but 3-5 days should really be the max clearing time.

I can't find an email address for NatWest complaints, but I would suggest you get a formal complaint in writing to them, and ask them to respond in writing, preferably by email. That way, you have a record of your complaint.

ceejayblue

Thanks, I'll certainly put a complaint in if the funds aren't in my account by the end of business on Wednesday. I just find it so odd that they don't do electronic transfers once the forms are all sorted, it would be instant then!

lisyloo

The good news is, you should get the NatWest interest from the date your funds left your ING account.

Have Natwest definitely promised to do this?
Sorry but I couldn't find it on their website.

innovate

lisyloo wrote: »

Have Natwest definitely promised to do this?
Sorry but I couldn't find it on their website.

It's a footnote on the industry standard timeline that they reference from their site.

4 Your new provider will backdate interest to the first day where interest no longer accrues on the funds being transferred from your old ISA. In addition, your new provider will start paying the new interest rate from day 16 at the latest regardless of whether the transfer has completed within the standard 15 business day timeline (pended cases excepted).

meggsy

You can post comments and there is a link to complaints here ....

http://www.natwest.com/global/customer-charter/g1/ideas-bank.ashx?intcam=bnr-PerVarHPSTCHRTIDSBNK

innovate

Good find, meggsy!

Would probably have to make a screenshot of the filled in complaint form and save the complaints text so you have proof of what you sent.

You can select that they respond in writing, but that would be snail-mail since "We are unable to respond by email for security reasons".

May be using (recorded) snail mail to start with is the best, overall.

I have just logged into my NatWest account and looked for any internal messaging / complaints form when you are logged in, but couldn't find anything..

lisyloo

Anyone happen to know if Virgin/Northern Rock send cheques or do it electronically. I will log in tonight and ask, but don't have my login details with me right now.

ceejayblue

thanks everyone, will let you know how I get on.

innovate

ceejayblue wrote: »

Why do they have to raise cheques, aren't we supposed to be in an internet banking age?

According to a press release on the BBA website, we're in for some major improvements end of the year

The BBA, the BSA and TISA are pleased to see that cooperation between their members in the implementation of industry-wide initiatives delivers positive outcomes for customers. This work is continuing with the development of an electronic transfer system for Cash ISAs, expected to be available to BACS members later this year, followed by an industry-wide extension in 2013.

We can but hope that this time next year we don't have reason to wish they'd still be using cheques, lol!