NATWEST ISA transfer delay

ceejayblue

Info was from NatWest customer services!

lisyloo

Info was from NatWest customer services!

You really think it's a good idea to trust Nat West ? !!

If they haven't written to you within 8 weeks then go to the FOS.
You won't necessarily get a case worker immediately though.
You might have to wait a few months for someone to be assigned.

ceejayblue

No I don't trust them really! Only went with them because the rate was good, if I could find a better one I'd move the lot!

lisyloo

No I don't trust them really!

So don't believe what they are telling you about complaint handling :-)
The FOS have a website you can check or you can call them.
Unfortunately they are overwhelmed because of the level of financial mis-demeanours, so my advice is raise it as soon as you can, then try to chill about it, because the wheels turn slowly.

If it's a significant amount of money (I know it isn't in your case but just saying) then the small claims court may be quicker but of course there are cost involved like time off work etc.

ceejayblue

I'm going to give them till Tuesday (then its a week since I spoke to them), check my account for the £20 and if its not in my account (which of course it won't be as I don't actually bank with them!) then I'll do a letter to them pointing out all the issues (again!) and will copy in the Ombudsman.

ceejayblue

Grrr! Received £20 cheque from Nat West today for my calls but in the same post was a letter from ING saying they'd open my ISA account! I'm furious! I rang ING and was told that because Nat West hadn't cashed the cheques (they'd sent 2!) that as the law is strict on ISAs they opened me a new account to keep my money safe! Their interest rate is 2.80% and Nat West is 3.50% so I've actually missed out on almost 1% interest since I started the process at the end of March!

ING said the only thing to do was to get new transfer forms and start the process over again! I'm not prepared to do that as that means the interest from Nat West will then only be paid from the new date!

I then rang Nat West again and spoke to a young man who admitted he had not had any ISA training but understood my concerns and he would escalate my complaint to his manager who would then allocate a complaint handler and they would ring me on Monday. I said I already had a complaint and had not been kept informed of what was happening so can he make sure that I am called on Monday and he said he would! Not holding my breath! I had asked to make an appointment at my local branch but he said I'd have to ring another no. that he didn't have which is why he's bringing in his manager.

I now have to wait until Monday and I'm hoping that then I will get a response. I'm now going onto the Financial Ombudsman website and going to set wheels in motion to take matters further. I am just so frustrated, that I'm definitely going to look for somewhere better to put my money!

ceejayblue

Well got a call from Natwest today from the guy handling my case. He has now said ING sent another cheque on 3 July and it takes 15 days to clear so he will check if its gone through on Wednesday, which is 15 days, and will call me back then to discuss compensation and ensuring that my interest will be paid from when the transfer was first requested.

I'm hoping that this will get things sorted then.

foreversummer

Are Natwest supposed to send some kind of ISA Declaration once the funds have been transferred? I have had nothing from them nor has my husband's whose transfer completed a couple of months ago. Or maybe its called a ISA Certificate or something. Its just we have received nothing from them in writing since the ISAs were transferred.

ceejayblue

foreversummer wrote: »

Are Natwest supposed to send some kind of ISA Declaration once the funds have been transferred? I have had nothing from them nor has my husband's whose transfer completed a couple of months ago. Or maybe its called a ISA Certificate or something. Its just we have received nothing from them in writing since the ISAs were transferred.

Yes, I had E-ISA summary sheet when I opened the account and then notification when my first ISA transferred in. However, I didn't get one when I paid in my cash for this year!

ceejayblue

Update on my ongoing Natwest saga! Had my call from Natwest today and the guy told me that ING had returned my money to a new account (I told him that!) and that I would need to send new forms as the account no. is different!

I now need to take the new forms to my local branch (which luckily is only 5 mins away) for them to send on. He has told me that he will ensure that interest will be paid from when I initially requested the transfer back in March and that I would not lose any interest when they usually only pay the full 3.5% from the 15th day after deposit as he would put it from day 1! He is also sending me a cheque for £160 compensation.

I asked him to email the details so I can keep a paper trail and he told me they can't send outgoing emails! Which is ridiculous! He will send me a letter with the cheque.

Hopefully everything will go through properly now but I'm not holding my breath!