NATWEST ISA transfer delay

104peterb

I completely agree with most of what you say, theres a clear case of incompetance occurring on here.

But you complaint should be treated seriously from day 1, so I don't agree entirely with your comment.

Maybe they intend on taking it seriously, but good intentions unfortunately aren't good enough. I still haven't had any response from them, despite their website clearly stating the following:

Step 1

If we can’t resolve your complaint within one week we’ll contact you, so you know who is dealing with it.

My complaint was logged on 20th April.

Step 2

We’ll keep you updated regularly, but if you have any questions you’ll be able to contact the team dealing with your complaint directly.

Step 3

We’ll aim to resolve your complaint within two weeks. If for some reason we can’t resolve it in this time, we’ll keep you regularly updated on our progress, until it’s all sorted.

So are you saying if you letter was genuinely on fire in a Royal Mail van vehicle accident, that it would be Nat West's fault? How is that justified? It's very small numbers but things DO sometimes get lost in the post. Sometimes it's no-ones fault e,g, if a driver has a heart attack.

Maybe that did happen, and I really would sympathise with them had I been informed. Unfortunately however, I haven't been informed, so yes I do currently blame Natwest for that.

I think you were taking a risk transferring an ISA when you may have needed access. Things can always go wrong where human beings are involved and however much you don't like it things do sometimes get lost in the post. There are accidents, fires, thefts and heart attacks sometimes.

I completely agree with the above statement, of course things can be delayed when human beings are involved, as with anything. I do however think that when you are initially told 15 working days, 7.5 weeks to complete an ISA transfer is a little drastic, and I don't really think thats much of a risk on my behalf.

Again, I think it comes down to incompetance. Nobody contacting me to inform me is disgraceful. Remember, its you guys that have had to explain all this to me, and I'm grateful for it, but it should have been Natwest. I think the bottom line is banks shouldn't offer a service they can't deliver.

Arkle56

lisyloo wrote: »

Have you taken out the weekends and bank holidays.
Day 1 starts when the outgoing provider receives the request (which may be difficult to know exactly).
Just wondering what are your grounds for the formal complaint?

I made my application at my local branch on 12 th April....I don't exactly know when Britannia received the request from Nat West but it should have been no later than Monday 16 th th ....there is therefore more than a 15 working day guideline turn around.

The point is surely that Nat West [for once ]have offered competitive ISA rates and have been inundated....Is the resultant delay grounds for complaint .?Well yes ... I simply want them to plan a little better . I am a private shareholder in Nat West and I don't want them to get a reputation for incompetance anymore than they already have.
This delay has caused me some worry and as such I think that that is not acceptable.

foreversummer

I've only just come back to this thread which I started and I am grateful for the discussion and I can see that I am not alone. They have confirmed to me that the interest is backdated to the day they receive the cheque which in my case was the day after Barclays closed the account. They say that the money has to go through the Central Tax Unit (external I am assuming), or maybe that is just an excuse. But whatever, I think we can all relax. Just a pain having to keep checking really.

Foreversummer

taxing91

I am in the same situation as all you guys.. My transfer has been nearly 1 month, halifax had closed my ISA ages ago and sent the cheque to Natwest, yet NAtwest haven't cashed it in yet.
I have rang up the natwest call centre, and had a different story each time, it turns out every single advisor was lying to me!

Please take my advice and get into your closest branch ASAP to discuss it, they can look into it properly, If i had just taken what their call centre staff had told me as given, God knows what would have happened, I still haven't had my money paid in but at least I know someone with a brain cell is looking into it for me

I've worked in call centres myself over summer as Im a student, and I know it's a rush to get customers off the phone so you can chat to your friend! in the vast majority of cases anyway

Agricolae

foreversummer wrote: »

I've only just come back to this thread which I started and I am grateful for the discussion and I can see that I am not alone. They have confirmed to me that the interest is backdated to the day they receive the cheque which in my case was the day after Barclays closed the account. They say that the money has to go through the Central Tax Unit (external I am assuming), or maybe that is just an excuse. But whatever, I think we can all relax. Just a pain having to keep checking really.

Foreversummer

This is the way it works (assuming things go to plan):

1) You open your ISA with NatWest and send off your transfer request form.
2) Your transfer request is received by NatWest and is forwarded to the Royal Bank of Scotland Group Central Tax Unit (CTU) in Manchester.
3) CTU passes the request to your existing ISA provider and waits for a response. If a response isn't received by x time, the matter is chased up.
4) A response is received from the existing provider, telling NatWest when the account with them has been closed (interest is backdated from this date, or 15 days after NatWest received your original request, whichever is sooner). Normally a cheque is sent.
5) NatWest receive the cheque from the old provider.
6) NatWest pay the cheque into your new ISA.
7) NatWest calculate the interest adjustments required and apply them, along with any bonus rates.

Things can go wrong with this and sometimes it just takes a long time at this part of the year because there are so many transfer requests coming in across the banking system.

Griffin2

Maybe someone would like to comment on my experience. I have transfered money into Natwest fixed rate ISAs. It took10 days from the money being released to it being registered in my accounts but this was still 14 days before the commencement of the fixed term. On enquiry I was advised that up to the date of the commencement my money would attract a lower inerest rate of two percent.. A further conversation today with a local bank manager he told me that the interest pre commencement would be added at the term end. This means that this small amount will not attract any interest, at any rate, for the whole of the term.

Is this a known sharp practise or am I dealing with an incompetant

xylophone

http://money.aol.co.uk/2012/02/09/natwests-sneaky-catch-to-its-latest-isa/
http://www.thisismoney.co.uk/money/saving/article-2098279/NatWest-AGAIN-catch-humbles-returns-best-buy-Isas.html

http://www.thisismoney.co.uk/money/saving/article-2131173/Royal-Bank-Scotland-axes-nasty-catch-fixed-rate-bonds.html
"In the meantime, it has upped its Isa ‘waiting’ rate from 0.5 per cent to 2 per cent".

The 2% seems to be an improvement on what was originally proposed?

taxing91

Just like to update my progress!
it's finally been paid in, after almost 3 weeks and natwest having my cheque for over 10days

I had to go into branch on monday and whinge, and by weds morning it was in my account.... moral of the story.. don't bother wasting your time with call centre staff who each tell you a different story, go into branch and get it sorted properly

taxing91

Arkle56 wrote: »

Well blow me down ....my ISA transfer has completed today .....this is 28 days after making the application and 13 days since Britannia closed the other account.

I do feel very relieved and almost like I've won the pools !.

I think I will now wait a little and see how the other posters here resolve matters and then I shall make a formal complaint .

Hope everyone gets sorted out without too much further hassle

When they paid your money in, was it the identical amount as was in your old ISA account, or have they already paid your backdated interest. I'm just wondering when I'll be getting the backdated interest, im guessing it will be at the end of the month

Griffin2

Hi
I have previously reported that the interest (pre start of term) has not been paid iinto my account. I challenged a local manager who said that the small amount of interest would only be accounted for at the end of the term. This means that it does not attract interest during the whole of the term.

Contact centre a waste of time redirected me three times and after 20 minutes without resolution I hung up.

I am still pursuing this matter