NATWEST ISA transfer delay

foreversummer

Well an update from me . . . . . Money left Barclays on 17th April and I was told sometime during May that the cheque had been received at Natwest but it was in the central tax unit. Well still no money. I've just contacted them and they are now saying that they have never even received the money from Barclays! I raised a complaint a fortnight ago and this has never even been acknowledged. So my money has disappeared completely off the radar. They are going to get the 'chaser team' to chase Barclays and I have been promised a phone call tomorrow. I will let you know.

innovate

Sounds terrible, foreversummer!

Did you use their online complaints form to register your complaint? On it, it gives you a date and time, along with your complaints text. The 8 weeks they have to resolve your complaint to your satisfaction has started ticking once you submitted the form. Hopefully you printed the form because you'd need it as proof of your complaint if you have to escalate them to the FOS.

Have you already raised a complaint about them not having acknowledged your complaint? I'd probably do that if I were you - if for no other reason than having yet another written record of the progress (or non-progress, in this case). May be tell them they have 5 working days to fully acknowledge your complaint before you escalate the matter to their CEO.

foreversummer

foreversummer wrote: »

Well an update from me . . . . . Money left Barclays on 17th April and I was told sometime during May that the cheque had been received at Natwest but it was in the central tax unit. Well still no money. I've just contacted them and they are now saying that they have never even received the money from Barclays! I raised a complaint a fortnight ago and this has never even been acknowledged. So my money has disappeared completely off the radar. They are going to get the 'chaser team' to chase Barclays and I have been promised a phone call tomorrow. I will let you know.

Well, I got my phone call as promised. Barclays are saying they sent it and Natwest are saying that it has got lost somewhere along the line. Barclays are going to stop the old cheque and re-issue another. I have been assured that my interest will be backdated to 17th April. So I will log in in a week or so to see what has happened.

innovate

foreversummer wrote: »

I have been assured that my interest will be backdated to 17th April.

Have you got that in writing from Natwest?

It would only be right if they did that (on top of paying you compensation for the xtra effort you had to put into this, and the distress caused uneccessarily) but without anything in writing, you might have to spend even more time and effort chasing them.

Horasio

5 phonecalls later

They say it has been referred to the Tax Unit who are requesting the transfer from the Halifax

I'd better get that 3.5% I am meant to get which was what attracted me

See that flying pig....

lisyloo

I(we) have not had our backdated interest. I have made a complaint and I'm not worried as I know if necessary the FOS will sort this.

I've also made another complaint about service (4 errors including letter to me addressed to my husband).
I have received £210 in compensation which I think is for the non-ISA complaint but I don't know as they haven't told me, just put the money in my account.

I have been with Nat West for 25 years and their service seems to have gone downhill dramatically recently.

It's a big upheaval for me to change because both me and DH have all out accounts and joint accounts here but it's certainly not living up to their marketing right not.

foreversummer

foreversummer wrote: »

Well, I got my phone call as promised. Barclays are saying they sent it and Natwest are saying that it has got lost somewhere along the line. Barclays are going to stop the old cheque and re-issue another. I have been assured that my interest will be backdated to 17th April. So I will log in in a week or so to see what has happened.

Well, I still have no money. They are not even following their complaints procedure either. I received confirmation of my complaint on 25th May and have heard nothing since, despite the timescales they quote on their website for complaints http://www.natwest.com/commercial/contact/g1/existing-customer/complaints.ashx.

I've just written a stinker of a letter today mentioning the FOS and that I will be expecting compensation for their complete failure to a. transfer my ISA, and b. deal with my complaint. I have also asked for them to contact me by return in writing. We will see.

Foreversummer

Gaffy

I got the back interest paid into my account today, however I did have to ask for it.

clive99

The 15 days (or 17 days) is actually working days not calandar days. However, I had a similar problem in which the ISA Rules were breached and still got no help from NatWest one month later.

clive99

We were transferring cash ISA from Halifax to NatWest. One transfer form never reached Halifax, Halifax did not trf when they should have and NatWest claims cheques not received for many days after cheques sent. So lots of lost interest along the way. When NatWest did receive the funds it applied 3 clearance days to the cheques from Halifax before accruing interest. Outrageous! There should be no loss of interest days in an ISA trf but there are many with this trf to NatWest. What is worse is that after 1.5 months, NatWest still do not acknowledge the complaint and so far we have received no communication from Natwest despite phone calls, online form completion, letters to customer relations etc. So looks like it will end up with the FOS which means up to 18 months before resolution. NatWest is a big let down and certainly I can never recommend them to anyone particularly if you doing transfers.

As to actual interest rates, I had no problem because I understood how NatWest operates. If you are on the highest rate and are checking your interest calculation dont forget to use gross not aer i.e. 3.23%