NATWEST ISA transfer delay

Mechanical

lisyloo wrote: »

I believe it's up to Santander to chase Natwest, so they do have some responsibility in this also, they can't just blame NatWest.

So I think that yes Santander does have to pay you and if they want to take further action against NatWest to reclaim monies from them then that is a completely seperate issue and not your concern.

I tend to agree, but in a seperate letter today from Natwest, my closing isa statement shows they have paid interest up to 3 July, the same day they actioned the transfer to Santander.
As they have stated in the other letter that my new provider, Santander, should pay interest 16 days after they received my transfer request, then that could mean I get nearly 3 weeks of interest on top of what Natwest added, if you see what I mean. That'll do for me. Wait and see I guess.

lisyloo

then that could mean I get nearly 3 weeks of interest on top of what Natwest added

Yes there can be a period of double interest.
I think this is correct to give them some incentive to be timely and you some compensation if they aren't.

Mechanical

Mechanical wrote: »

I tend to agree, but in a seperate letter today from Natwest, my closing isa statement shows they have paid interest up to 3 July, the same day they actioned the transfer to Santander.
As they have stated in the other letter that my new provider, Santander, should pay interest 16 days after they received my transfer request, then that could mean I get nearly 3 weeks of interest on top of what Natwest added, if you see what I mean. That'll do for me. Wait and see I guess.

Santander have confirmed they have at last received my funds, but will only pay back dated interest up to when my Natwest account was closed which was 3 July. This contradicts what Natwest stated in their letter,
"In line with industry guidelines your new provider will pay interest from either the day your account is transferred or from 16 days after receipt of your request, whichever is the sooner."

So who is correct?

lisyloo

I think NatWest are wrong, but you will have to go through NW complaint procedure and possibly the FOS (financial ombudsman service) to try your case.
This is free but a pretty slow procedure.
Becaus of PPI etc. there may be a backlog waiting for 3 months for an FOS caseworker, but you never know NatWest might resolve it if you complain formally and you might not have to take it that far.

So I think they are wrong, but you would need to pursue it.

ceejayblue

Well, the 7 days is up, and no response whatsoever from Nat West so will now start looking at going to the Ombudsman. Will check post in the morning just in case but don't think I need to wait any longer and I'm certainly not wasting any more money on phone calls.

lisyloo

Well, the 7 days is up, and no response whatsoever from Nat West so will now start looking at going to the Ombudsman.

um......I think it's 8 weeks.
Where did you get 7 days from?
The FOS won't look at your case until NW have had 8 weeks to look at it.
Even then it may take many months to get an FOS caseworker assigned to it.

Mechanical

lisyloo wrote: »

I think NatWest are wrong, but you will have to go through NW complaint procedure and possibly the FOS (financial ombudsman service) to try your case.
This is free but a pretty slow procedure.
Becaus of PPI etc. there may be a backlog waiting for 3 months for an FOS caseworker, but you never know NatWest might resolve it if you complain formally and you might not have to take it that far.

So I think they are wrong, but you would need to pursue it.

Again I would tend to agree as how can Natwest expect Santander to pay interest on funds they didn't have, the reason for which was because Natwest took an age in sending them.
I'm not overly concerned as i'm only a few quid out of pocket, but I might write to Natwest as a matter of principle because of the slack way they have dealt with this.
I would like to add that Santander have perfomed admirably during this, keeping me promptly informed in writing as to how things were or were not progressing and very helpful on the telephone when I first applied for this isa account.
In fact maybe I should write to Santander as well.

ceejayblue

lisyloo wrote: »

um......I think it's 8 weeks.
Where did you get 7 days from?
The FOS won't look at your case until NW have had 8 weeks to look at it.
Even then it may take many months to get an FOS caseworker assigned to it.

They've been investigating it since May and the 7 days I gave them was to reply to my latest complaint! 8 weeks is far to long for a basic investigation into where someone's money has gone. I used to work in a complaints department and we replied to complaints within 10 working days and then it would be escalated but I've had nothing back from them since my first complaint in May and their own complaints leaflet says they will keep me informed. They haven't, its cost me nearly £8 so far in calls where I've had to hang on for up to 10 mins before getting a response.

All I am asking is for them to reply to my complaint and at least keep me informed of what's happening. I know I won't lose out on the interest but that's not the point. I am so glad I don't have a current account with them and once the money is located I will seriously consider moving the money out again to someone more ethical.

lisyloo

8 weeks is far to long for a basic investigation into where someone's money has gone.

8 weeks is the time limit for a formal complaint until you can progress to FOS (financial ombudsman).
You say "basic investigation". I have no idea what that means.
Have you made a formal complaint in line with the formal complaints procedure?

its cost me nearly £8 so far in calls

Have you used https://www.saynoto0870.com tp get cheaper numbers?
If not keep records and ask for your money to be refunded, but for future reference that site is worth using.

but that's not the point

It simply doesn't work as quickly as you want I'm afraid.
I sympathise, but why don't you just chill rather than getting all worked up.
Talking to useless people in a call center and getting worked up doesn't help.
Putting things on a formal footing (if you haven't already) does work.

ceejayblue

I'm going to chase them again tomorrow (will use the 0870 - thanks for that) and see what they say. As I said its not that I'm losing interest its just their lack of communication with me and I'm just one of what appears to be many who are in the same boat.