Nationwide Flexclusive Issue 1 ISA

penny_pincha

torchie wrote: »

Good news! I have just had a call from Nationwide and they have confirmed they will backdate the difference in my interest on the amount I am transferring in to the original date of opening (i.e. April 2012).

Thank you for your post. I would be interested to know what you said to persuade them as when I called if they could backdate my lost interest I was told 'NO'

Paul_Varjak

gt94sss2 wrote: »

If there is going to be a new Flexclusive ISA (I expect so), I hope they announce it by 6 April - otherwise they will have quite a few unhappy customers..

Regards
Sunil

Best to check the press releases, almost certain to be there around three days in advance of official launch...

http://www.nationwide.co.uk/mediacentre/pressreleases/default.htm

KTF

I just called them and my transfer in from a previous provider is there but waiting to be cleared which is fine.

Then on Saturday I will do an internal transfer £5760 to top it up with this years allowance.

By the time the bonus ends in October, the majority of it will be 'invested' in my house so am less concerned about what the rate will be after that at the moment.

Paul_Varjak

penny_pincha wrote: »

Thank you for your post. I would be interested to know what you said to persuade them as when I called if they could backdate my lost interest I was told 'NO'

You just have to insist on speaking to a supervisor; if one is not immediately available, ask for a call back.

Paul_Varjak

luci wrote: »

I raised this question a week ago which no-one seemed to pick up on at the time.

http://forums.moneysavingexpert.com/showpost.php?p=60243205&postcount=1003

The letter is quite clear in that it states "any instructions to transfer received after 1st May 2013 will not be accepted".

That reads to me as "instructions" not actual transfers. I shall be getting my "instructions" in before 1st May for ISAs maturing after 1st May.

I think you will be hanging on a hope and a prayer.

Dib

More good news. I opened a fixed term ISA at the same time as my Flexclusive ISA. Having seen this thread, I emailed on Monday complaining that I would never have taken out the fixed term ISA had I been aware that that transfers to the Flexclusive would be allowed. I have just had a call saying that funds from my fixed term ISA would be transferred to the Flexclusive, with no 180 days interest penalty, and an interest adjustment back to April 12 would be made. I'm very impressed with Nationwide's customer service in my particular case.

badger09

Dib

That's good news for you

Let's hope Nationwide manage to get the T&Cs correct for their new ISA products. The current debacle must be costing them, and they are after all, a Mutual

torchie

penny_pincha wrote: »

Thank you for your post. I would be interested to know what you said to persuade them as when I called if they could backdate my lost interest I was told 'NO'

I had called the number on the letter we all received and enquired. I wasn't told no and I wasn't told yes so I asked to register a formal complaint under their complaints procedure. The person I spoke to was diligent in taking all the details pertaining to the complaint. He advised that it was logged on their system and I should expect a telephone by the end of the following working day. The call came early the next morning and apart from the usual security checks there was a straight forward conversation and I expressed my concern that I had unwittingly lost interest due to conflicting information and advice.

Having listened to my claim, he immediately said that when my funds come in from Santander, they will backdate the interest to the date that my Flexclusive ISA was opened (in my case 12th April 2012). I have names and case references just in case it doesn't happen but I have never been let down by Nationwide before when lodging a complaint and I am sure they will follow through this time (except they are probably handling many thousands of similar claims so speed might be variable).

tonywick

I started by emailing Nationwide. I expressed the concern that both my wife and I have sizeable amounts in online ISA accounts (at 3.1%) that we would obviously have moved into our Flexclusibve ISAs last year at 4.25% if we'd known it was possible (especially since the bonus on both expires in Oct 2013, so it's a step into the unknown whatever we do then).

The response was cagey and defensive:

"[FONT=Arial, Helvetica, sans-serif]Thank you for your message.
[/FONT] I am sorry to hear of your concerns regarding the letter you have received.

It has recently been introduced that you can transfer funds into the Flexclusive ISA. I apologise for any inconvenience that has previously been caused because of this."


Looks like a phone call from Mr. Angry is in order....

torchie wrote: »

I had called the number on the letter we all received and enquired. I wasn't told no and I wasn't told yes so I asked to register a formal complaint under their complaints procedure.

RedRuby_2

I didn't have a good experience today when I went in branch to transfer my isa. They were clued up on the situation once I explained what I wanted but they didn't have any transfer forms. So then they said that they would input in straight into their system but once I hand over the information of my post office transfer I was told I couldn't do it because the account doesn't have a sort code and account number that fits neatly onto their system. It only has an isa number. Then the person got all defensive when I showed them my statement which only had the isa number and that I didn't think that there was a sort code and account number as the statement would say so. She said she couldn't complete my transfer.

And I even tried to complain about the inconvenience of having a nationwide isa which I had to transfer out of nationwide because they wouldn't let me transfer it into the flexclusive isa hoping that I might too get the offer of backdated interest as some others have it. But again no luck and they were rather defensive repeating constantly that the flexclusive isa hadn't been set up with transfers in mind and it was only because of the blip of not putting that info in the t & Cs that they were letting people transfer before May.