M&S to Santander transfer mess-up (Santander please read)

funkyhitman

Santander are currently transferring my M&S ISA so I hope there are no problems! I'm already concerned because M&S don't use account numbers or sort codes so I had to leave those fields blank and enter my M&S client ref no. into the 'Existing Cash ISA Roll Number' field on Santander's transfer form. I stapled a letter to it explaining this so hope they know what to do!

I'm interested to know how others have filled in the form.

oldfella

funkyhitman wrote: »

Santander are currently transferring my M&S ISA so I hope there are no problems! I'm already concerned because M&S don't use account numbers or sort codes so I had to leave those fields blank and enter my M&S client ref no. into the 'Existing Cash ISA Roll Number' field on Santander's transfer form. I stapled a letter to it explaining this so hope they know what to do!

I'm interested to know how others have filled in the form.

same as you - rang up M&S to check what numbers they wanted where

anoncol

Isn't there a legal obligation now for the time frame ISA transfers must happen in?

innovate

anoncol wrote: »

Isn't there a legal obligation now for the time frame ISA transfers must happen in?

Sort of - there is nothing that say the transfer must happen within a certain timeframe but there is the rule that the new provider must pay you interest from working day 16 onwards at the latest.

So if they keep playing ping-pong, you might get interest from both.

BTW, the problem could easily lie with M&S since transfers to Santander usually happen in just about no time - - see several reports on this forum to that effect.

But the responsibility firmly lies with the receiving provider, thus my suggestion for a formal written complaint with Santander.

http://www.google.co.uk/url?sa=t&rct=j&q=isa%20transfer%20guideline&source=web&cd=6&cad=rja&ved=0CHoQFjAF&url=http%3A%2F%2Fwww.bba.org.uk%2Fconsumer-guide-to-cash-isa-transfers&ei=tqNpUdz6AdCr0AXA2YCwBA&usg=AFQjCNE0GOIQoRJJHWX2w3wbfKcmU-BIfQ&bvm=bv.45175338,d.d2k

anoncol

My Santander transfer happened in 5 days this year.

savetilibleed

anoncol wrote: »

My Santander transfer happened in 5 days this year.

Yes I know it can do. I transferred out of Barnsley BS to Santander this time last year in a few says. But a transfer from ING Direct into Santander went wrong. I posted the form to Santander. They appeared not to get it. I went to a branch, they duplicated the form and sent that through and it transferred in a few days.

Oh well see what Santander have to say after my complaint.

grizzly1911

I have had several accounts and switches with Santander and have this year switched from them to a S&S ISA.

I can't fault their service apart from the painful getting through to them on their IVR phone system. Once you get someone fine.

Out of eight switches over the last two years Barclays was the only one to cause a problem and their complaints system was overall poor. Even NS&I worked faultlessly.

oldfella

innovate wrote: »

Sort of - there is nothing that say the transfer must happen within a certain timeframe but there is the rule that the new provider must pay you interest from working day 16 onwards at the latest.

So if they keep playing ping-pong, you might get interest from both.

the rules are a little more specific than this ...

Your new provider will backdate interest to the first day where interest no longer accrues on the funds being transferred from your old ISA. In addition, your new provider will start paying the new interest rate from day 16 at the latest regardless of whether the transfer has completed within the standard 15 business day timeline (pended cases excepted).

bxboards

funkyhitman wrote: »

Santander are currently transferring my M&S ISA so I hope there are no problems! I'm already concerned because M&S don't use account numbers or sort codes so I had to leave those fields blank and enter my M&S client ref no. into the 'Existing Cash ISA Roll Number' field on Santander's transfer form. I stapled a letter to it explaining this so hope they know what to do!

I'm interested to know how others have filled in the form.

I transfered from M&S to Santander and I simply annotated the form. I filled in the M&S client reference number for the account number, and crossed out sort code / roll number as not applicable. The transfer went ahead with no problems and hit my 123 Major ISA on 5th April.

Porcupine

I transferred from M&S to First Direct, and had similar problems. After 2.5 months of ping pong (including an additional ISA from elsewhere), it's now sorted, phew. Now time to write my complaint letter regarding the loss of interest...