IMPORTANT: Change to M&S ISA transfer info

vigman

Hi, I have posted this as a reply in my original thread but this is important information on transferring ISAs out of M&S so I have started a new thread here as well:

Although M&S have been advising using the 00-00-00 sort code and 000000 account number for ISA transfers, this is NOT being processed by some receiving banks, including Barclays!

There is now a new generic sort code for M&S ISAs of: 40-01-06 and acc: 42593769.

If you have made a paper request for a transfer and nothing has happened, (as in my case) ring Barclays and they will process this with above details for you whilst you are on the phone.

Vigman

exel1966

I transferred my M&S FRISA out to FD about 4 weeks ago. I asked M&S if there was a sort code and account to put on FD's transfer request form. They told me all that was needed to Identify me was my personal customer number so that's all I put.

The transfer went very smoothly and was done quickly

vigman

Barclays manual and electronic ISA transfer in forms insisted on a sort code and account code as well as the customer number hence me seeking M&S advice and told to use the noughts.

Barclays admitted to me yesterday that there was a huge backlog of M&S ISA transfers to them and they had had to agree the generic code I supplied in the original mail in this thread.

Vigman

Barclays_Representative

Hi Vigman,

The agreed process for ISA Transfers from M&S to Barclays is use of zeros in the sort code (00-00-00) and account number (00000000) fields. All that is needed to identify customers is their Client Reference Number at M&S, the information contained within the sort code and account number fields has no bearing on the speed of transfer whatsoever.

There are no issues with using zeros in these fields to progress ISA Transfers from M&S to Barclays, and Barclays do not endorse the use of any other static sort code and account number combination.

If ISA Transfer requests are delayed, customers should refer all queries to their new ISA provider.

Thanks

Drew
Barclays UK

vigman

Barclays_Representative wrote: »

Hi Vigman,

The agreed process for ISA Transfers from M&S to Barclays is use of zeros in the sort code (00-00-00) and account number (00000000) fields. All that is needed to identify customers is their Client Reference Number at M&S, the information contained within the sort code and account number fields has no bearing on the speed of transfer whatsoever.

There are no issues with using zeros in these fields to progress ISA Transfers from M&S to Barclays, and Barclays do not endorse the use of any other static sort code and account number combination.

If ISA Transfer requests are delayed, customers should refer all queries to their new ISA provider.

Thanks

Drew
Barclays UK

Interesting response!?

Not only have Barclays support told me on the phone to only use : 40-01-06 and acc: 42593769 for ISA transfers in from M&S, but I had a letter from Barclays today with a transfer permission form for my M&S ISA to transfer to Barclays filled out with these specific details having previously submitted one with the use of noughts!!

I originally rang both M&S and Barclays as there had been a delay in transferring this ISA from M&S. M&S told me they had received no request which I had made in writing to Barclays on their transfer request form. I then phoned Barclays who advised me to use the specified sort and account codes and there had been a problem handling M&S transfer ins using the noughts originally advised.

Left hand and right hand problem, I think!.........maybe one for Watchdog?

Vigman

innovate

vigman wrote: »

Left hand and right hand problem, I think!.........maybe one for Watchdog?

Definitely left-hand right-hand. Sadly, you get this at any of the financial outfits.

Going to Watchdog? May be for the have-a-laugh factor. But it wouldn't change a thing IMO.There will always be people involved and they will always make mistakes. Also, I reckon that these days Barclays (as most other financial outfits) don't particularly care about ISA transfers-in, or any other savings accounts of individuals, for that matter. So they won't deploy their most capable and informed people to the ISA transfer team.

vigman

Thanks, Innovate!

The Watchdog comment was tongue in cheek but I was really upset by "Drew of Barclays" reply, especially as only that day I had received their transfer form with the notified M&S sort code and account code printed on it by them!

I also thought that my advisory call with the sort code and account code would have been recorded "for training purposes" but 1.) why should I have to prove I was right and 2.) why and how on earth could I come up with a random imaginary sort code and account code for M&S transfers, especially where thousands of pounds are being moved...but I get "Barclays do not endorse the use of any other static sort code and account number combination!?"


For anyone actually interested at Barclays, the story so far:

1. Apply for M&S ISA to Barclays transfer via Barclays online
2. Sort code and account code can't be left blank
3. Ring M&S and told to use zeros and complete a Barclays paper transfer form
4. Complete and post Barclays transfer form using noughts in sort and account fields
5. Nothing happens for three weeks
6. Ring M&S and told no contact from Barclays
7. Ring Barclays and told that there IS a problem with M&S transfers ("a backlog") and to use 40-01-06 and acc: 42593769 but operative says he will do this electronically immediately.
8. Wait a week and yesterday receive a transfer request form from Barclays for them to send to M&S this time with 40-01-06 and acc: 42593769 PRINTED ON IT BY BARCLAYS!
9. Posted it yesterday
10. See annoying post from Barclays here, get angry and....still waiting...................
    

I was about to transfer my wife's M&S ISAs to Barclays but the posting here has decided me against it.

Not that this will bother "Drew from Barclays" or anyone else there!?

Vigman

PS the Santander to Barclays ISA transfer went through instantly using Barclays online. No-one can say I am not being fair!

pqrdef

So how many problems can we already see looming with the new BACS ISA transfer process?

Barclays_Representative

Hi Vigman,

We are sorry to hear that your transfer from M&S to Barclays was delayed; 3 weeks without any progress is unacceptable, and we’d like to be given the opportunity to look into what caused the delay. Please can we ask you to contact us using the email in our profile in order to register your dissatisfaction at the time it has taken to transfer your ISA? We will investigate this without delay.

Your recent Transfer Authority Form contained sort code 40-01-06 and account number 42593769 because the form simply prints the details we have been given by the customer. As we don’t hold information on the ISA which our customers are transferring out from, any sort code and account number can be recorded on the form.

Our previous response was posted to re-affirm the agreed process for transferring ISAs from M&S to Barclays, which is to use zeros in the sort code and account number fields. We are conscious that you received information to the contrary from someone within Barclays, and we have taken steps to re-iterate the correct process to our colleagues.

To confirm, the use of zeros would not have been the reason your transfer has been delayed. We look forward to hearing from you so that we can investigate the reasons for the delay.

Drew
Barclays UK

vigman

Barclays_Representative wrote: »

Hi Vigman,

We are sorry to hear that your transfer from M&S to Barclays was delayed; 3 weeks without any progress is unacceptable, and we’d like to be given the opportunity to look into what caused the delay. Please can we ask you to contact us using the email in our profile in order to register your dissatisfaction at the time it has taken to transfer your ISA? We will investigate this without delay.

Your recent Transfer Authority Form contained sort code 40-01-06 and account number 42593769 because the form simply prints the details we have been given by the customer. As we don’t hold information on the ISA which our customers are transferring out from, any sort code and account number can be recorded on the form.

Our previous response was posted to re-affirm the agreed process for transferring ISAs from M&S to Barclays, which is to use zeros in the sort code and account number fields. We are conscious that you received information to the contrary from someone within Barclays, and we have taken steps to re-iterate the correct process to our colleagues.

To confirm, the use of zeros would not have been the reason your transfer has been delayed. We look forward to hearing from you so that we can investigate the reasons for the delay.

Drew
Barclays UK

Thank you for getting back to me, Drew, and I will give you my details.

I was specifically told that the use of zeros had delayed the process and that there was "a backlog" with M&S transfer ins.

In the same call I was told to use the quoted sort and account code.

My list of 10 actions summarises the process so far with two signed paper authorisations sent to you (the first one with noughts and another with the advised sort and account codes) and another authorisation supposedly activated electronically with my permissions whilst on the phone.

Vigman

innovate

Hopefully we will get a formal response from the Barclays Representative in due course.