Dot ComUnity Credit Union - ISA

ajdj

OH has an appointment with Skipton tomorrow to try and sort hers out, can't use Nationwide unfortunately. Hopefully it won't be too painful!

darren72

First Direct have informed me that their ISA Team is fully aware of the situation. To process the ISA they need the following:

• Original Cheque
• Final Statement for Cash ISA showing balance
• Their transfer form completing (although it is just for their reference, and won't be sent anywhere)

As the cheque doesn't match the final statement amount this needs to be checked by them, as does the second cheque that should be sent out for the additional interest that is due. They are going to advise me later today on these two points.

gwapenut

I don't like all these organisations demanding original cheques .... looks like FSCS may have misadvised me, not in terms of legislation, but in terms of getting it done in the real world outside their cosy offices.

FOREVER21

darren72 wrote: »

First Direct have informed me that their ISA Team is fully aware of the situation. To process the ISA they need the following:

• Original Check
• Final Statement for Cash ISA showing balance
• Their transfer form completing (although it is just for their reference, and won't be sent anywhere)

As the cheque doesn't match the final statement amount this needs to be checked by them, as does the second cheque that should be sent out for the additional interest that is due. They are going to advise me later today on these two points.

Every bank and building soc. seem to be at cross purposes with this one. With regards to FD saying they need the original cheque this does not agree with what I was told by the FSCS.


According to them once a company is in default any funds held in an Isa can be paid to a new ISA, regardless of the source of the funds. He went further and said that if a person did not even receive compensation from them they could still invest in a new ISA (if they had the funds ,of course!)


This is supported by the HMRC ISA managers guide Oct 2014 Chapter6 para 6.51 ( page 63), titled "Defaulted Cash Account Subscription"

I hope this is clear I really must learn how to post a direct link!

gwapenut

Nationwide Instructions

Customer services at Nationwide have now get back to me, swiftly, after my email of complaint to the executive team.

They are now aware of this situation and seeking direct clarification from HMRC, so this information is slightly "at risk".

In the meantime, they gave me the following instructions, which I shall follow next week when my cheque is closer to clearing and when hopefully the dust will have settled too.

You'll need to pop into branch with any information from your old account (the photo copy of the cheque will be useful too) The branch will need to write a letter informing us of the account you want to open (or if you've already opened it, the account number of the account you want to transfer the funds into)

Please include your contact information and a number we can call you on.

This will need to be sent to head office for the attention of Manisha Monteiro. Once this has been received by Manisha and we've had an update from HMRC, we'll contact you with what you need to do next.

darren72

Has anyone else had confirmation from different banks that they will back date the interest to the date of the cheque ?

colsten

gwapenut wrote: »

Nationwide Instructions

Customer services at Nationwide have now get back to me, swiftly, after my email of complaint to the executive team.

They are now aware of this situation and seeking direct clarification from HMRC, so this information is slightly "at risk".

In the meantime, they gave me the following instructions, which I shall follow next week when my cheque is closer to clearing and when hopefully the dust will have settled too

This will need to be sent to head office for the attention of Manisha Monteiro. Once this has been received by Manisha and we've had an update from HMRC, we'll contact you with what you need to do next.

.

Some people in Nationwide seem to still be insisting that the HMRC know nothing about this. This is a bizarre state of affairs.

But at least you got a name from them.

colsten

gwapenut wrote: »

I don't like all these organisations demanding original cheques ....

Don't understand why you don't like to give them your original cheque? As long as you have a copy for your peace of mind, and a receipt from the ISA provider, I can't see any issue.

gwapenut

colsten wrote: »

Don't understand why you don't like to give them your original cheque? As long as you have a copy for your peace of mind, and a receipt from the ISA provider, I can't see any issue.

Because I've already banked it on the direct instruction of the FSCS helpline.

darren72

Has anyone had any progress with Cork Gully and the additional payment due for the interest shortage ?