Dot ComUnity Credit Union - ISA

whw

colsten wrote: »

I reckon you'd have got a whole lot more compensation if you had held out for a while longer.

Too late now I suppose. I just found it appalling that I had to use MSE to direct their branch and essentially the HQ ISA team on how to do their job. If it does drag on then another complaint wouldn't hurt.

gwapenut

So it seems that, if an easy life is desired over and above the best rates, then Virgin Money or Skipton are the ones we should be entrusting our money with.

Leeds and Nationwide are both still in a holding pattern for me. I miss my transfer window with Leeds at the end of this month, so effectively tomorrow is the last day I can post my cheque to catch the Friday delivery (not sure if they sign for things at the mandatory head office on a Saturday, I imagine they're busy playing golf).

But there's no way I'm speculatively posting off my required original FSCS letter without acknowledgment that they will accept my ISA.

Steve3S13

I find this appaling. I have decided to bank our cheques, set up 3 Santander 123 accounts paiong 3% , open two ISAs for this year paying 2.5% and stick the balance in a 5yr bond with a fixed rate of 3%
Gave op on the idea of scrabbling around to find a bank that would or would not accept the two checks for a poor rate of return

colsten

Steve3S13 wrote: »

I find this appaling. I have decided to bank our cheques, set up 3 Santander 123 accounts paiong 3% , open two ISAs for this year paying 2.5% and stick the balance in a 5yr bond with a fixed rate of 3%
Gave op on the idea of scrabbling around to find a bank that would or would not accept the two checks for a poor rate of return

WOW that's brave. 3 x 123 = £60K, £30K per person. It will take you 2 years per person to get that money back into an ISA wrapper, and obviously you can't put any 'proper' new money into ISAs during those 2 years. So you've effectively lost 4 years of ISA allowance.....

Having said this, if it works for you, it was the right thing to do. At least you will get more interest from a 123 than from a cash ISA for the time being.

I am still sticking with protecting my ISA wrapper as my highest priority myself, and as Nationwide have my cheque, I am now at their mercy. Once the cash is safely in my Nationwide ISA, I'll transfer bits and pieces into one or more S&S ISAs. And/or spend a lot on holidays and cars, as I am now nearing an age where people allegedly throw away decades of financial prudence and make irresponsible purchases of Lamborghinis (fat chance of me ever doing that).

masonic

colsten wrote: »

WOW that's brave. 3 x 123 = £60K, £30K per person. It will take you 2 years per person to get that money back into an ISA wrapper, and obviously you can't put any 'proper' new money into ISAs during those 2 years. So you've effectively lost 4 years of ISA allowance.....

Not necessarily a loss of allowance unless the money remains in the non-ISA account for more than 6 months. That is, presuming one of the banks can be coerced into following HMRC rules on allowing deposits without the original compensation cheque when they finally get to grips with this situation.

colsten

Fair point, the HMRC rules give us 180 days (from May 14 2015) to get the money into an ISA (in a single payment). Subject to, as you rightly say, one of the banks agreeing to follow HMRC rules, and HMRC / FSCS / the Administrators giving any help to people who have their money in limbo.

Anyone affected should be keeping a diary of their situation as they might well need it when the 180 days are up......

abc2011

I went in to Natwest yesterday expecting a complete nightmare. But I explained it to the chap, and while he'd never dealt with anything like this before, he knew what I was getting at very quickly. He checked with his manager the process and they copied everything and will send the cheque off with a covering letter to their Tax Office. (I'd already opened an ISA account and had filled in as much of the transfer form as is relevant)

I'll keep an eye on Internet banking to see if it's credited. Apparently they'll only ring me if there's a problem.

colsten

It is pretty much apparent by now that none of the ISA providers have the first clue how to deal with the insolvency of another ISA provider. Nor do the FSCS or the FCA or the PRA or the HMRC.

It's worth remembering that all the required parties were able to work in concert regarding the IceSave and Kaupthing deposits without a hitch a few years back when Alistair Darling was in charge.

Perhaps it is time to ask George Osborne why re-instating ISAs is so much more difficult in 2015 than it was half a decade ago. Mind you, he probably won't care as his job is pretty much secured for the next 5 years.

mt77

colsten wrote: »

Perhaps it is time to ask George Osborne why re-instating ISAs is so much more difficult in 2015 than it was half a decade ago. Mind you, he probably won't care as his job is pretty much secured for the next 5 years.

Because Osbanker doesn't care about savers, he's only interested in getting people into debt slavery to bail out his banks.

mt77

Punjab National Bank seem to have no problem in accepting the cheque from FSCS. Quite surprising for a small outfit (+ also offering 2% on ISA).