Dot ComUnity Credit Union - ISA

gwapenut

What's the consensus opinion on Punjab National Bank? Out of the frying pan into the fire, or quite considerably bigger and more stable? I see they have 5 branches across a lot of the south of the UK.

rebecca1

gwapenut wrote: »

What's the consensus opinion on Punjab National Bank? Out of the frying pan into the fire, or quite considerably bigger and more stable? I see they have 5 branches across a lot of the south of the UK.

I tried to call them on the phone this week, they did not answer for 20 mins at 3 branches...
When they did they told me that I need to come in to the branch personally to open an ISA (co-incidentally I had an ISA with them last year, upon maturity, I transferred it into EBCU!).
That did not make any difference though! I asked if I was expected to bring my elderly father (95) into the branch to sign papers although I had power of attorney and could I do it by post - the women said - NO the same rule applies to everyone...


I don't know why ISA providers keep asking for all the ID and documents AGAIN (even on transfers in) as the previous ISA provider has been shown it already. The women at Punjab Bank did not seem interested in answering my question.


So if you don't mind a personal visit to the branch - good luck ..


Rebecca

Archi_Bald

Punjab is not an option for me simply from a practical point of view as the nearest branch is like a 6 hour roundtrip for me. Even if I lived closer to one of their branches, I'd probably not be lured by the extra few percentage points.

rebecca1

rebecca1 wrote: »

Well I banked 3 cheques ( I was looking after 3 accounts) today with Skipton... They are now being sent next day delivery to the Head Office to deal with who apparently knows about this strange situation we are all in ! I filled out the ISA transfer forms I downloaded from their website and took all the ID into the local branch.. will give you an update as and when I receive it.


Rang the FSCS today as I am waiting for another cheque for a family member I have Power of Attorney for. It seems like they knew they had not sent me a cheque, as they needed proof that the cheque was being sent to the right person. It looks like I may have to send them the POA forms before they send the cheque !


Rebecca

Just had a text sent to me from Skipton stating that they have accepted 3 applications for new ISA's (3 different family members) deposited the FSCS cheque ok... confirmation in post to follow shortly. They also backdated the opening date to 15th May (date on cheques) ...


Rebecca

MARTYM8`

gwapenut wrote: »

What's the consensus opinion on Punjab National Bank? Out of the frying pan into the fire, or quite considerably bigger and more stable? I see they have 5 branches across a lot of the south of the UK.

They are a perfectly reputable bank – and again any investments via an ISA will be protected by the FSCS. Their parent company is one of India’s big 4 banks with 80 million+ customers and over 60,000 employees – hence their UK presence in areas with large Indian communities like Ilford, Southall, Wembley, Leicester and Birmingham. They are no DotCommunity!

And speaking personally I think the Indian economy and banking sector is arguably as robust if not more so than some of our banks which nearly went under in 2008. So I would say why stress about it – and they are big enough if they went under that someone would notice and take action.

Their central London branch in Moorgate is only a few doors down from the FCA as well.

So if you want 2% instant access on an ISA – and you live near one of their branches why not!.

Any updates on Nationwide or other providers?

Peperami

I tried to take mine to Santander today only to be told I will have to make an appointment and the earliest I can see someone is a whole week away.
So annoying.

whw

No uodates re Nationwide from me. I now wish I hadn't taken the compensation and kept the complaint open, at least I wouldn't be playing the waiting game.

darren72

All gone smoothly with First Direct - despite an initial concern that the statement wasn't an original. All now sorted. They are transferring my funds into my ISA by close of business.

ST£V£

Skipton BS update

ISA money now credited to my account and showing online.

Interest will be paid from the date on the cheque (15th). I needed to ring up to confirm this as the transaction date on line is down as the 27th.

Well done Skipton.

Steve

whw

I've just spoke to a really nice lady at Skipton's ISA department and they confirm that:

-They will accept the FSCS cheque and split the £5 which they'll send to me as a cheque since I don't have a current account with them.

- They will backdate the cheque to the date of issue (15th May) as apparently they do that with all ISA transfers.

- And I can do all this via post rather than going in branch (they checked the electrol information to confirm my ID).

Bravo Skipton! Bravo!