Transferring an ISA out of Punjab Bank

beefturnmail

I'm currently in the process of transferring an isa from Punjab National Bank to Nationwide (lower interest but I'm going to spend the majority of the money and it's a bit of a faff getting money out of the Punjab account as it's branch only).

I filled in the isa transfer form via Nationwide as normal and a few days later received a voicemail from Punjab saying they needed to 'confirm' the transfer.

I rang in, waited about 20 minutes for them to answer and then had a conversation which proceeded along the lines of Punjab: "so mr x, you want to transfer your isa", me: "yes- as I've already said via Nationwide", Punjab: "do you want to close the account at the same time", me: "yes - as I've already said via Nationwide", Punjab: "OK, we will proceed with the transfer", me: "well that was a waste of everyone's time wasn't it?' (thought, not said).

Slightly strange that Punjab do this? Or is it becasue it's a branch only account?

thrifty_pete

Perhaps better safe than sorry. I guess think of the Punjab bank as what banking was like in the 1980s. Paper and phone based!
It seems that opening an ISA can be (fingers crossed!) done by post. Perhaps MSE should now feature is as a best buy alongside the Pakistani bank UBL UK?
Pete