Beware Sainsbury ISA and old bank accounts

Diddidi

I wanted to share my experience so that others in the same situation don't end up with a similar drama.

I recently moved my ISA to Sainsbury's because the rate looked good. Then, wanting to pay off a large purchase on my credit card, I tried to transfer my ISA funds to my Barclays bank account. Computer said 'no' - apparently my bank account pre-dates the year 2000 and therefore wasn't recognised by Sainsbury's. I thought Y2K was over but I was wrong. I had to submit proof of my bank account to them by sending statements and a tax notification form. Nowhere was this ever made apparent either before, during or after opening my account with them.

Unfortunately these documents weren't valid either because they were printed from the internet (how many of us use paperless statements these days?). Apparently they needed to be certified by a solicitor, doctor or whatever. Really? All this, just to get hold of *my* money - and the clock was ticking with the due date on my credit card. Fed up with their process and getting a bit worried about having to fork out a late payment on my credit card, in the end I transferred my ISA to Barclays and bingo, in 2 days, I had the funds back in my hands

So, if you are like me and still have a bank account with a provider from before year 2000, make sure you find out before you try to access your funds what is required!