Panicking, has my money been stolen?

dude7691

Hi guys,
So in late September I sent off a transfer to Barclays to transfer from their HTB ISA to a Moneybox Lifetime ISA. On the 16th October, I receive a closing statement from Barclays telling me that the full balance has been transferred out of my account. I still don't see it in my moneybox account, but not to worry as I think these things can be delayed. I wait another 2 weeks... Still nothing. Contact support and they tell me "there's a backlog of transfers from Barclays which is causing a delay", seems like BS but I say okay no worries. I ring up Barclays today to ask if there's a delay to confirm what Moneybox is saying and they tell me "nope as far as we're concerned the transfer is completed". !!!!!!?!?!

Can someone please explain this to me? I want to believe Moneybox but it seems like they're spouting crap, and if I am forced to take this further well, things could get messy and that's the last thing I want...

There's no way I could have sent it to the wrong account, as the transfer form only requires details of the account being transferred from, which obviously were correct as I've had the money taken from Barclays, and Moneybox confirmed to me that I had issued a transfer request.

Thank you

xylophone

Contact support and they tell me "there's a backlog of transfers from Barclays which is causing a delay",

Barclays have done their bit but the delay is in the Moneybox/Oak North systems?

if I am forced to take this further well, things could get messy and that's the last thing I want...

https://www.moneyboxapp.com/support/ Have you chatted on the app?

dude7691

xylophone wrote: »

Barclays have done their bit but the delay is in the Moneybox/Oak North systems?

This is exactly what they said to me when I chatted on the app:

"Hi, thanks for getting in touch! We've been trying to get through to Barclays on a daily basis as there's been a lot of delayed transfers from their side, and there's been no luck so far, but as soon as we have an update on your transfer we'll let you know!"

Barclays on the other hand tell me there's no delay and the transfer out was completed on the 16th October, no confirmation from Moneybox of this.

masonic

Perhaps the paperwork and/or cheque is lost in the post? The sending ISA manager would consider the transfer completed at the point these are sent, unless told otherwise by the receiving ISA manager.

As you say, the only way an ISA can be transferred is to fill out MoneyBox's ISA transfer form with details of your Barclays ISA and send the form to MoneyBox, at which point any error would be the fault of MoneyBox - since you know your Barclays ISA was correctly identified and in any case your accounts with both providers can be identified using your National Insurance number.

dude7691

masonic wrote: »

Perhaps the paperwork and/or cheque is lost in the post? The sending ISA manager would consider the transfer completed at the point these are sent, unless told otherwise by the receiving ISA manager.

As you say, the only way an ISA can be transferred is to fill out MoneyBox's ISA transfer form with details of your Barclays ISA and send the form to MoneyBox, at which point any error would be the fault of MoneyBox - since you know your Barclays ISA was correctly identified and in any case your accounts with both providers can be identified using your National Insurance number.

Exactly that, I'm just confused how it can take 18 days from the date that Barclays considered the transfer completed for Moneybox to even acknowledge the receipt of a cheque or payment. Lost in the post seems viable to be fair, and you're right about it being the fault of Moneybox. In the worst case scenario I surely will get the money back here? As there is improper information on my part and I have 100% proof that I sent the transfer request and that I provided proper information. Even if it means going through a court case I would be happy to pursue it as I'm talking £1600 here, not change.

iglad

Barclays are inept my ISA transfer took about 3 months to complete!!

masonic

dude7691 wrote: »

Exactly that, I'm just confused how it can take 18 days from the date that Barclays considered the transfer completed for Moneybox to even acknowledge the receipt of a cheque or payment. Lost in the post seems viable to be fair, and you're right about it being the fault of Moneybox. In the worst case scenario I surely will get the money back here? As there is improper information on my part and I have 100% proof that I sent the transfer request and that I provided proper information. Even if it means going through a court case I would be happy to pursue it as I'm talking £1600 here, not change.

Presuming the transfer is completed eventually, you should push Moneybox to backdate interest to a reasonable date (e.g. 21st October). If the transfer fails for any reason then Barclays would be required to reinstate the account.

It would be worth putting a complaint to Moneybox in writing now if you haven't already. That will allow you to go to the Financial Ombudsman 8 weeks after complaining if it isn't resolved to your satisfaction.

colsten

dude7691 wrote: »

Hi guys,
So in late September I sent off a transfer to Barclays to transfer from their HTB ISA to a Moneybox Lifetime ISA.

You sent the ISA transfer request to Barclays? Are you sure?

redpete

Seems that Moneybox acknowledged that they are aware of your transfer request, Barclays have said they have transferred the money out of your ISA they held for you. No basis for your worry that the money has been 'stolen' and nowhere near the stage where you might be considering going to court.

Poor_Leno

I agree with others that its possible the transfer got lost in the mail somewhere along the line.

FWIW, I transferred from my Skipton Lifetime ISA into the Moneybox one and it completed smoothly within 2 weeks. I am only mentioning this because it will hopefully at least put your mind at rest (marginally) that Moneybox is a reliable, legitimate operation. I know this won't make you feel entirely better about the situation, and i'm not at all trying to rub salt in your wounds from the smooth process I experienced, just only trying to put your mind at rest regards how Moneybox operates. I found their online chat/help to be useful...the customer service is very good I felt.

pafpcg

Transfers of Cash ISAs are supposed to take no more than 7 days.