ISA TRANSFER NOT HAPPENED YET.

eskbanker

kjmpde said:

i opened a new isa on 30th april and at the same time asked for my existing isa with another bank to be transferred when mature on 12 may.  now 8th june and nothing has happened. Each bank is blaming the other. As a customer I am losing interest  as I am told that the matured isa is now getting 0.01% and not the expected 1.3%.  My concern is that the money has been lost. . 

It won't be lost, but, as with earlier posts in this thread and elsewhere, many have reported that ISA transfers are taking longer than usual given the impact of reduced staffing levels, etc, in the current crisis.  If the banks concerned denied all knowledge then that would be more of an issue but if they're both aware of the transfer request then it should just be a matter of time.

Swipe

Still waiting on my nationwide cash ISA to go out to my S&S ISA. It's been 4 weeks now. In contrast, Santander transferred out 2 of their ISAs in less than 10 days. And they both dropped their rates to rock bottom around the same time.

MiserlyMartin

It seems to me that companies are taking advantage of the cov19 situation as an excuse to offer no or poor service. The best companies are working from home taking calls. The worst you cannot call at all even now.

uptdale

Kudos to Yorkshire Building Society.  They have finally received an ISA transfer from Nationwide, and unprompted they told me "We've made a credit interest adjustment as the transfer took more than 7 working days to complete. This adjustment will be included in the next interest payment that is made and puts your account in the position it would have been in had the transfer been completed on the eighth day."

And I've still heard nothing from Nationwide.

hgt

So I've got a bit of an issue regarding a failed ISA transfer..... I opened a 2 year fixed rate ISA back at the end of April (paying 1.45%), and requested a transfer in from my previous provider.

To cut a long story short, the transfer didn't happen - both providers are blaming the other for the reason, now I'm being told that the 2 year fixed rate account I applied for is not available for deposits anymore. 

So obviously I'm left out of pocket with regard to future interest as I was expecting 1.45% fixed for 2 years, but the best 2 year fix currently available is now only paying 1.0% - as I was aiming to transfer quite a considerable sum, that's a significant loss of future interest to me. 

I've started the complaint process with the providers, but to be honest I don't expect to get anywhere as I suspect they'll continue to blame each other! Presuming I don't get anyway, do people think I'd have a case with the FOS? In my mind, the transfer failed through no fault of my own, so it's not my fault I've lost out on future interest. Would I be within my rights to ask for compensation equivalent to the lost future interest?

Also if I need to escalate to the FOS, how would it work as I'm not currently sure which of the two providers is to blame, so which one I would report to the FOS!

eskbanker

hgt said:

I've started the complaint process with the providers, but to be honest I don't expect to get anywhere as I suspect they'll continue to blame each other! Presuming I don't get anyway, do people think I'd have a case with the FOS? In my mind, the transfer failed through no fault of my own, so it's not my fault I've lost out on future interest. Would I be within my rights to ask for compensation equivalent to the lost future interest?

Also if I need to escalate to the FOS, how would it work as I'm not currently sure which of the two providers is to blame, so which one I would report to the FOS!

It's the new provider who's responsible to you for the transfer process and it's obviously them who are trying to deny you your rate, so if you go to FOS it would be them you'd cite.  Don't get sucked into the blame game, you have no reason to be in contact with the old provider during this process, it's only the new one you should be dealing with.

If you initiate a transfer within the initial deposit window then it's not unreasonable to expect that it'll be honoured, however long it takes - the three week cash ISA transfer service level means that many such transfers would otherwise fall foul of the two week window specified for many fixed term ISAs, so to me the key milestone should be when the transfer is started, not when it completes.

hgt

eskbanker said:

hgt said:

I've started the complaint process with the providers, but to be honest I don't expect to get anywhere as I suspect they'll continue to blame each other! Presuming I don't get anyway, do people think I'd have a case with the FOS? In my mind, the transfer failed through no fault of my own, so it's not my fault I've lost out on future interest. Would I be within my rights to ask for compensation equivalent to the lost future interest?

Also if I need to escalate to the FOS, how would it work as I'm not currently sure which of the two providers is to blame, so which one I would report to the FOS!

It's the new provider who's responsible to you for the transfer process and it's obviously them who are trying to deny you your rate, so if you go to FOS it would be them you'd cite.  Don't get sucked into the blame game, you have no reason to be in contact with the old provider during this process, it's only the new one you should be dealing with.

If you initiate a transfer within the initial deposit window then it's not unreasonable to expect that it'll be honoured, however long it takes - the three week cash ISA transfer service level means that many such transfers would otherwise fall foul of the two week window specified for many fixed term ISAs, so to me the key milestone should be when the transfer is started, not when it completes.

Many thanks for that information. To be honest, after having spoken to both providers I do suspect it is the fault of the new provider. The cynic in me wonders if they have purposely cancelled the transfer in order to deny me the (decent) interest rate. 

I shall see how I get with the complaints process, and will escalate to the FOS if I don't get anywhere with that route.