Barclays ISA transfer taking 5 months?!

josie_jo105

I had a help to buy ISA with Barclays but decided to switch to a Lifetine ISA with Moneybox as this has better benefits for me.
I completed a transfer form which was sent back to Moneybox who began the process with Barclays at the end of Februrary. On the 6th March, I received a letter from Barclays to say the transfer had gone through and my account with them was closed.

Nothing appeared in my Moneybox account after several weeks so I emailed them and they said due to COVID they had been working from home and so no one had received the paper transfer and cheque from Barclays. They requested for this to be done electronically.

5 months on and my savings are still no where to be seen. I've spoken to both Barclays and Moneybox several times and both are blaming each other but still no closer to seeing my money or even knowing where it is. Moneybox have also tried to contact Barclays on my behalf multiple times with no response which makes it appear that Barclays are the ones causing the delays.

I've also now missed out on 5 months worth of interest.

I was hoping to use the money towards buying a house early next year and I am increasingly concerned that the money is floating in thin air.

I understand due to the pandemic thag things have been difficult for everyone and it has caused delays and changes to working conditions etc however 5 months on seems a bit excessive. My partner sent a transfer form at the same time from HSBC to Moneybox and was processed within 2 weeks.

I'd appreciate any help or advice you can provide.
Many thanks,

eskbanker

josie_jo105 said:

I had a help to buy ISA with Barclays but decided to switch to a Lifetine ISA with Moneybox as this has better benefits for me.
I sent an ISA transfer form to Barclays at the end of February who received it in a few days and began the process. On the 6th March, I received a letter from Barclays to say the transfer had gone through and my account with them was closed.

ISA transfers need to be initiated by the receiving provider, not the sending one, so if you want to transfer from Barclays to Moneybox then you need to instruct Moneybox, not Barclays.  Barclays can't start the process from their end, so it's not clear exactly what form you completed and why Barclays closed your account as a result of this?

gra180

I’m having exactly the same problem with Barclays & I’ve had two letters from the department that’s dealing with the transfer to say that the funds have been returned to them from the beneficiary (not true) & for me to contact them. It is not only proving impossible for me to contact them but also Barclays Personal Banking team can’t contact them. You couldn’t make it up. Have you been able to discover any contact details for the ISA department if so could you share them with me. Today I’ve just asked the Personal Banking team to escalate the issue to a complaint, it’s not something I normally do but I’m seem to be banging my head against a brick wall.

eskbanker

gra180 said:

I’m having exactly the same problem with Barclays

If it's literally exactly the same problem then this would mean that you also wrongly asked them to transfer an ISA out to another provider, rather than the correct method of asking the receiving provider to initiate (and manage) the whole process from their end?

gra180

Actually you’re spot on there, how perceptive ! I in fact did it the correct way & applied to my new provider. At the same time I applied via my new provider to transfer an RBS cash ISA, this was completed in 2 weeks, where as Barclays have taken over 2 months so far & the Barclays ISA department won’t respond to the Personal Banking team & the two letters that have come from the ISA department don’t contain contact details so that I can reply to them.

Thanks for pointing that out eskbanker, have you got any suggestions on a way to resolve the problem. I’ve escalated it to a Barclays complaint, maybe next step would be the ISA ombudsman?

eskbanker

gra180 said:

Actually you’re spot on there, how perceptive ! I in fact did it the correct way & applied to my new provider. At the same time I applied via my new provider to transfer an RBS cash ISA, this was completed in 2 weeks, where as Barclays have taken over 2 months so far & the Barclays ISA department won’t respond to the Personal Banking team & the two letters that have come from the ISA department don’t contain contact details so that I can reply to them.

Thanks for pointing that out eskbanker, have you got any suggestions on a way to resolve the problem. I’ve escalated it to a Barclays complaint, maybe next step would be the ISA ombudsman?

In your shoes I'd continue to press the new provider, as it's their responsibility to manage the process, even if they try to deflect you towards Barclays.  There isn't an ISA ombudsman as such, but you can escalate a complaint to the Financial Ombudsman Service once it reaches eight weeks or deadlock....

josie_jo105

eskbanker said:

josie_jo105 said:

I had a help to buy ISA with Barclays but decided to switch to a Lifetine ISA with Moneybox as this has better benefits for me.
I sent an ISA transfer form to Barclays at the end of February who received it in a few days and began the process. On the 6th March, I received a letter from Barclays to say the transfer had gone through and my account with them was closed.

ISA transfers need to be initiated by the receiving provider, not the sending one, so if you want to transfer from Barclays to Moneybox then you need to instruct Moneybox, not Barclays.  Barclays can't start the process from their end, so it's not clear exactly what form you completed and why Barclays closed your account as a result of this?

Hi,

Sorry I worded this wrong. I did in fact send the transfer form to Moneybox who initiated the transfer. Barclays received the tranfer request from Moneybox and began processing.
Barclays said they sent the money via cheque but due to COVID, the offices were not open and Moneybox asked if this could be cancelled and funds sent electronically.

According to Barclays, my account is closed but Moneybox still havent received any money and have been unable to get through to Barclays. I have since filed a complaint to Barclays as it seems my money is being held internally, also persisting with Moneybox as it is still unclear who is responsible here. 

josie_jo105

gra180 said:

Actually you’re spot on there, how perceptive ! I in fact did it the correct way & applied to my new provider. At the same time I applied via my new provider to transfer an RBS cash ISA, this was completed in 2 weeks, where as Barclays have taken over 2 months so far & the Barclays ISA department won’t respond to the Personal Banking team & the two letters that have come from the ISA department don’t contain contact details so that I can reply to them.

Thanks for pointing that out eskbanker, have you got any suggestions on a way to resolve the problem. I’ve escalated it to a Barclays complaint, maybe next step would be the ISA ombudsman?

So frustrating isn't it? I also did request the transfer the correct way (I just worded it in a confusing way!)

 I have also complained to Barclays now and waiting to hear back (after doing a video call with them). Barclays think it is being held internally for some reason so hopefully it will be tracked down and transferred soon. I'll wait and hear from Barclays and if still not resolved, I'll definitley be contacting the financial ombudsman as it has now been 6 months!

daisydook

I hate to jump in on someone else's thread but I'm having a nightmare with Barclays and wondered if anyone had managed to resolve their problem or have any advise on how best to raise a complaint that will actually help get it sorted.

I closed an ISA a couple of months ago and asked for the money to be placed in a current account rather than another ISA - as with other posters my account with Barclays has been closed but the money has never reappeared anywhere else - I'm sick of going into the branch as it's in a different town and means taking time off work each time, and they don't seem to be able to help other than advising to wait and see if it turns up which is obviously of no help, I can't ask my landlord to wait and see if his rent turns up, actually left the branch crying this morning I feel so impotent, I saved that money for a rainy day and now I'm drowning and can't get my hands on it and no-one knows where it's gone!

eskbanker

daisydook said:

I hate to jump in on someone else's thread but I'm having a nightmare with Barclays and wondered if anyone had managed to resolve their problem or have any advise on how best to raise a complaint that will actually help get it sorted.

I closed an ISA a couple of months ago and asked for the money to be placed in a current account rather than another ISA - as with other posters my account with Barclays has been closed but the money has never reappeared anywhere else - I'm sick of going into the branch as it's in a different town and means taking time off work each time, and they don't seem to be able to help other than advising to wait and see if it turns up which is obviously of no help, I can't ask my landlord to wait and see if his rent turns up, actually left the branch crying this morning I feel so impotent, I saved that money for a rainy day and now I'm drowning and can't get my hands on it and no-one knows where it's gone!

Have you lodged a formal complaint yet?

https://www.barclays.co.uk/help/making-a-complaint/how-do-i-make-a-complaint/

daisydook

Thanks for your reply.  The bank made have made a complaint on my behalf last week, I have a reference number, but have been told today that there is a backlog of 8 weeks for them to even look at the email.  I've been on the link that you have posted and live chat couldn't be more unhelpful and gave me an address to write to in Leeds. I am not a Barclays customer, as my account is now closed and I don't have another account there so cannot access the online banking app.