NATIONWIDE BUILDING SOCIETY-MEMBERS FIXES RATE ISA ISSUES.
I know I am not the only person who is having this issue, but having scoured the MSE forum I cannot seem to find anyone asking this question.
At the end of March I had an ISA maturing with Shawbrook Bank, saw that NWBS had, what was at that time, was a really good rate on a Members fixed rate ISA at 0.75% interest for 18 months. I instructed NWBS that upon maturity of my isa with SB I would like them to transfer the funds into their ISA. Two days after maturity SB did indeed confirm that they had received a request from NWBS to transfer the funds to them, then two days after this SB messaged me to say the transfer was completed. This was then the beginning of April.
I received a letter from NWBS confirming that they had the funds, but didn’t confirm the amount of the funds it did include an account number, the letter said that “I will receive a certificate within the next 7-10 working days” this time came and went and I hadn’t had any certificate confirming my ISA status so I placed a call into the NWBS customer service team, the date at this time was 27/04/21 one month after maturity. The team member confirmed they could see the funds were still in a holding account but that all was safe they just had a backlog all would be sorted, he did message another team asking them why the funds were still in this holding account, at this time I did remind them that it is regulatory that ISA’s transfers are completed in 15 days. Although apologetic the member said its just the amount of accounts we have opened causing a backlog. I left it at that for the time being.
On 01/05/21 I made an online complaint- received a text back saying we are in receipt of your complaint and will look at my concerns and it asked me not to text back.
When I had not received any responses from this call I decided to ring the CS team for an update. I spoke to an advisor in the Savings Team, he confirmed the funds were still in a holding account- but don’t worry it’s all on the system just waiting to be processed. I asked him why this is still in a holding account at this time given that legally an ISA has to set up and fully processed in 15 days, SB had transferred the funds almost immediately after maturity. The advisor explained because their had been such a response to the members ISA it had caused a backlog they were working through, but he couldn’t say when it would be processed because their was at least 6000 accounts at this time to process. I asked him to escalate my complaint, which he did. This was 07/05/2021 I had the escalation of the complaint acknowledged in a letter which confirmed that NWBS hoped to be able to conclude this by 21/05/2021 they didn’t on the 20/05/21 I received another letter from the complaint team extending the date of the complete until 04/06/21.
I was so angry with this time scale, that I put together an email to both CEO&CFO at NWBS I received an email back from the Members Service Dept, it acknowledged the email and apologised that Joe Garner was unavailable at the time but assuring me he would see the email, they gave me the name of a Senior Team Member who had been assigned to look into this matter and that he would be in touch soon, when he didn’t contact me I decided to ring him directly. Again he was apologetic about the delay and confirmed the delay was due to amount of accounts they still had to process, he assured me he would ring me back the following week Friday 4/6 but to date he hasn’t come back to me.
I know the next thing (probably months ago) I need to do is set up an official FCA complaint but the thing is I know that at this time due to their workload that any new complaints caused by covid that they have undertaken this will also take many months to deal with.
I have told NWBS my concerns about the current global financial situation and the possibility that we are very close to another financial collapse with the chance of buy ins/buy outs and my fear is that if that happened I have nothing confirming the amount of my investment or a certificate that I can then prove to any FSCS claim for a possible reimbursement from them of my funds- I really don’t know what or where to go next with this.
Reading online reviews of NWBS on Trust Pilot reviews I know their are thousands of people in this same situation, some haven’t even had an acknowledgement that their transfer has been completed. I now also know they have plenty of history of mismanagement of funds going back to 2008.
I did think Martin may address this in his weekly email and look into this for us with advise on how to deal with it, I sent an email to This Is Money asking them their opinion and to date they have not replied and their are no news stories about this appalling delay.
Does anyone have any ideas of what is going on, is the NWBS still financially safe ?? Any help will be appreciated, thank you.