Yorkshire Building Society Living In The Dark Ages

MACKEM99

I have an online ISA with them and wanted to move it to another one with them.  You have to download a paper form, complete it and send it to them in the post - this is the only way.  Are they in the dark ages?

gt94sss2

I had to do this and have already fed back that this isn't a great customer experience.

The upside is that they do backdate the transfer I believe..

MACKEM99

gt94sss2 said:

I had to do this and have already fed back that this isn't a great customer experience.

The upside is that they do backdate the transfer I believe..

Backdate to when?

gt94sss2

From memory, it was too when I opened the new ISA account.

Just make sure you post the form to the address given and not a branch.

As I found out, branches can't deal with internal ISA transfers and forward the docs to that team..

TheWoodler

Agree it’s evidence of the Dark Ages but isn’t unique to YBS - not all providers will transfer in electronically, but it seems especially absurd when it’s within the same organisation, as you say.

NS&I is another one that requires a paper form - filled in online with the new provider and printed off.

Except I don’t have a printer . . . fortunately the new provider was able to print and send for me to sign and return.

I’d say building societies generally are fairly patchy when it comes to meeting user expectations technologically. Even the best have a whiff of the curate’s egg somewhere. 

fourmarks

It would appear that Paragon are also engaged in medieval practices. Having recently switched my main bank account I needed to register the change of nominated bank with Paragon before I could make any deposits or withdrawals on my account. For this seemingly simple process I was obliged to download, fill in and post off the requisite form. That was a week ago. I'm now worried that the pigeon was shot down pre-delivery,

Daliah

Not sure why YBS need a signed form for an internal ISA transfer, as you can make internal transfers between some of their other accounts online. Perhaps it's some peculiar ISA rule which they have chosen not to automate, on the grounds that such transactions don't happen very often. Who knows. ISA transfers from Shawbrook Bank and from Hampshire Trust Bank require wet signatures, too, for transfers to other providers. Very cute.

Though there are plenty of customers who do like to transact with paper rather than electronically - - - lots and lots of savings accounts can only be opened in Branch or by Post, some people like passbooks, some want paper statements.

gt94sss2

TheWoodler said:

Agree it’s evidence of the Dark Ages but isn’t unique to YBS - not all providers will transfer in electronically, but it seems especially absurd when it’s within the same organisation, as you say.

That's the thing - YBS have an excellent online system to request ISA transfers in from most other providers!

xylophone

I too breathed a heavy sigh when I discovered that despite having on line access,  to move my Loyalty ISA Issue 1 to Loyalty ISA issue 2 required  waiting for YBS to post out  two forms - one to open the new account  and another  "amalgamation"   form  for the internal transfer - the completed forms must then be returned to YBS - the transfer in will then be actioned.

It does seem very long winded.......

Albermarle

fourmarks said:

It would appear that Paragon are also engaged in medieval practices. Having recently switched my main bank account I needed to register the change of nominated bank with Paragon before I could make any deposits or withdrawals on my account. For this seemingly simple process I was obliged to download, fill in and post off the requisite form. That was a week ago. I'm now worried that the pigeon was shot down pre-delivery,

I think this is more understandable. The fact your savings are linked to your current account is additional security , as it stops scammers getting your savings transferred to another account . So a request to change the nominated current account is probably treated with some caution by providers. 

Malchester

Albermarle said:

fourmarks said:

It would appear that Paragon are also engaged in medieval practices. Having recently switched my main bank account I needed to register the change of nominated bank with Paragon before I could make any deposits or withdrawals on my account. For this seemingly simple process I was obliged to download, fill in and post off the requisite form. That was a week ago. I'm now worried that the pigeon was shot down pre-delivery,

I think this is more understandable. The fact your savings are linked to your current account is additional security , as it stops scammers getting your savings transferred to another account . So a request to change the nominated current account is probably treated with some caution by providers. 

Yes I agree. I changed my current account to a different provider and had to inform several financial institutions of the change. I, for one, am glad of the security they put in place to deal with this even though it is a bit of a faff. I would rather be safe than sorry and would not want low security for changing a linked account.