NatWest CTF matures child 18 withdrawing funds PROBLEMS

T.T.D

Having issues with NatWest.

my daughters Government child trust fund has matured as she is of age, she wishes to withdraw it in whole.

she tried online and it refused to accept the account number.

phoned NatWest who spent 4 hours going round in circles with tech trying to get the online application to go through. In they end they admitted defeat saying they can’t find what the issues are that’s preventing the claim going through for her CTF.


She has sent CTF withdrawal forms through the post, and we filled them in and provided of ID and certified by a someone who has capacity, with the form and sent them back.

The fund at the time of wanting withdraw it was £921 on 21 April 2022 in the letter from day before 18th birthday. 

A letter was sent back beginning of June that required her to fill in a form of renunciation-selling of shares. An outstanding requirement letter accompanied this form stating for her to fill this form in to withdraw her CTF and have her ID signed and sent back by someone listed as having capacity.

she filled in the form got it re signed again, but she didn’t understand the last bit in the form where it says:

Declaration I we being the registered shareholders hereby acknowledge that I am no longer interested in above mentioned shares. Signature of all shareholder. 4 boxes to fill in a shareholder details. 

A lot of weeks later a plethora of letters comes in the post from NatWest ,dated 5th July but not received untill this Friday, is another statement March 2022 to July and it states value as at last statement 14th £904.00

Purchases made in the period 0

withdrawal made in the period (£873.93)

total income generated in the period £13.57

second page states Transfer details £921.00 NatWest Child Trist Fund (matured) stake holder investment fund class 1.

page 3 is essentially saying CTF was transferred into a matured account total balance £873.00 as of 4th Jul.

second set of letters dates 5th July not received until this Friday, stating they received the request of withdrawal please note we cannot proceed with payment until the renunciation of has been completed by in full by all registered holders and returned.another copy of the denunciation form and another letter to sign and send back stating we have the letter.

Third set of letters again dated the 5th states they have received all of the letters and enclosed documents and it will take 15 days to process this and we will write to you if we need further information.

Fourth set of documents is a letter requesting information dated 15th of July! (Impossible when it was delivered on 15th. I believe this is a typo or is meant to look as though it was sent a lot later than expected postal date).

this letter asks for further information the cannot complete the transaction until the formalities are completed. 

We require the renunciation form.

if you have any quarstions call us.

alarmingly the letter come with a statement of values of investments and it states

child trust fund 0.00 shares 0.00 previous value 904.00 price 194.90 value 0.00

child trust fund matured. Number if shares 0.00 previous value 0.00 price 194.90 matured trust fund total value 0.00.

so according to the last statement there isn’t anything now. 

Does she fill in the bottom part of the renunciation form declaration stating i the shareholder are not longer interested in mentioned above shares? 

if she fills in this form again does she get her money or is it all gone.?

We both feel word bombed (as probably do you guys now…..sorry) and confused by all this as there seems to be that someone hasn’t sent the letters when they supposed to be but then sent them all at once with one being sent in the future it seems).

Nebulous2

I'm not sure I understand all this - I have a few pointers for you though,  instead of dealing with it as a whole. 

 1.  I'd say you are beyond the point where she needs to make a formal complaint. That will often get people's attention.
 

2. If there is some wording on the form that she doesn't understand she needs to ask them what it means and what sections they want her to sign. 

3. The money wont be lost. It sounds like they have sold the shares and moved it to cash, awaiting the completed documentation. 

T.T.D

Nebulous2 said:

I'm not sure I understand all this - I have a few pointers for you though,  instead of dealing with it as a whole. 

 1.  I'd say you are beyond the point where she needs to make a formal complaint. That will often get people's attention.
 

2. If there is some wording on the form that she doesn't understand she needs to ask them what it means and what sections they want her to sign. 

3. The money wont be lost. It sounds like they have sold the shares and moved it to cash, awaiting the completed documentation. 

I’ve just asked someone who is a bit more money savvy than myself.

They said that they should have transferred it as a child trust fund transfer when she first made the application, but because it took over a certain period, the fund matured into an adult one, so they essentially treated the application as an adult one, left the certain parts in the system on file such as the ID and certification, but are now requesting that she apply as an adult to withdraw the funds using the adequate form. 

When she applied on the adult form and left the declaration part blank as it appears to be an office use section… it is not, it wants the claimant i.e stakeholder/account holder to renounce the shares so as the funds can be released but this isn’t not clear on the form and to any lay person seems as though your giving money away.

As to how the dates and the way they were delivered she said it does sound like someone had this case a bit too long and tried to make it appear as though the post man delivered things late. 

She said if she fills the whole form in she would get the money. 

The fact the balance for the fund shows zero is because she no longer has active shares and money is now in a waiting to pay zone on their system until they pay it.

Does this sound more feasible? 

Reaper

T.T.D said:

I’ve just asked someone who is a bit more money savvy than myself.

They said that they should have transferred it as a child trust fund transfer when she first made the application, but because it took over a certain period, the fund matured into an adult one, so they essentially treated the application as an adult one, left the certain parts in the system on file such as the ID and certification, but are now requesting that she apply as an adult to withdraw the funds using the adequate form. 

That sounds right. CTFs automatically become an adult ISA when they mature. NatWest have achieved this by closing the CTF (which now has a zero balance) and moving it over to a new ISA with a new account number.

Unfortunately your withdrawal using the old CTF details clashed with the automatic transfer and now that there are multiple withdrawal documents floating around NatWest have become completely confused.

It needs an experienced person at NatWest to sit down and work through everything they have got instead of taking the easy option of sending out more forms! A formal complaint is probably the best way to go, being as clear as is possible in the circumstances to explain what has gone wrong.

xylophone

https://www.theguardian.com/money/2022/may/07/teens-access-child-trust-funds-natwest
may be of interest.

T.T.D

Thanks everyone, it looks as though this is going to be a long drawn out show of process then. 

Oh well……..(sigh).

Tightpants24

Hi.  It looks like this is quite a familiar story now.  My son is also having problems.  I almost get an image of an obsolete dial up computer in a dusty backroom somewhere at natwest hq where the child trust funds have been ignored for 18 years. ☹.  Funny how they are quick off the mark if you owe them!

binao

A pleasent formal complaint that mentions delay and stress etc., Will most likely speed things up plus sufficient for a family dinner,. might even stretch to wine.

T.T.D

Hoorah finally had it paid to the bank.

Natwest must have chopped half of Amazon Forrest down, they love sending forms and letters, but as soon as you mention complaint and possibility of a ombudsman investigation if I am not satisfied with their response, there was the cash and one letter saying they have paid it. 

Good luck to those who still are not paid out still!