Is Virgin Money at risk of operational failure?

NowVillager

Having spent 3 days trying to contact Virgin Money via various channels, including going on for 8 hours on hold so far, to resolve an ISA transfer they're blocking, losing access to my account in the process, I get the impression there's a high level of operational risk going on. I'd be interested to know if anyone else is having similar problems?

eskbanker

Not sure those issues in themselves point towards 'a high level of operational risk' or ultimately 'operational failure', what else leads you to that conclusion?

Zanderman

NowVillager said:

Having spent 3 days trying to contact Virgin Money via various channels, including going on for 8 hours on hold so far, to resolve an ISA transfer they're blocking, losing access to my account in the process, I get the impression there's a high level of operational risk going on. I'd be interested to know if anyone else is having similar problems?

A lot of banks will keep you on hold for hours - it doesn't imply they're in trouble. 

It just implies they don't have enough people in their call centres. Not an unusual situation at all.

Zaul22

I dunno about 'operational failure' but they are just a truly terrible bank. They are rated awful for customer service on every review site and now that I can't make any payments from my account, phoned customer service and they said there's nothing wrong, I can see why. 

DullGreyGuy

8 hours on hold doesn't mean anything either... that could be 24 calls of 20 minutes. A 20 minute wait isnt great but isnt that uncommon... a single call of 8 hours probably means a fault.  A few calls of 2hrs each certainly would be more of concern (though to get through to the complaints team at HMPO the average wait time was just over 3 hours)

Molehusband

Well, sadly similar problems also apply to other providers. I find it can change on a day to day basis. For example recently I called Coventry BS and had to wait an inordinately long time (best part of an hour) to speak to a live person. Next day when I called, someone answered almost instantaneously.
In the last couple of years or so, due to highly unusual events, life has become confusing. In particular prolonged delay waiting for service has become very common in all kinds of daily activity. But it does not necessarily point to operational failure.
One of the complications with Virgin Money is, as their website says:
"We're not like other banks. Discover what makes us different."
One of the differences is ownership and who exactly is running it. Some years ago they took over Northern Rock and I assumed their staff was then running my account on behalf of Virgin. Then, more recently, Virgin entered some form of partnership with Clydesdale Bank and I get the impression that many Virgin Money accounts are run by them. I'm never quite sure exactly who is actually operating my Virgin Money account.

subjecttocontract

Richard  Branson must be furious......I would be if I were him !
They are not the only organisation benefiting from using the Virgin name who have worse than awful customer service...... Virgin Media are equally atrocious.

Having said that I am currently transferring an ISA to Virgin Money.

WBCPB

I had to ring them today on 0800-121-4253 ( their dedicated fraud line according to the voicemail they left me ) and the call was answered straight away.

Daliah

WBCPB said:

I had to ring them today on 0800-121-4253 ( their dedicated fraud line according to the voicemail they left me ) and the call was answered straight away.

Good number for your contacts list. Thanks for sharing it 👍

pafpcg

Molehusband said:

........
One of the complications with Virgin Money is, as their website says:
"We're not like other banks. Discover what makes us different."
One of the differences is ownership and who exactly is running it. Some years ago they took over Northern Rock and I assumed their staff was then running my account on behalf of Virgin. Then, more recently, Virgin entered some form of partnership with Clydesdale Bank and I get the impression that many Virgin Money accounts are run by them. I'm never quite sure exactly who is actually operating my Virgin Money account.

Virgin Money is now owned entirely by Clydesdale Bank PLC - it was taken over several years ago.  For marketing reasons Clydesdale then decided to re-brand itself as Virgin Money (and paid Branson a considerable fee to continue to use the "Virgin" name).  Like many organisations which have grown by mergers and acquisitions, the products & services are supported at various sites making it difficult to get consistency - unless you regard ALL Virgin Money's services to be universally poor!  Originally, the savings products were operated by the 'old' Virgin Money (aka Northern Rock) based in Newcastle-upon-Tyne and the banking products by Clydesdale based in Clydebank.  Nowadays, I share your uncertainty about where and who is running my Virgin Money accounts.

[Deleted User]

subjecttocontract said:

Richard  Branson must be furious......I would be if I were him !
They are not the only organisation benefiting from using the Virgin name who have worse than awful customer service...... Virgin Media are equally atrocious.

Having said that I am currently transferring an ISA to Virgin Money.

Virgin got a large chunk of the enlarged CYBG to use the brand name and other ongoing payments too.
They won't be going anywhere other than to cash their cheques.