Virgin Money Cash ISA transfer

ForumUser7

https://www.thisismoney.co.uk/money/experts/article-11456635/SALLY-SORTS-Virgin-Money-339k-savings-transfer-vanish.html

Thought this article would be an interesting read for those of us with little confidence in virgin money.

*Money saved with UK-regulated banks is protected up to £85,000 per person through the FSCS. Anything above this is unlikely to be covered so it is not a good idea to hold more than this in total across the organisation, or those that share their licence*

intalex

My internal ISA transfer finally got completed today, but went against my clear instructions and reminders (including one earlier today) asking them not to backdate the transfer as I intend to transfer out using the 14-day cooling off period (normally calculated from first deposit, which in my case has been backdated more than 3 weeks).

Now I have to chase them yet again to get assurances they'll honour the 14-day cooling off period (was planning to initiate a transfer to Hodge Bank today, but can't now).

Exasperating stuff

inspectorperez

intalex said:

My internal ISA transfer finally got completed today, but went against my clear instructions and reminders (including one earlier today) asking them not to backdate the transfer as I intend to transfer out using the 14-day cooling off period (normally calculated from first deposit, which in my case has been backdated more than 3 weeks).

Now I have to chase them yet again to get assurances they'll honour the 14-day cooling off period (was planning to initiate a transfer to Hodge Bank today, but can't now).

Exasperating stuff

Oh for the good old days when your local branch manager always had time for a two minute chat and would take ownership of issues such as this!

Good luck.

intalex

Two even more unpleasant surprises this morning:
1. Virgin didn't backdate the transfer (hence I do have a fresh 14-day cooling off period), but then they also didn't calculate and add the interest earned for more than 3 weeks into the transfer value (this value has just gone missing).
2. Hodge Bank 3-year fix which I was planning to move to as soon as the transactions had cleared has now been reduced from 4.65% to 4.30%

All that remains now is to fully quantify the impact of both and add the bill to the Virgin complaint!

savit4l8er

intalex said:

Two even more unpleasant surprises this morning:
1. Virgin didn't backdate the transfer (hence I do have a fresh 14-day cooling off period), but then they also didn't calculate and add the interest earned for more than 3 weeks into the transfer value (this value has just gone missing).
2. Hodge Bank 3-year fix which I was planning to move to as soon as the transactions had cleared has now been reduced from 4.65% to 4.30%

The Hodge was a good rate but still having the VM 4.41 3yr in the wings, I prefer it because the Hodge 270 day penalty V the 120 VM makes it a more attractive package to me. I take fixes on the basis I won't need access but like to know I am not massively penalised if a better opportunity comes up when it's only a few pounds more per £1k.  Certain instructions always apply the higher penalties for access.  Luckily, beyond an internal message delay for something minor, with VM, I remain unscathed. Let's hope I don't have to use the fourteen days request, December is coming 😂.

Hope you eventually get sorted, it's something of a saga 😔

steveksullivan

steveksullivan said:

@ashteadgirl @intalex @savit4l8er @inspectorperez

For anyone who was following the sorry saga of my issues 522-528-532 transfers ....

The final ISA transfer from issue 528 to 532 (which was missed by the transfer team .... they only acted on 522-528...) happened on 16th November  - was promised backdated interest in the overnight update that night ... and promised a call back from CS rep.

No interest   .... no call back ....

Gave it until today, called again (ONLY a 40 minute wait today ....!) raised 3rd complaint ...

Accepted £50 compensation and backdated interest to 20th October to be paid 30th November for THIS issue,  but they wouldn't/couldn't pay a small amount extra to draw a line under the other two complaints, because they are with the complaints team who dont work Sundays !

5 weeks and counting from 1st complaint ....

Again quoting my own post  - with further update ...... (see bold above)

5 WORKING days on (which was the timescale I was given for payment .....) and £50 compensation still not received ......

Phoned again ....He wasn't able to tell me why or confirm timescales for payment.

Quick straw poll : Who has any confidence that they will actually calculate the

backdated interest and pay it correctly on 30th ?

another complaint due to having had to make yet ANOTHER call with all the associated wait times.

intalex

steveksullivan said:
Quick straw poll : Who has any confidence that they will actually calculate the

backdated interest and pay it correctly on 30th ?

Was the transfer transaction backdated or was it dated based on when it was (belatedly) executed?

intalex

savit4l8er said:
I prefer it because the Hodge 270 day penalty V the 120 VM makes it a more attractive package to me

Good point on the lower penalty, I hadn't noticed it, probably because 4.65% AER is an excellent rate and it'll be hard to beat it sufficiently to justify taking a penalty hit. So it still feels like a missed opportunity, and I hold Virgin Money entirely responsible.

inspectorperez

This thread is showing Virgin up in a very poor light indeed.

Even more concerning are the daily horror stories described on Trustpilot which all point to a very dysfunctional organisation which is geared up to receiving customer funds, but not to paying or transferring out or dealing with customer complaints.

As we all know, Trustpilot reviews do not always convey the full picture, but the sheer volume of the daily posts and similarity of anecdotes suggests that there are serious back office issues within Virgin Money.

savit4l8er

@steveksullivan

I don't think they will manage it. 😔

It won't improve your situation but I have recently had a complaint with Lloyds. You would expect a complaints department to have some idea of what is going on but no, absolutely disasterous and feeble. As useful as a chocolate fireguard.

Just mentioning it to let you know VM might not be great just now but I would take them over Lloyds any day.