Virgin Money Cash ISA transfer

beefturnmail

Thanks - I'm not chasing shadows, so my approach is going to be to insist to Charter that they sort it out with Virgin rather than me (once I've checked I did supply the right details to Charter).  Then if the transfer is not completed within 15 working days of my request to Charter (as the ISA transfer rules state) I will complain to Charter and insist they honour the original fix and backdate the interest once it's sorted out with Virgin and escalate to ombudsman if needs be.   Of course not Charter's fault if Virgin messed up, but it should be up to them to sort it out with Virgin not me.

intalex

At which point does someone intervene and straighten them out?

ForumUser7

intalex said:

At which point does someone intervene and straighten them out?

I guess when enough people contact the FCA

savit4l8er

I have just initiated a transfer out from VM to another provider online. Be interesting to see how long it takes because the new provider has just performed an inwards transfer in two days from elsewhere.  This is really to feel the water for a larger future sum, funds have moved between the two of them previously so the "matching  details" scenario won't stand up. 

rallycurve

savit4l8er said:

I have just initiated a transfer out from VM to another provider online. Be interesting to see how long it takes because the new provider has just performed an inwards transfer in two days from elsewhere.  This is really to feel the water for a larger future sum, funds have moved between the two of them previously so the "matching  details" scenario won't stand up. 

I have also moved funds between VM and Shawbrook previously (both ways! the last one being in October) yet they seem to be using that card now!!

xylophone

Thanks - I'm not chasing shadows, so my approach is going to be to insist to Charter that they sort it out with Virgin rather than me (once I've checked I did supply the right details to Charter). 

Are you sure that the situation is not similar to what is described here?

https://forums.moneysavingexpert.com/discussion/comment/79664605#Comment_79664605

beefturnmail

xylophone said:

Thanks - I'm not chasing shadows, so my approach is going to be to insist to Charter that they sort it out with Virgin rather than me (once I've checked I did supply the right details to Charter). 

Are you sure that the situation is not similar to what is described here?

https://forums.moneysavingexpert.com/discussion/comment/79664605#Comment_79664605

Possibly, but I've checked the Charter transfer from and it has space for a sort-code and account number which should be sufficient to identify me/the account.  Regardless it should be up to the providers to talk to each other and sort out any issues, not simply notify me by snail mail that the transfer has been cancelled - I suspect Charter may well be trying to get out of paying the 4.25% advertised when I opened the account (they only offer 4% now)

isasmurf

beefturnmail said:

xylophone said:

Thanks - I'm not chasing shadows, so my approach is going to be to insist to Charter that they sort it out with Virgin rather than me (once I've checked I did supply the right details to Charter). 

Are you sure that the situation is not similar to what is described here?

https://forums.moneysavingexpert.com/discussion/comment/79664605#Comment_79664605

Possibly, but I've checked the Charter transfer from and it has space for a sort-code and account number which should be sufficient to identify me/the account.  Regardless it should be up to the providers to talk to each other and sort out any issues, not simply notify me by snail mail that the transfer has been cancelled - I suspect Charter may well be trying to get out of paying the 4.25% advertised when I opened the account (they only offer 4% now)

Charter is not trying to get out of anything. It is standard practice that a transfer is cancelled if the existing provider cannot accept it for whatever reason. A receiving ISA provider has no responsibility in following up or attempting to resolve the issue causing the rejection, and the law prevents them from doing so.  It is a matter for the customer to understand from their existing provider the specifics of why it was rejected beyond the generic message the new provider receives. If it was because some information on the transfer authority form was incorrect or didn't match up, then in any circumstance the transfer authority form would need to be cancelled and a new one with the correct information would need to be provided. 

xylophone

Regardless it should be up to the providers to talk to each other and sort out any issues, not simply notify me by snail mail that the transfer has been cancelled - I

In my case, Coventry "snail mailed" me about the fact that the transfer could not proceed.

As far as Yorkshire was concerned, they would not proceed with the transfer unless the transfer form quoted their roll number.

And Coventry did not "talk to" YBS.  The expectation was that I should re-request the transfer  quoting the roll number.

As it happened, the Virgin offer of a 3% ISA came up so I asked them to initiate the transfer from Yorkshire (I quoted the YBS roll number that time round!) and the transfer was complete within a week.

xylophone

Possibly, but I've checked the Charter transfer from and it has space for a sort-code and account number which should be sufficient to identify me/the account.  

https://uk.virginmoney.com/savings/questions-and-answers/all-savings-accounts/#how-do-i-transfer-my-cash-isa-to-another-provider

Thinking of leaving us? Why not have a look at our ISA product range to see if there is something to suit your needs before you go.

Please also check your ‘Key product information’ sheet for your product before you transfer your ISA to another bank or building society. You can check the withdrawal restrictions for your account in our existing account information section of the website.

Once you’re happy, just contact your new provider, who will ask you to fill in an ISA Transfer Authority form. Once you have completed the form and returned it back to them, they will send the information onto us and we’ll start the transfer process. When we receive the form, we will endeavour to complete the ISA transfer within 5 business days, or if your account requires notice, complete it within 5 business days of your notice date.

Is there anything in your KPI sheet which may explain what has happened?