Virgin Money Cash ISA transfer

beefturnmail

isasmurf said:

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. 

Thanks, where does it say it is 'standard practice' to do cancel and it is the customer's responsibility to sort out these issues? 

 All I can find says it is for the provider transferring into to arrange the transfer, that this should be done within 15 working days and to complain to the new provider (Charter in this case) if any problems

beefturnmail

https://www.thisismoney.co.uk/money/saving/article-1698261/How-transfer-Isa-complain.html

Ok so it's an old link, but I don't think anything's changes substantively

xylophone

Ok so it's an old link, but I don't think anything's changes substantively

But did you read the information from Virgin (see my post above) about transferring out?

Did you do the check?

I hadn't  thought to check the Yorkshire information before I initiated my transfer.

savit4l8er

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. 

Requested evening of the 7th, completed on the 9th so that's two working days.  

steveksullivan

For anyone who was following the saga of my complaints to Virgin .....

Having listened to all the phone calls the complaint handler broke my issues down into EIGHT separate complaints !!

She upheld SEVEN of them  - the eighth  she only 'partially' upheld because they got the interest calculation 'partly' right !!!

total of £250 compensation which I settled for to draw a line under it ......

Agreed two days before the 8 week 'deadline' was up.....

savit4l8er

@steveksullivan

Pleased to reached a conclusion but it should never have got to eight complaints. £250 isn't something they would offer lightly so they have recognised the situation but I envisage you would rather have not had the problems at all.  Myself, I am just about ISA'd out!  Been a lot of swapping about but I am happy with the rates and terms I got. Just have a final bit of switching to do because Premium Bonds no longer seem premium. 😂

steveksullivan

I had only 'officially' logged three (I think....). She picked all the other issues up herself from what was said in the calls ....!

And yes, you're right , I would rather have had things go smoother in the first place.

I too now finally have everything where I want it  .... for the time being ..... although two chunks are in Atom 6 and 9 month fixes, so they will be back round again before you know it ...!!

savit4l8er said:

Just have a final bit of switching to do because Premium Bonds no longer seem premium. 😂

Haha !!

😂😂😂😂

Been trying to convince my OH the same ......

intalex

Anyone else had much luck with their complaint being dealt with by Virgin Money?
I wonder how many disjointed teams / systems they operate under the one brand

ForumUser7

intalex said:

Anyone else had much luck with their complaint being dealt with by Virgin Money?
I wonder how many disjointed teams / systems they operate under the one brand

No - raised 12th July, with a handler since early December - still unresolved…

Bridlington1

intalex said:

Anyone else had much luck with their complaint being dealt with by Virgin Money?
I wonder how many disjointed teams / systems they operate under the one brand

Just to add some balance to this one I made a complaint to them regarding not being able to redeem my switching cashback on time in October/November. Within a matter of days they gave me £60 and the cashback was made available to redeem. I didn't even needing to speak to them after logging the complaint.