ISA TRANSFER Enquiries

Littlemeezer

Is it normal when transferring from your existing  provider to a new provider the new provider requires AML and all due diligence check’s.  I had this with Shawbrook Bank. They wanted copies of utility bill, passport, and a selfie yes a selfie which I provided. Although the staff seemed helpful they were pretty useless on picking up my mistake, hands up I did entered my sort code incorrectly,  which should have been flagged on the point of being checked and not left for over two weeks before another lengthy phone call to find out what was going on, surely they should have contacted me. Hence I lost out on the interest offered.

I did complain and was assured that I could complete a new application for the new rate which was lower,  as the higher rate was now closed to new business, and once I had completed all the AML checks again…what…., I was then to call them to ensure this had all been done and then they would honour the higher rate, although this could take a while,  as the young lady who was dealing with my case only worked part time and my case had been allocated to her, I have to say she was helpful. Hello had this been picked up initially on day one it could have saved many frustrating phone calls.  So in my frustration and a tad angry,  I didn’t bother and did an ISA transfer to another provider OakNorth Bank, with out any due diligence being required from them, as my old provider would have had all my details, needless to say no hassle whatsoever five stars ⭐️ and excellent service and all completed within 4 days. Thank you OakNorth and a good rate to, excellent service. Maybe you need to let Shawbrook Bank know how it’s done properly…….

Also what is going on with online banking….when you call, as you may need to at some point, you end up 59th, 33rd, 16th in the queue. Come on step up or loose clients. I know things have changed over the past two years but haven’t they had enough time to get it right by now. Rant over🙄

eskbanker

Littlemeezer said:

Is it normal when transferring from your existing  provider to a new provider the new provider requires AML and all due diligence check’s.  I had this with Shawbrook Bank. They wanted copies of utility bill, passport, and a selfie yes a selfie which I provided.

This sounds more like an account opening issue than a transfer one as such - any financial institution is obliged to verify your identity but the fact that doing so electronically worked for one but not another isn't necessarily a weakness or fault of the one who couldn't verify you that way.

Littlemeezer said:

Although the staff seemed helpful they were pretty useless on picking up my mistake, hands up I did entered my sort code incorrectly,  which should have been flagged on the point of being checked and not left for over two weeks before another lengthy phone call to find out what was going on, surely they should have contacted me.

The erroneous sort code would presumably only have come to light once the other ISA provider had been asked to act, which may have been via the paper-based ISA transfer process (not all are able to transfer electronically), so it's harsh to be blaming them for delays that were ultimately your fault.

Albermarle

Also what is going on with online banking….when you call, as you may need to at some point, you end up 59th, 33rd, 16th in the queue

Many industries are suffering from staff shortages, and bank customer service centres seems to be one of these areas.