ISA transfer from Virgin Money to Barclays declined (cannot locate account) - how to proceed?

Ulrich

Hi All,

I'm a bit stuck and need some help on how to deal with my catch 22 problem.

20 Jan I opened a cash ISA account with Barclays (online) and filled in a transfer form of my cash ISA with Virgin Money (took sort code and account number from my VM app).
On 11 Feb Barclays sent me a letter saying than Clydesdale bank (!) was unable to locate the account I asked to transfer to Barclays.

Phoned VM - they said they confirmed they can see my cash ISA but said they had not received any transfer requests and advised to contact Barclays.
Barclays said the request was declined on 23 Jan (!!) and said check with VM if there is anything else I need to give to Barclays to make the transfer.
Phoned VM and in parallel asked in chat - they said the only data I need to provide to a new bank is my full name, sort code, account number and amount, exactly what I initially did.
Phoned Barclays - they tried to convince me that there must be something like roll number as their initial request was declined. I explained that VM did not give me any extra information and asked Barclays to make another transfer request on 17 Feb.

As of today (23 Feb) I can see money in my cash ISA with VM so I assume the second request was declined, too (will phone Barclays later to check transfer status).
Honestly, I'm a bit fed up with this as a) it takes a lot of time, b) I am losing money as Barclays pay 4% instead of 3% VM and c) I have no idea how to make that transfer happen because in theory I have provided the right data to Barclays but they cannot complete the transfer and send me to VM, who send me back to Barclays, catch 22.

So how should I deal with this problem?

35har1old

Ulrich said:

Hi All,

I'm a bit stuck and need some help on how to deal with my catch 22 problem.

20 Jan I opened a cash ISA account with Barclays (online) and filled in a transfer form of my cash ISA with Virgin Money (took sort code and account number from my VM app).
On 11 Feb Barclays sent me a letter saying than Clydesdale bank (!) was unable to locate the account I asked to transfer to Barclays.

Phoned VM - they said they confirmed they can see my cash ISA but said they had not received any transfer requests and advised to contact Barclays.
Barclays said the request was declined on 23 Jan (!!) and said check with VM if there is anything else I need to give to Barclays to make the transfer.
Phoned VM and in parallel asked in chat - they said the only data I need to provide to a new bank is my full name, sort code, account number and amount, exactly what I initially did.
Phoned Barclays - they tried to convince me that there must be something like roll number as their initial request was declined. I explained that VM did not give me any extra information and asked Barclays to make another transfer request on 17 Feb.

As of today (23 Feb) I can see money in my cash ISA with VM so I assume the second request was declined, too (will phone Barclays later to check transfer status).
Honestly, I'm a bit fed up with this as a) it takes a lot of time, b) I am losing money as Barclays pay 4% instead of 3% VM and c) I have no idea how to make that transfer happen because in theory I have provided the right data to Barclays but they cannot complete the transfer and send me to VM, who send me back to Barclays, catch 22.

So how should I deal with this problem?

Its a common problem.
The new provider is at fault due to them not quoting the correct code on the transfer request to Virgin
All providers have excess to a list detailing what code to use when requesting a transfer. Virgin have several codes i know from personal experience because  i have transferred from Virgin to a new provider and this problem occurred it took from 17-11-22 to 16-01-23 to complete some of the time was due to postal strikes. I only found out after making a complaint to Virgin that if they receive a request with incorrect code the response is account not found and they do not keep a record of the request being made. I was given the correct code by Virgin and passed it on to the new provider and transfer then completed

Today i had a chat with Barclays and the same thing has happened to another transfer which is now at 18 working days not completed. The chat online was a long drawn out affair but still will have to contact them today

You Say that the Virgin ISA is paying 3% but that's for a instant ISA only available to  current  account holders is that correct.
If that is the case why are you not transferring to 1 Year fixed with Virgin Paying 4.25%
Of course there is a glitch when making what you would think is a simple internal transfer. Usually needs a phone call to sort
You must be transferring to 1 Year fixed ISA at 4%
I know Virgin is paying 4% on a 2 year

if you follow the link below your are going to a paper transfer request  
Had a look at Barclays and could not find a paper transfer request form

fabsaver

Many people have posted here about similar issues trying to do ISA transfers from Virgin Money. 
https://forums.moneysavingexpert.com/discussion/6411387/no-account-found-isa-transfer-issue/p1
https://forums.moneysavingexpert.com/discussion/6413395/issue-transfering-isa-from-virgin-money-to-barclays/p1

Do you realise that Virgin Money has a 1 Year Fixed Cash ISA paying 4.25%, higher than the Barclays one?
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_isa_exclusive_issue_4/
If you decide to move to that one instead be warned it is unlikely to go smoothly, this is Virgin Money after all! Those affected reported that the internal transfer completed within a few days, despite the error message stating it had failed.
https://forums.moneysavingexpert.com/discussion/6419407/virgin-1-year-4-25-transfer-glitch/p1

If you want to proceed with the Barclays account the following page may help
https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/flexi-cash-isa/#how-can-i-transfer-my-flexi-cash-isa-to-another-provider

How can I transfer my Flexi Cash ISA to another provider? 

We’d be sorry to see you go but if you want to transfer your ISA to another provider, they’ll ask you to complete an ISA Transfer Authority Form. They’ll then contact us to arrange the transfer.

Please refer to the sort codes below before selecting your existing provider on the Authority Form.

For Sort codes starting with 05 please choose Yorkshire Bank.

For Sort codes starting with 82 please choose Clydesdale Bank.

Ulrich

fabsaver said:

If you want to proceed with the Barclays account the following page may help
https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/flexi-cash-isa/#how-can-i-transfer-my-flexi-cash-isa-to-another-provider

How can I transfer my Flexi Cash ISA to another provider? 

We’d be sorry to see you go but if you want to transfer your ISA to another provider, they’ll ask you to complete an ISA Transfer Authority Form. They’ll then contact us to arrange the transfer.

Please refer to the sort codes below before selecting your existing provider on the Authority Form.

For Sort codes starting with 05 please choose Yorkshire Bank.

For Sort codes starting with 82 please choose Clydesdale Bank.

so basically when I contacted VM, they did not mention me that I need to tell my new ISA provider that my Cash ISA is with Clydesdale Bank, not Virgin Money?

Ulrich

35har1old said:

The new provider is at fault due to them not quoting the correct code on the transfer request to Virgin
All providers have excess to a list detailing what code to use when requesting a transfer. Virgin have several codes i know from personal experience because  i have transferred from Virgin to a new provider and this problem occurred it took from 17-11-22 to 16-01-23 to complete some of the time was due to postal strikes. I only found out after making a complaint to Virgin that if they receive a request with incorrect code the response is account not found and they do not keep a record of the request being made. I was given the correct code by Virgin and passed it on to the new provider and transfer then completed

I'm confused. I provided a sort code starting with 82 and an account number when requested a transfer.
Don't remember if I had to choose the existing provider's name.
Barclays received the response from Clydesdale Bank and it's in line what @fabsaver referred to.
So why do Clydesdale Bank replied they can't locate it?

masonic

Ulrich said:

fabsaver said:

If you want to proceed with the Barclays account the following page may help
https://uk.virginmoney.com/savings/learn/isas/transfer-your-isa/flexi-cash-isa/#how-can-i-transfer-my-flexi-cash-isa-to-another-provider

How can I transfer my Flexi Cash ISA to another provider? 

We’d be sorry to see you go but if you want to transfer your ISA to another provider, they’ll ask you to complete an ISA Transfer Authority Form. They’ll then contact us to arrange the transfer.

Please refer to the sort codes below before selecting your existing provider on the Authority Form.

For Sort codes starting with 05 please choose Yorkshire Bank.

For Sort codes starting with 82 please choose Clydesdale Bank.

so basically when I contacted VM, they did not mention me that I need to tell my new ISA provider that my Cash ISA is with Clydesdale Bank, not Virgin Money?

That is correct, VM is not an authorised cash ISA manager, and it is best to use the actual entity managing the ISA. They really ought to make this far clearer.

Ulrich

masonic said:

Ulrich said:

so basically when I contacted VM, they did not mention me that I need to tell my new ISA provider that my Cash ISA is with Clydesdale Bank, not Virgin Money?

That is correct, VM is not an authorised cash ISA manager, and it is best to use the actual entity managing the ISA. They really ought to make this far clearer.

In this case Barclays should not have Virgin Money as an option on their transfer request form as well, should they?

masonic

Ulrich said:

masonic said:

Ulrich said:

so basically when I contacted VM, they did not mention me that I need to tell my new ISA provider that my Cash ISA is with Clydesdale Bank, not Virgin Money?

That is correct, VM is not an authorised cash ISA manager, and it is best to use the actual entity managing the ISA. They really ought to make this far clearer.

In this case Barclays should not have Virgin Media as an option on their transfer request form as well, should they?

Can definitely agree they shouldn't have had Virgin Media as an option, but Virgin Money should be there as they are an authorised S&S ISA manager and they probably include managers of all types of ISA in their list.

Ulrich

masonic said:

Ulrich said:

masonic said:

Ulrich said:

so basically when I contacted VM, they did not mention me that I need to tell my new ISA provider that my Cash ISA is with Clydesdale Bank, not Virgin Money?

That is correct, VM is not an authorised cash ISA manager, and it is best to use the actual entity managing the ISA. They really ought to make this far clearer.

In this case Barclays should not have Virgin Media as an option on their transfer request form as well, should they?

Can definitely agree they shouldn't have had Virgin Media as an option, but Virgin Money should be there as they are an authorised S&S ISA manager and they probably include managers of all types of ISA in their list.

Well, I tend to expand VM as Virgin Media, my bad.
However, looking at this page, I can see no Virgin Money (and Virgin Money Unit Trust Managers Limited is not the same).
On top of that, I selected that I'm requesting transfer of a cash ISA so they should only give me authorised cash ISA managers, right?

orange-juice

Ulrich said:

35har1old said:

The new provider is at fault due to them not quoting the correct code on the transfer request to Virgin
All providers have excess to a list detailing what code to use when requesting a transfer. Virgin have several codes i know from personal experience because  i have transferred from Virgin to a new provider and this problem occurred it took from 17-11-22 to 16-01-23 to complete some of the time was due to postal strikes. I only found out after making a complaint to Virgin that if they receive a request with incorrect code the response is account not found and they do not keep a record of the request being made. I was given the correct code by Virgin and passed it on to the new provider and transfer then completed

I'm confused. I provided a sort code starting with 82 and an account number when requested a transfer.
Don't remember if I had to choose the existing provider's name.
Barclays received the response from Clydesdale Bank and it's in line what @fabsaver referred to.
So why do Clydesdale Bank replied they can't locate it?

Wished I’d seen this earlier. I did it via the app today and chose Virgin Money🫣. Do keep us posted

subjecttocontract

This is all enough to ensure I avoid putting money into a Virgin ISA and give them a very, very wide berth.