BARCLAYS 4% CASH ISA : SHAMBLES

backfoot

My wife and I both have a stocks and share ISA with Barclays with uninvested cash. We were attracted to the 4% Barclays Cash ISA product and thought it would be simple to transfer some cash to the new product.

The process required us to set up the Cash ISA Account in Branch as we were not eligible to do this online. Having gone through the tortuous long winded process we assumed all would be good. My wife indeed also transferred some maturing cash ISA funds from Kent Reliance  and this went through two days later. 

However, even though essentially another cash transfer Barclays insisted on a paper form and signature to authorise the transfer. Why we couldn't complete this in Branch is beyond me ? 

 After  a 10 day delay we received the form and returned by freepost. My application was duly processed but it took another two weeks to do so and funds were transferred. Astonishingly even after actioning this form, Barclays sent a letter saying I was required to complete and sign the same form. I did so and sent it back again with a covering letter saying they must have had the first one in order to have actioned the transfer and not to treat it as a new transfer. 

You guessed it, a further letter appears a month later to state they have my application which will processed soon. Then again, yesterday a text from the 'Barclays Team' apologising for the delay but the transfer would be completed soon. I had already raised a formal complaint with a reference but this had not stopped this bogus process. I tried the chat facility but only got given a customer service number. Laughably, even though the funds had been transferred, the chat person said it was wrong as I could only transfer a maximum of £20,000! 

Customer Services were no better and after half an hour was told they couldn't help but someone in the ISA Team would contact me first thing yesterday. Of course, this didn't happen. 

For my wife, after acknowledging the transfer request ,no transfer was made even though it had been chased several times. On contacting the ISA Team again after 30 days we were passed between them and the Stocks and Share Team without success. At one stage, the ISA Team Rep said she wouldn't look at it until 35 days had elapsed! 

My wife formally complained to the Executive Complaints Team and two weeks later a transfer has taken place. In all it took over two months to complete this and untold hours chasing progress. The complaint is still unresolved and unanswered. 

Although they have a good product, everything about Barclays processes have been shockingly bad with errors, misinformation and basically painful customer services. I would not recommend them at all .  For both transactions to have gone so horribly wrong in different ways, shows they are not geared up to do this work.

subjecttocontract

I'm still planning on opening an isa with Barclays on April 6th. I do already have a current account & regular saver so I'm kinda hoping that will help

Descrabled

I have savings, ISAs, credit card, and current account with Barclays. My experience is the same. Messaging derives no help. Phoning the "ISA team" provides no assistance; they don't understand why transfers don't take place and can't seem to resolve the problem. Everyone seems to be working from home, no branch facilities, and no one really understands the problem. Still lots of compensation being handed out.

Barclays have certainly descended into a bad area over the last three years

xylophone

I do already have a current account 

Then you should have no problem opening on line.

flaneurs_lobster

From recent posts here, and my own experience, opening an ISA product at Barclays seems a lot less fraught if you already have a current account with them. 

Didn't find opening a current account at Barclays particularly fraught, bit long-winded maybe. Opening and funding the cash ISA was a 15 minute job.

Better that than the weeks-long saga endured by @backfoot, particularly if you want this product funded by tax y-e.

So should this be the general advice? Get a current account, even if you don't need/want one. 

backfoot

Thank you for all for your feedback.

It is true that the opening process would have been easier if we had been Current Account customers as an online facility would have been available. We are on Online Banking so there was no reason for identity purposes why the same online facility should have been available.

The main problems for both of us were after set up of the Cash ISA Account. For my wife, the initial funding was smooth and speedy from Kent Reliance. (2 days). The delays and administration !!!!!! ups arose from the simple transfer of uninvested cash in the Stocks and share ISA to the new Cash ISA. Even though, all within Barclays, it took over a month for me and over two months for my wife. My transaction was about to be duplicated if I had not intervened. Had we not raised formal complaints I am certain the problems would have continued and got worse.

I have just finished a call from the Executive Complaints Team regarding my problems and they have fully upheld my complaint. We did try and ask about my wife's ongoing complaint which is still outstanding and being investigated. I will update when we hear back on that.

At the heart of the issues for me is that they have overcommitted in offering a good product with limited resources to effectively manage it. There are also poor processes many of which are unwieldly. Worst of all is a Customer Service experience which feels more intent on avoiding issues rather than resolution. 

So be warned.

subjecttocontract

Barclays are, in my opinion, the worst of the high street banks, you only have to check the number of times they have been in trouble legally. But, compared to Virgin Money they are angels. Richard Branson must be furious they still use the Virgin name although I suspect he's busy with space travel issues that are taking priority over anything else. Most people don't consider, don't check or can't be bothered to research and are only guided by headline ISA interest offerings.

Having said that and having read all the Barclays horror stories it hasn't deterred me from planning to open an account in the next tax year.

Emily_Joy

In my experience everything is much easier if you do it via an app. An off topic here, but a few months ago I needed to upgrade my "downgraded" Barclays card to a reward credit card (to get fee-free cash withdrawals abroad). Impossible to do via online banking, impossible to do on a phone. I was lucky a lady in our local branch was able to sort it out for me. Recently I eventually got access to a device where I was able to install their app. I appreciate this might not work for everyone, but everything was running smoothly since then (account upgrade, new ISA, existing ISA transfer, etc). 

backfoot

I can now report that my wife's complaint was also upheld and compensation paid for loss of interest and a payment for inconvenience and poor service. The problem lay with an 'administration error.' Although in my own case, the circumstances were totally different the same excuse was given. 
In my view , they were overwhelmed with applications and I suspect poorly trained staff made errors under time pressures. It is interesting to note another forum contributor has faced similar processing errors in a transfer out of a Cash ISA. 
In that and my case, trying to unravel a problem with Barclays Customer Service channels is nigh on impossible. They really need a thorough process review of their interactions with customers.