Shawbrook Bank transfer issue

Statex2_2

My wife has  a few thousand in an ISA account and because of low interest rates decided to transfer it to Yorkshire Building Society. After  a month Yorkshire sent me a message which stated that "Shawbrook are not in a position to proceed with the transfer". I also had an account with them and last November I transferred to another bank,
the transaction went ok. Have they gone bust or is there another reason, when I contacted Yorkshire they said I had to contact Shawbrook. There office is near where I live I may pay them a visit if I can't get them to answere the phpone. What do I do now, I need the money as I am moving and buying another house.

masonic

That's a rather extreme conclusion to jump to. I think it is highly unlikely the decision not to proceed with your wife's ISA transfer is evidence they have gone bust. There is probably an issue with the transfer.

Frequentlyhere

Their website is up and they're still offering products to new customers. This would not be the case if they had gone or were going bust, so it is far more likely that there is some small issue with your transfer.

Give them a call in the morning. If you need the money urgently you could discuss cancelling the transfer and just withdrawing the cash.

isasmurf

The most likely explanations are that there is a discrepancy between the information on the transfer request and the information Shawbrook hold for you or Shawbrook haven't been able to identify the account from the information provided.

Only Shawbrook can tell you why they couldn't complete the transfer. YBS will only receive a generic message. 

ranciduk

Highly unlikely....

but thanks all the same for the heart attack 😳

wiseonesomeofthetime

I got same message when trying to transfer my ISA to YBS from Virgin Money 🤷‍♂️

Wonder if it's to do with roll number or reference field 🤔

Virgin money transferred to Santander fine by the way.

Statex2_2

I had a similar ptoblem with an energy company as they owed me money and would not refund it . I had a look on Companies House and they had massive debts and yes they went bust. The service from Shawbrook is pretty poor I never received an email or message explaining why the transfer failed in fact there is no record of it on my account. 

I recentlly received an update to the rules, the small print that no one reads for one building society. Which stated that they have the right to block all withdrawals from accounts. 

ranciduk

It’s bank holiday weekend?!

mr_accountant

Utterly ridiculous title headline it needs changing to shawbrook to yorkshire isa transfer issue

Exciting, no, accurate, yes

Statex2_2

ranciduk said:

It’s bank holiday weekend?!

S_uk said:

That escalated quickly.

Only jusy found out this was a month ago.

Statex2_2

mr_accountant said:

Utterly ridiculous title headline it needs changing to shawbrook to yorkshire isa transfer issue

Exciting, no, accurate, yes

Remember Northern Rock anyone?