Shawbrook Bank transfer issue

Millyonare

Shawbrook Bank reported its best-ever financial results just a few weeks ago.

https://www.mortgagesolutions.co.uk/specialist-lending/2023/03/30/shawbrook-banks-loan-book-grows-by-a-quarter-yoy-and-profit-swells/#:~:text=According to its latest results,2021 was £197.2m.

If an ISA transfer fails, it is almost always because the customer or bank has inputted somewhere a wrong digit or letter. Even 1 tiny number or letter will stop it. For example, account number 1234568 rather than 1234567. Best solution is to call their helpline, and walk thru every single number and letter and word, step by meticulous step, until the (likely tiny) glitch is found.

Statex2_2

redux said:

Statex2_2 said:

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.

Statex2_2 said:

I never received an email or message explaining why the transfer failed in fact there is no record of it on my account. 

Perhaps part of the problem is that you seem a bit inconsistent about whose account you are talking about. Why would a transfer from one of your wife's accounts be supposed to generate an email message relating to yours? Did you try transferring between accounts in different person's names? How would moving to a different name account affect the ISA status? Can your wife do something about her accounts? 

The account is in my wifes name but I handle things for her . No to your second question the isa is in my wifes name and the transfer was to another account in my wifes name, a perfeclty simple transaction. With regard to the isa status, as Shawbrook would not transfer the monet to another isa,,I have had to apply to close her account just to get her money back. I Today asked them to do a transfer but they just constantly ignore my request, just the click of a computer but they  hang on to the money and fob us off,

Statex2_2

Lets get things clear for all the bankers on here.


We have been on the phone all day to YBS and Shawbrook. Lets get things clear. I have checked with Yorkshire  and they have confirmed to us that her account is correct in everty way, Isa status etc. I asked the person to read out the details of the acount from which the isa was to be transferred and all details were 100% correct.
The reaon given for the failure of the transfer was that Shawbrook told YBS  her account did not exist and that it was an abandoned account. 



We then phoned Shawbrook asked to make an official  complaint and then told that YBS had refused to accept the transfer as it was in breach of their  isa terms and conditions (which is a lie). The person then said shall we drop the complaint now and I refused. We have transferred many other accounts to YBS without any problems. We are constantly switching banks to get the best interest rates, as advised by MSE and this is the first time we have had problems. 

We then phoned Shawbrook again and asked to speak to a manager and asked if the complaint was noted. SHe said it was and that the reason for failure was that YBS refused the transfer. We then said well transfer it today now, you have all the details we want to see it in our account today, we give you our authority to do that immediately, she said she would do that just to get us off the phone, we perceive but it did not happen. 

Shawbrook can't even handle the complaint without lying. Because she then sent us a message to say that she was glad that the complaint had been settled satisfactorily. We then replied that it had not been settled to our satisfaction and that we wanted he cmplaint investigated further .They then sent another message stating that the complaint will not be upheld and stated that we can escalate it to the Ombudsman which we did,

We had no choice as they will not transfer the isa, than to apply to close the account and transfer the money to another bank and lose the isa status. Why are they holding on to the money why won'0000t they transfer the easy access isa. We will wait now  and see if the money is transferred. I have taken screen shots of all requests as evidence and why did they close the complaint so quickly, why did they not investigate the person who was supposed to carry out the transfer and not accept their feeble excuse for incompetence.? Have they checked with YBS?

Most importantly why are they hanging on to our money?There are tens of thousands of pounds in that account something we can't afford to lose. 

I am thinking of abandonin  my investments in all banks and buying vintage tractors and land rovers . 200% increase on investment in five years, what bank can match that 50k for an 8 year old Land Rover. 100k for certain 40 year old tractors, safer than the banks and easy to sell. no tax to pay as sales can be managed to fall below the joint CGT threshold,

Watch this space there is bound to be an update.

Statex2_2

Millyonare said:

Shawbrook Bank reported its best-ever financial results just a few weeks ago.

https://www.mortgagesolutions.co.uk/specialist-lending/2023/03/30/shawbrook-banks-loan-book-grows-by-a-quarter-yoy-and-profit-swells/#:~:text=According to its latest results,2021 was £197.2m.

If an ISA transfer fails, it is almost always because the customer or bank has inputted somewhere a wrong digit or letter. Even 1 tiny number or letter will stop it. For example, account number 1234568 rather than 1234567. Best solution is to call their helpline, and walk thru every single number and letter and word, step by meticulous step, until the (likely tiny) glitch is found.

They are making so much profit because they pay a pittance in interest rates.

Statex2_2

born_again said:

https://www.shawbrook.co.uk/direct/savings/fscs-protection/#:~:text=At Shawbrook, eligible deposits are,Services Register number: 204574).


So even if they did go bust you are covered. 🙋

https://www.fscs.org.uk/check/

Why are they holding on to our money then? After 2008 I do not trust any bank.

TheBanker

In practical terms, once the ISA transfer request has been cancelled (regardless of the reason, and whose error it was if there was an error), I don't think the old provider can make a transfer. I think the new provider needs to re-submit the request.

My suggestion would be that your wife should tell Yorkshire that Shawbrook have confirmed there is no issue with her ISA, so could Yorkshire please resubmit the request. And then tell Shawbrook that they will be receiving a new request which they should execute.

Or, as you say, your wife could withdraw the money and buy a Land Rover.

GrubbyGirl_2

I find it interesting that you're committed to blaming Shawbrook for the failure of the transfer and are equally committed to YBS being faultless.  Have you actually thought that YBS may have actually refused the transfer and are the ones lying to you?

Maybe what you should do is go to another ISA provider and do the transfer again and then transfer the ISA to YBS from there.

Also I'm shocked that both banks are even talking to you.  GDPR rules are quite clear that they should only be talking to your wife unless you hold power of attorney and have provided them with copies of that authority.

I also suggest that your wife talks to any new provider not you.  Like most women we're not incapable of managing our own finances

subjecttocontract

There is a sense of 'blame the complainer' on this and other threads on the MSE Forum which leaves a bad smell. As someone who has had lots of problems transferring cash ISAs I can empathise with the stress this causes. He is perfectly entitled to express his frustration. Let's hope it can be resolved asap.

Millyonare

The solution to this spaghetti mess is (or was) to demand Shawbrook and YBS setup a three-way confcall. The account owner plus the two banks. Demand a senior shift supervisor from each bank run the call. Not a junior call handler. And talk everything thru with them, step by meticulous step. Do not put down the phone until the problem is solved, even if it takes hours.

At the end of the day, it is your cash, not theirs (assuming the posts here are accurate).

And, yes, you can do three-way banking calls. I have done it twice.

ForumUser7

Millyonare said:

The solution to this spaghetti mess is (or was) to demand Shawbrook and YBS setup a three-way confcall. The account owner plus the two banks. Demand a senior shift supervisor from each bank run the call. Not a junior call handler. And talk everything thru with them, step by meticulous step. Do not put down the phone until the problem is solved, even if it takes hours.

At the end of the day, it is your cash, not theirs (assuming the posts here are accurate).

And, yes, you can do three-way banking calls. I have done it twice.

How do you go about setting them up please? I wanted to for a different issue with 2 different banks, but I couldn't work out how to set it up as I think EE removed the feature.