Shawbrook Bank transfer issue

fourmarks

Before taking your money out of its tax free bubble ( you talk of tens of thousands of pounds) have you considered opening an ISA with a different 'bank' and transferring your Shawbrook ISA to them. You can then, if you don't care for the interest rate they supply, transfer it on to YBS. It would at least answer whether Shawbrook or YBS are at fault. 

Alternatively, as previously suggested, you could buy a tractor.  Perhaps a nice green one.

fourmarks

My apologies to Grubby_Girl2, I now see you have already made my above suggestion. Mea culpa.

TheBanker

subjecttocontract said:

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.

I'm not blaming the complainer, but I do think they're over reacting. You may not have realised the thread was originally titled 'Are Shawbrook going bust?'

My point was that Shawbrook process lots of ISA transfers. Mine went through without a problem. I assume most do otherwise we would see many more posts on here complaining. So rather than assuming there's some kind of systemic issue with Shawbrook, the OP needs to focus on what needs to be done to fix the problem. Clearly there has been some kind of admin !!!!!! up somewhere - could be the OP's error, his wife's error, Shawbrook's error or YBS's error. Ultimately though the way to fix it is to double check all the details YBS submitted, then ask them to submit a new transfer request to Shawbrook. If the original one has been cancelled by one party or the other I think this is the only way it can be sorted out. 

born_again

Unless the OP's wife went through security with either party (unless Op has POA & it is noted with both parties) 1st & then gave permission for them to speak to them. Then maybe the reason is neither will action it, as they may feel this is financial abuse.

I know as far as we go. Unless ACC holder gives permission, nothing should be discussed about any account that is not a joint one, with the other party.

newatc

Similar to OP, I handle all my wife's accounts. I try to avoid small banks with her accounts because of the extra difficulties telephoning involves. That said over the years we have had to contact banks over accounts and this involves her passing the security questions and giving permission . We actually failed on one occasion because my wife didn't know the answer (about a prior transaction) and the customer service rep heard me telling her! 
So it could be , perhaps not likely, that is causing some issue.

RobKF

I recently had a cash ISA with Shawbrook mature. Well before maturity I opened an account with another provider and submitted transfer instructions to transfer the funds upon maturity. Shawbrook have not actioned this and have said it will take up to 15 days post maturity to transfer the funds. In the interim Shawbrook are holding the funds in an account paying a derisory rate of interest. I have never had this problem with other providers and can only suspect that Shawbrook have decided it is a good way of holding onto investors funds without paying proper interest. I can only say that my family and I will never invest with Shawbrook again and would advise others to avoid them and for MSE to consider putting this warning prominently on their website.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82166423#Comment_82166423

You could remind them that the ISA regulations require 15 business days for the entire start-to-finish transfer process, of which the ceding provider only has five days to move the funds to the new manager.

Having said that, transfer instructions submitted (to any provider) prior to maturity aren't any sort of guarantee that the transfer will actually be enacted on the exact maturity date, it's simply a mechanism to prevent premature access that would incur penalties…

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82166423#Comment_82166423

 I can only say that my family and I will never invest with Shawbrook again and would advise others to avoid them and for MSE to consider putting this warning prominently on their website.

Although making legitimate complaints about companies on these forums is fine, it is against the rules to actively discourage other people from using them, and I am 100% sure there will be no warnings on the MSE website about them. In any case Shawbrook are quite popular around these parts, due to their willingness to accept new funds into fixed rate ISAs for the full period of the fixed term. They are almost unique in that respect, so are one of my favoured savings providers.