2month limbo of transferring Cash ISA

auser99

Since 18th April, I've been trying to transfer a cash ISA from NS@I to Shawbrook.

Shawbrook confirmed receipt of my transfer form 1 day in, so i assumed it'd be plain sailing.

Wrong. 2 calls with NS@I, saying they've not received anything, 3 or 4 messages from Shawbrook saying they've done their bit etc.

I've today gone back to them saying can they physically send by post, the Transfer Authority form, and send by registered delivery for a name reference.


Questions are, is there some sort of escalation body available to sort this out? And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

ForumUser7

auser99 said:

Since 18th April, I've been trying to transfer a cash ISA from NS@I to Shawbrook.

Shawbrook confirmed receipt of my transfer form 1 day in, so i assumed it'd be plain sailing.

Wrong. 2 calls with NS@I, saying they've not received anything, 3 or 4 messages from Shawbrook saying they've done their bit etc.

I've today gone back to them saying can they physically send by post, the Transfer Authority form, and send by registered delivery for a name reference.


Questions are, is there some sort of escalation body available to sort this out? And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

Escalation body wise, formally complain to Shawbrook and NS&I. If you don’t agree with their final responses, refer each to the FOS. Good luck

eskbanker

auser99 said:

And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

The request may seem to be in limbo, but the money itself probably isn't, and will still be earning interest at NS&I.  Cash ISA providers are expected to dovetail interest payment so that there isn't a limbo gap where it's not earning anything, but the new provider isn't obliged to pay the (presumably higher) rate at their end until the money has been sent.

auser99 said:

I've today gone back to them saying can they physically send by post, the Transfer Authority form, and send by registered delivery for a name reference.

Understandable that you're looking for angles, but if you believe that sending to NS&I by recorded delivery would result in a named employee being associated with its arrival then I don't believe it works like that!

refluxer

auser99 said:

Questions are, is there some sort of escalation body available to sort this out? And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

Sorry to hear you're still having issues. Is the cash ISA still visible via NS&I's online banking site ? It would be stuck on the NS&I rate at least until it disappears. Most providers I've come across will backdate interest to that point, but I have read in a few T&Cs that the money will only earn interest once it's received, which does raise the possibility of an ISA not earning interest while it's in limbo (or when the 'cheque is in the post'), if it's not an electronic (fairly instant) transfer.

auser99

refluxer said:

auser99 said:

Questions are, is there some sort of escalation body available to sort this out? And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

Sorry to hear you're still having issues. Is the cash ISA still visible via NS&I's online banking site ? It would be stuck on the NS&I rate at least until it disappears. Most providers I've come across will backdate interest to that point, but I have read in a few T&Cs that the money will only earn interest once it's received, which does raise the possibility of an ISA not earning interest while it's in limbo (or when the 'cheque is in the post'), if it's not an electronic (fairly instant) transfer.

Thanks, yes it's still showing on NS@I.
I've played the "patience" game for a fair while, but thought it's time I start hassling this one along now.

The comedy is that 2 months on, that Shawbrook ISA isn't as competitive as was at the time, so I did have half a mind of just leaving it, or even "cancelling" it (although it's hard to cancel something they're clearly not doing anything with!)

But I think for ease, and because it'd at least still be way higher than NS@I, I'll leave the ball rolling.

At least once it's into Shawbrook they do electronic version to move it on!

auser99

eskbanker said:

auser99 said:

And maybe a silly question, does Shawbrook pay interest on this while it's in limbo, or is it stuck at the NS@I level?

The request may seem to be in limbo, but the money itself probably isn't, and will still be earning interest at NS&I.  Cash ISA providers are expected to dovetail interest payment so that there isn't a limbo gap where it's not earning anything, but the new provider isn't obliged to pay the (presumably higher) rate at their end until the money has been sent.

auser99 said:

I've today gone back to them saying can they physically send by post, the Transfer Authority form, and send by registered delivery for a name reference.

Understandable that you're looking for angles, but if you believe that sending to NS&I by recorded delivery would result in a named employee being associated with its arrival then I don't believe it works like that!

Straw clutching to be honest, but it was the NS@I lady's idea to be fair.

The irony is that the NS@I lady said they don't deal with emails for private financials. 
As if a piece of paper floating about in a non registered/special class letter across 100s of miles is some sort of super safe method!

eskbanker

auser99 said:
The irony is that the NS@I lady said they don't deal with emails for private financials. 

As if a piece of paper floating about in a non registered/special class letter across 100s of miles is some sort of super safe method!

Email has long since been dismissed as a mechanism for sending confidential financial information, and hence the secure messaging environments used by the main players.  Post isn't perfect but is at least a closed loop environment operated by a single company, whereas emails can be intercepted invisibly in a variety of ways....

auser99

Still struggling to get this through, almost 3months on now!

Have raised a complaint with the "new" bank, and had a letter from them to acknowledge it, but no idea how long that'll take.
A fair few back and forths with their customer services who will always look into it, and let me know when some other team has done some particular step.

But it seems hard to get someone to send a letter to another bank.

Of course what was a top rate for the ISA back then isn't now, but as it's been a long haul to this point it's like a game of principle now.

ForumUser7

auser99 said:

Still struggling to get this through, almost 3months on now!

Have raised a complaint with the "new" bank, and had a letter from them to acknowledge it, but no idea how long that'll take.
A fair few back and forths with their customer services who will always look into it, and let me know when some other team has done some particular step.

But it seems hard to get someone to send a letter to another bank.

Of course what was a top rate for the ISA back then isn't now, but as it's been a long haul to this point it's like a game of principle now.

Sorry to hear this.

Did you log a complaint with both NS&I and Shawbrook individually, or only Shawbrook?

Complaints can take up to 8 weeks, but 35 days for payment services. I don't know if ISA transfers fall under the latter though.

After the 8 weeks has passed, you can refer to the FOS. You will have to refer both cases individually, but you could request they were both looked at by the same investigator (and then potentially ombudsman). Hopefully the FOS would try to facilitate this request.

auser99

ForumUser7 said:

auser99 said:

Still struggling to get this through, almost 3months on now!

Have raised a complaint with the "new" bank, and had a letter from them to acknowledge it, but no idea how long that'll take.
A fair few back and forths with their customer services who will always look into it, and let me know when some other team has done some particular step.

But it seems hard to get someone to send a letter to another bank.

Of course what was a top rate for the ISA back then isn't now, but as it's been a long haul to this point it's like a game of principle now.

Sorry to hear this.

Did you log a complaint with both NS&I and Shawbrook individually, or only Shawbrook?

Complaints can take up to 8 weeks, but 35 days for payment services. I don't know if ISA transfers fall under the latter though.

After the 8 weeks has passed, you can refer to the FOS. You will have to refer both cases individually, but you could request they were both looked at by the same investigator (and then potentially ombudsman). Hopefully the FOS would try to facilitate this request.

Only with Shawbrook, because as far as I can see or am at least told NS@I simply haven;t received anything. And Shawbrook have never categorically said "we've 100% sent the form".
Re-reading the response to the complaint apparently they try and resolve in 4 weeks, so we're 2 weeks in. So will see what happens.
What a carry on!

ForumUser7

auser99 said:

ForumUser7 said:

auser99 said:

Still struggling to get this through, almost 3months on now!

Have raised a complaint with the "new" bank, and had a letter from them to acknowledge it, but no idea how long that'll take.
A fair few back and forths with their customer services who will always look into it, and let me know when some other team has done some particular step.

But it seems hard to get someone to send a letter to another bank.

Of course what was a top rate for the ISA back then isn't now, but as it's been a long haul to this point it's like a game of principle now.

Sorry to hear this.

Did you log a complaint with both NS&I and Shawbrook individually, or only Shawbrook?

Complaints can take up to 8 weeks, but 35 days for payment services. I don't know if ISA transfers fall under the latter though.

After the 8 weeks has passed, you can refer to the FOS. You will have to refer both cases individually, but you could request they were both looked at by the same investigator (and then potentially ombudsman). Hopefully the FOS would try to facilitate this request.

Only with Shawbrook, because as far as I can see or am at least told NS@I simply haven;t received anything. And Shawbrook have never categorically said "we've 100% sent the form".
Re-reading the response to the complaint apparently they try and resolve in 4 weeks, so we're 2 weeks in. So will see what happens.
What a carry on!

NS&I is notorious for being slow to process paperwork - it feels possible that they literally just haven't registered they've received it, although this isn't certain. Up to you, but I would personally log a complaint with both to get the ball rolling for any potential ombudsman referral.

Shawbrook may aim to resolve in 4 weeks, but they probably have up to 8 to actually resolve it. It'll just be some kind of internal aim. Hopefully they meet it for you!

Good luck, and let us know when you get sorted, hopefully soon