Yet more trouble transferring an ISA from Virgin to RBS and Natwest.

anotherquestion

Hi folks,

I have read the other thread on here about problems transferring an ISA from Virgin to RBS.
Myself and my partner seem to be in the same situation.

1 I myself opened an ISA with Natwest, posted off the ISA transfer form, this went through fine.

2 Two weeks ago both myself and my partner opened ISA's with RBS (she opened one with Natwest as well) we completed the online ISA transfer forms and submitted. we have the Virgin sort code 08 60 64 and selected VM as the provider to transfer from.
We double checked all the info was correct on forms.

We got letters today from both RBS and Natwest stating that Virgin have declined the transfers due to the information they hold not matching the information on the transfer forms.

Just annoyed with all of this, as it is fast approaching the cut off dates for both the fixed 5.9% rate with both RBS and Natwest.

I have tried ringing the ISA team for RBS and Natwest (same number) but it seems impossible to get through.

I will ring Virgin money tomorrow,

Am in right in selecting VM with sort code 08-60-64 on ISA transfer form?

Any other advice gratefully appreciated if anyone else has managed to get a similar problem sorted, or who may be at fault here RBS/Natwest or Virgin?

I think I will post the form the next time.

Many thanks for any info.

saverbynature

anotherquestion said:

Hi folks,

I have read the other thread on here about problems transferring an ISA from Virgin to RBS.
Myself and my partner seem to be in the same situation.

1 I myself opened an ISA with Natwest, posted off the ISA transfer form, this went through fine.

2 Two weeks ago both myself and my partner opened ISA's with RBS (she opened one with Natwest as well) we completed the online ISA transfer forms and submitted. we have the Virgin sort code 08 60 64 and selected VM as the provider to transfer from.
We double checked all the info was correct on forms.

We got letters today from both RBS and Natwest stating that Virgin have declined the transfers due to the information they hold not matching the information on the transfer forms.

Just annoyed with all of this, as it is fast approaching the cut off dates for both the fixed 5.9% rate with both RBS and Natwest.

I have tried ringing the ISA team for RBS and Natwest (same number) but it seems impossible to get through.

I will ring Virgin money tomorrow,

Am in right in selecting VM with sort code 08-60-64 on ISA transfer form?

Any other advice gratefully appreciated if anyone else has managed to get a similar problem sorted, or who may be at fault here RBS/Natwest or Virgin?

I think I will post the form the next time.

Many thanks for any info.

Same as I've had with Natwest. I called just before 3pm on Thursday afternoon and it took over over 1hr 10mins for their ISA team to answer and I still can't decide whether the issue is with Natwest or Virgin Money!

The sort code you've given for your Virgin ISA isn't the same as mine but if that is what shows on your account then that is what you need to put on the form to Natwest. All my Virgin accounts including the ISA have a sort code starting with 82. But I seem to remember that Virgin Money have more than one sort code as Clydesdale Bank and Yorkshire Bank each had their own before they merged into Virgin Money.

Although it's a pain in terms of the time they take to answer I would definitely recommend calling the Natwest/RBS ISA on the number on the letter you've had and they'll check everything for you. In my case they put through a totally new transfer request themselves and assured me by them doing it would ensure I still get the original 5.9% fixed interest rate. Although they warned me that the transfer could take up to 10 days but hopefully would be quicker. However when I checked my accounts this afternoon I found my Virgin ISA account is no longer displaying but my Natwest account still hasn't been credited so hopefully it may update overnight. I've had no correspondence or notifications from either of them yet.

anotherquestion

The one that did go through was by post to Natwest to a Edinburgh address, I know that Natwest has a Manchester address as well, so don't really know where the online forms go to.
If I was paranoid I would probably think that Virgin is deliberately declining the ISA transfers, because of a large withdrawal of funds by consumers, but I'm sure they have to be totally solvent. 

xylophone

See https://forums.moneysavingexpert.com/discussion/6411387/no-account-found-isa-transfer-issue

masonic

Transferring out of Virgin Money is known to be a nightmare, because different parts of the parent company seem to be siloed. Does the account have a number or reference other than the one you provided on the form? Worth remembering also that Virgin Money is no longer a company, it is a brand used by Clydesdale Bank. This can also cause issues as Clydesdale seems not to have updated their details on the ISA manager database. A postal form may avoid use of the electronic transfer system, which is associated with all of the issues reported on this forum that I've seen.

anotherquestion

Well the last forms were posted off (after getting letters from Natwest and RBS about the ISA transfer not going through) as I did use a postal form before and it seemed to work ok.

However the Start Date for the Natwest and RBS ISA are 4 sept, We did send a cover letter explaining that they instructed us to re-submit the forms, so hopefully they will not be too particular about the Start Date.

We posted on 22 of august.

alternate

anotherquestion said:

Well the last forms were posted off (after getting letters from Natwest and RBS about the ISA transfer not going through) as I did use a postal form before and it seemed to work ok.

However the Start Date for the Natwest and RBS ISA are 4 sept, We did send a cover letter explaining that they instructed us to re-submit the forms, so hopefully they will not be too particular about the Start Date.

We posted on 22 of august.

I replied to someone else in another thread, seem relevant to this too

FWIW I was told by CS that 1st Sept is the cutoff for new money but as long as transfer requests were made by the 14th August they can still transfer in at any time.  The lady I spoke to sounded like she knew her stuff and sited an example of S&S ISA transfers often taking a lot longer to transfer.
That said I have not been impressed with Natwest, so it could all be BS.

anotherquestion

Well its now the 15 Sept over five weeks since we initially filled in the online transfer forms to RBS and Natwest regarding the transfers from Virgin Money, getting ISA declined letters from both Natwest and RBS, re-submitting transfer forms by post, getting more declined letters, and several phone calls later, and still no transfer from VM to both banks completed.

I rang again today to the Natwest/Rbs ISA transfer team, same team do both and after spending well over an hour trying to get both my partners and my own ISA  transfers sorted out, I am no further the wiser when this will be done.

The lady simply said she re-keyed the transfer request, talked about the massive backlog that is still there, said that we would loose no interest that it would all be backdated.

When questioned a lot further about this, she stated that being backdated simply meant that Natwest/RBS would only start adding interest once the funds hit the accounts, and what backdated really meant is, that there could be further delays once the funds leave VM and actually show up in our Natwest/RBS account.

She also said that is what they have been instructed to tell customers.

She kept addressing me as Mr John  (my first name) . the only times this has happened in the past has been when scammers have called, simply not a great way for them to address customers either.

All in all it has not been a positive experience dealing with either Natwest/Rbs and the little extra we would have earned with the 5.9% interest is being wasted away with the time it is taking to get this fiasco sorted out.

I am currently getting 4.11% with VM but have opened another ISA with them today which pays 5.62% for two years.

As it is taking so long with Natwest/RBS I am tempted simply to transfer the money to the new VM ISA, As I understand it after phoning VM today, if you open a new ISA with them (having an existing one with them) and tick yes to do the transfer, then the account number stays the same, but if you tick no then you then a new account number.

I had to tick no, because of the possibility of being doubly penalised ninety days interest, ie by VM, and the possibility that the ISA transfer would go through at a later date to Natwest/RBS.

Telling Natwest/RBS not to proceed with the transfers at this state as their systems seem to be in a mess, and the possibility is it wouldn't be acted on.

I do realise all banks have problems at times even VM, but this takes the biscuit with Natwest/RBS.

Growingold

I remember when I tried to transfer an ISA from Virgin it was a nightmare and the transfer was refused.  Even though I used their correct sort code and account number it was refused.  Apparently even though it was a Virgin ISA showing in my online accounts it wasn't .  After a few heated phone calls the problem was solved .  The new provider had to resubmit the details with the provider if I remember correctly being Yorkshire Bank.

NipTuck

I have today also opened the Virgin 2 year fix @ 5.62%

My old Virgin isa had a sort code of: 05-00-05

The new 2 year fix has a sort code of: 08-60-64

You also have to log into the 2 year fix isa on a totally different site (myvirginmoney.com) and select SAVINGS

It will not show up on your normal online banking along with your current, saving & regular ISA accounts

anotherquestion

Well myself and partner simply couldn't wait any longer with Natwest or RBS, applied 8 august, nothing done so re-invested  in Virginmoney, been with Natwest with other saving and current account for 30-40 years but overall these transactions (save for one of mine that did actually go through) has been a total shambles.

If you are waiting on one of your ISA funds from another bank to reach either Natwest or RBS, and have been caught up in this fiasco, don't raise your hoped that the ISA transfer funds will reach either the Natwest or RBS accounts any time soon.