Newcastle Building Society transferred my ISA to the wrong bank
At the end of July I opened a new ISA with NatWest , with a much higher interest rate than the above account with Newcastle BS.
I completed the form to transfer the Newcastle BS ISA to the new Nat West account ,and nothing seemed to be happening .
Another ISA between Santander to Virgin that I had started 3 days after the request to NBS had been completed in 5 days
So naturally I got curious as to why the NBS to NatWest transfer had not happened.
On or about 4th August , NatWest (not Newcastle BS) told me that the transfer hadn't occurred because of a name mismatch between the name on the transfer form from NatWest
The NBS account had a short version of my first name and the NatWest account
was in the long version of my name. For example Bob or Robert.
Although the reason was obvious, but I understand why NBS may need the issue clarified.
On Monday 7thAugust I contacted NBS and explained the
situation, it was discussed with a manager and the issue
was clarified.They asked me to complete another form.
I didn't see why another form was needed , as the first form i sent would be identical to the new form, but it was easy enough to complete online.
By the 14th August , no form was received from Natwest
A few days later NBS got the form but could not complete the transfer , as Natwest had not requested the money 'on demand'. I contacted NBS, to see if the first form they received was correctly completed. They told me that that was incorrect as well.
I got back to Natwest , but after being transferred to the 'specialist ISA ' team and waiting over an hour, i gave up , and decided to take my money elsewhere.
I set up an ISA account with UBL, as it had a closer interest rate to the natwest ISA, and again set up a transfer .
After looking at the poor standard of UBLs website and seeing their volume of poor reviews, i had second thoughts and asked UBL to close my accounts (which they did).
I told Newcastle BS NOT to transfer any money to UBL, which the Newcastle BS acknowledged.
And after spending over an hour waiting on the phone to natwest ISA team, i eventually got through to the ISA team and the person there didn't seem to know any more than the front line caller centre. But as far as i knew they were going to request the money from Newcastle BS.
On Friday i saw that Newcastle BS had closed the ISA.
I contacted NatWest and after an hour of waiting, the person on the alleged 'specialist team', could only tell me 'it takes about 5 days'
Later that afternoon I got a phone call from UBL to tell me that despite my instructions Newcastle BS had transferred the money to them.
On Saturday I got a letter from Natwest to say it was too late to fund the ISA , as it was no longer available.
here is my review of the following
Newcastle BS - they seemed incapable of picking up a phone or sending an email to contact Natwest to tell them what was wrong. They were prepared to nitpick the transfer request to natwest But ignore my message NOT to transfer money to UBL.
Obviously incompetent and could not send a correctly completed form, waiting over an hour for a phone call to be answered, and then find out you are through to another call centre with no specialist knowledge. This is unacceptable particularly for a high street bank.
I would avoid banking with natwest , its fine if nothing goes wrong. But if you have a problem, you will spend a lot of time listing to classical music (i heard samuel barber's elegy for strings for over an hour ) before the alleged 'specialist' team answers, then you find out , its just another call centre. .
UBL - so far not too bad , they closed my accounts quickly, and phoned me to tell me that Newcastle BS had made a mistake. I don't want to bank with them, lets see how quickly they return the cash to Newcastle.
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