Isa transfers and the BACS system.

flo22

Yes the transfer process is automatic but if the transfer fails then the customer is contacted.  Again (because you didn't respond), were you contacted? 

You are focusing on the wrong thing, there is no issue with the Bacs messaging for an ISA transfer - the issue is how you were contacted for the failure.

bristolleedsfan

flo22 said:

Yes the transfer process is automatic but if the transfer fails then the customer is contacted.  

I was not contacted by YBS. just had answer now after asking why transfer had not been done. YBS account statement does not reflect any transaction having taken place.


Thank you for your message. I apologise for not responding to your second query. I have looked at your account and I can see that the ISAteam have left a note to say there was a BACS issue and that the ISA team have emailed Shawbrookt o re-request the funds from us as it failed. The email was sent on the 11th August 2023.If we could use the same request again then we would do this for you however you will need to request the funds again. I am sorry if this causes you any inconvenience and I hope the transfer goes through for you this time

flo22

If the ISA transfer was initiated from Shawbrook to YBS and it failed then Shawbrook would be the bank that should have contacted you.

bristolleedsfan

flo22 said:

If the ISA transfer was initiated from Shawbrook to YBS and it failed then Shawbrook would be the bank that should have contacted you..

ISA transfer YBS to Shawbrook. 

flo22

I apologise I wasn't clear.  If you went to Shawbrook and requested that your YBS ISA is transferred to Shawbrook then it is Shawbrook that are initiating the transfer message.  The message is sent to the bank that currently holds your ISA from the bank that you want to transfer it to, if that transfer rejects then the 'new' bank should contact you.

Shawbrook have sent a bad transfer message because they have put zeros in sort code and account number which makes me think they have an issues with their Cash ISA transfer messages formatting the data incorrectly or Shawbrook just failed to input your sort code and account number (which their system should not allow)

bristolleedsfan

flo22 said:

I apologise I wasn't clear.  If you went to Shawbrook and requested that your YBS ISA is transferred to Shawbrook then it is Shawbrook that are initiating the transfer message.  The message is sent to the bank that currently holds your ISA from the bank that you want to transfer it to, if that transfer rejects then the 'new' bank should contact you.

Shawbrook have sent a bad transfer message because they have put zeros in sort code and account number which makes me think they have an issues with their Cash ISA transfer messages formatting the data incorrectly or Shawbrook just failed to input your sort code and account number (which their system should not allow)

Yes my mistake as well. I am so used to messaging YBS I completely forgot that Shawbrook being new ISA provider should have made contact and that I should have chased Shawbrook rather than YBS.

Suits me for fixed term with Shawbrook to start as late as possible hence delay in me chasing, Since April I have had 2/2 successful ISA transfers from YBS to Shawbrook.

Thanks for detailed reply which has enabled me to see what had slipped my mind. 

flo22

No problem.  One further point is that all of the reasons for failure provided by YBS can be correct.

Transfer failed because it broke ISA rules - yes it did because it had no account number.
Abandoned account - it was the ISA transfer request that was abandoned by Shawbrook because of the response code from YBS
Closed account - the actual response to the ISA transfer request would have been REJECT - No account found
No account number - as above

Following the REJECT reason code Shawbrook should have contacted you but the didn't and instead abandoned it.  YBS are not at fault, Shawbrook are.