Natwest ISA transfer

DukeAre

As you can see Nick, our transfers took eleven weeks!
Relax! 🙄

nickbt

Hi , The latest I have been told is that my ISA is blocked? they wont tell me why . They say that they can not deposit the funds in the Fixed Isa and that they can offer me now only cash Isa at 1.7% instead of the 5.55 %. The guy I spoke to must have said sorry a hundred times but could not supply any proof of letters that were sent to me for information that I have not received. When asked where they were sent he came back with my work address as I have a business account with them. but the ISA was opened to my home address so why would you send to a place of work. That breaches data protection and in any case I open the post at work and have not seen anything. They then keep saying they were waiting for a response from Hargerves Landsdown but I have approached them twice and they say they have received no communication from Natwest apart from the transfer request which they acted upon. Completely in disbelief that this is happening in the UK think there is more clarity dealing with the mafia.So am waiting for my local Branch manager to look into it to find out what the hell has gone wrong with Natwest systems. Its a real shambles.

xylophone

This is truly shocking.

Would you wish to approach one of the newspaper  financial "agony aunts" or BBC Moneybox?

nickbt

Latest update from the ISA team at NatWest seems to have gone back 180 deg.They now confirmed that the account is blocked but only because they are waiting for a transaction history report from Hargreves Landsdown which may have or may have not been received by NatWest. This appears to be holding up the procedure. They assured me that once received they can then process the transfer and will back date the interest . Ok that's good news. In the mean time after speaking to NatWest Isa team  I had a call from Hargreves Landsdow who explained that the transaction history report was originally sent to NatWest on the 26/9/23 but it seems that it may have gone into an area of NatWest systems that it can not be retrieved from. NatWest have instructed HL to send it again to another system so they can access it. I was told that it still may take a bit of time to process as they have a backlog of application to go through but the money will be put into the account in time and interest back dated. I wait with baited breath. 

xylophone

I wait with baited breath. 

On the hook?

Don't bate the breath too long.....I hear that not breathing is bad for you....

And I hope that you will be asking for compensation for the dire performance.

xylophone

the dire performance.

By way of contrast, I applied for a part transfer from my Virgin ISA to my Skipton ISA mid morning yesterday.

I have just had an email from Skipton to say transfer complete....

Stargunner

nickbt said:

Hi , The latest I have been told is that my ISA is blocked? they wont tell me why . They say that they can not deposit the funds in the Fixed Isa and that they can offer me now only cash Isa at 1.7% instead of the 5.55 %. The guy I spoke to must have said sorry a hundred times but could not supply any proof of letters that were sent to me for information that I have not received. When asked where they were sent he came back with my work address as I have a business account with them. but the ISA was opened to my home address so why would you send to a place of work. That breaches data protection and in any case I open the post at work and have not seen anything. They then keep saying they were waiting for a response from Hargerves Landsdown but I have approached them twice and they say they have received no communication from Natwest apart from the transfer request which they acted upon. Completely in disbelief that this is happening in the UK think there is more clarity dealing with the mafia.So am waiting for my local Branch manager to look into it to find out what the hell has gone wrong with Natwest systems. Its a real shambles.

I received a letter on Friday from the Nat West complaints team, regarding the complaint that I lodged at the end of September. They have advised that they have received my funds from Bestinvest, but they are waiting for the ISA transfer history list from them. Nat West also confirmed that they will back date the interest to 24th August, which is when they received the funds. I immediately contacted Bestinvest and they have confirmed that it was emailed to Nat West on the 10th October, so I have informed Nat West of this. One positive to come out of it is that Nat West have credited me £100 compensation for the distress and inconvenience and a further £50 for the service that I have received in the way that they have handled this matter.

xylophone

One positive to come out of it is that Nat West have credited me £100 compensation for the distress and inconvenience and a further £50 for the service that I have received in the way that they have handled this matter.

It's something.....

Stargunner

xylophone said:

One positive to come out of it is that Nat West have credited me £100 compensation for the distress and inconvenience and a further £50 for the service that I have received in the way that they have handled this matter.

It's something.....

My ISA transfer has finally been credited to me today. Natwest have had the funds since the 24th August. I suppose I will have to wait until August to see if they have back dated the interest like they said that they would do.

nickbt

Finally the funds have appeared in the ISA account as of yesterday. A relief to say the least. Its been 11 weeks from opening to completion of transfer with quite a few ups and downs, some misinformation and some great help from my local NatWest branch manager who helped to get it over the line. My BP can no return to some normality, until next time. Thanks for you comments .