ISA Transfer to UBL Bank Nightmare

portlandboy

Both my wife and myself completed separate  transfer forms on 22nd August '23, instructing UBL Bank to apply to transfer funds from our existing Schroders PW S&S ISAs to UBL's Cash ISA.

We understood that it might take upto 30 calendar days to be completed. Most of my funds appeared in my UBL account on 18th September but the wife's did not and, as of 2nd October, STILL have not completed.

We've made a total of19 phone calls to UBL & Schroders and both companies are just passing the blame onto each other. That leaves us unable to trace the funds, which are in excess of £40k.

Now UBL UK have said that they won't be paying interest for the time the funds have been 'missing', even though I now know they refused and returned the transfer from SchPW on two occasions. I feel like I'm a tennis ball on the Final day of Wimbledon.

We've emailed them both, asking for a final response, so that the issues can be taken to the Ombudsman, but that still allows them 8 weeks to reply.

This morning I happened to notice that there's a slight discrepancy in the amount that left my Sch. PW ISA to the figure credited to my UBL account. Seems that UBL's own clearing bank (also UBL UK!) made a CHAPS charge to put the funds into my new ISA.

As I only authorised my funds to be transferred from my own existing SchPW account to my own new UBL account, how can a 3rd party clearing bank charge me a fee without me being notified upfront?

So far, UBL Bank have done nothing but tell me differing stories each time I've xalled. Perhaps some might call that lying.

masonic

It's perfectly normal for an electronic ISA transfer to go via a holding account, but the providers are responsible for any transaction fees not specified in their fee information document.

Seems like there would be a case to ask for backdated interest when you get as far as composing your Ombudsman complaint.

Be warned that I believe there have been similarly damning reports of transfers out of UBL.

kjs31

I started a post about UBL as I had 4 abortive attempts at trying to use the UBL website to start my ISA transfer. After reading your post I’m giving up on them and will move my money somewhere else. 

portlandboy

kjs31 said:

I started a post about UBL as I had 4 abortive attempts at trying to use the UBL website to start my ISA transfer. After reading your post I’m giving up on them and will move my money somewhere else. 

That's possibly a very wise decision.

ffc58

kjs31 said:

I started a post about UBL as I had 4 abortive attempts at trying to use the UBL website to start my ISA transfer. After reading your post I’m giving up on them and will move my money somewhere else. 

Tried this morning apply for an ISA but gave up when tried  4 times to set up an account,   

kjs31

ffc58 said:

Tried this morning apply for an ISA but gave up when tried  4 times to set up an account,   

I think we may have had a lucky escape TBH! 

portlandboy

Here's an update:

I've been on the phone for most of the day to both SchPW & UBL Bank.

UBL initially told me that the transfer from SchPW incurred the CHAPS  charge, but it turns out that the charge was made by UBL when they moved the funds from their own account into mine!

Despite another promise of an email explanation, it didn't arrive, but the charge has suddenly been corrected with an additional payment appearing in my account.  I wonder how often UBL get away with that little trick. 🤔

Still no sign of the wife's transfer, just another promise of it arriving in her account "tomorrow"

However, while I've been waiting in phone queues and on hold, I've opened an Oaknorth Fixed Rate ISA and completed the online form to transfer my ISA out of UBL Bank. The wife will do the same, (once her money actually turns up) without any loss of interest or charges (so they tell me...)

If anyone's thinking about jumping ship to cash in on the best interest rate, I wouldn't recommend UBL UK Bank as the way forward.