Barclays to Virgin ISA transfer rejected

xylophone

the financial ombudsman received more complaints about Barclays than any other financial institution in the first half of 2023.  

Not surprising if experiences like this are typical

https://www.conservativewoman.co.uk/maddening-red-tape-that-makes-running-a-charity-impossible/

That Barclays hold up to half a million pounds of our money counts for nothing. Apparently we have to prove who we are all over again. ‘Just do it’, you might say. If only it were so simple.........

xylophone

My Barclays --> VM cash ISA is pending. The transfer amount is just under £10K. Is there any reason why I should not fund the new ISA with £10K cash from elsewhere, or might this cause complications to the (fragile) transfer process?

This VM ISA is your ISA for contributions for the current tax year?

flaneurs_lobster

xylophone said:

My Barclays --> VM cash ISA is pending. The transfer amount is just under £10K. Is there any reason why I should not fund the new ISA with £10K cash from elsewhere, or might this cause complications to the (fragile) transfer process?

This VM ISA is your ISA for contributions for the current tax year?

Correct...

flaneurs_lobster

xylophone said:

the financial ombudsman received more complaints about Barclays than any other financial institution in the first half of 2023.  

Not surprising if experiences like this are typical

https://www.conservativewoman.co.uk/maddening-red-tape-that-makes-running-a-charity-impossible/

That Barclays hold up to half a million pounds of our money counts for nothing. Apparently we have to prove who we are all over again. ‘Just do it’, you might say. If only it were so simple.........

Not surprising when Barclays (1st by no of customers) have 9 million more customers than HSBC (2nd) and 22 million more than Lloyds (3rd). 

https://www.finder.com/uk/banking-statistics

Can't find the stat about % of customers making complaints.......

If anyone finds the Daily Mail just too woke, full of lefty BBC apologists and refugee welcomers, I can definitely recommend that website you link to. 

gwapenut

I hear the argument about "we have lots of complaints because we're the biggest" frequently about shoddy companies as a kind of magic wand to explain away scabby behaviour.

I don't really care whether they're the biggest or not, and just judge behaviour on my own personal interactions. Barclays have routinely been amongst the most problematic in several areas, including repeatedly proving who I am by going into their ever more distant branches, or by repeatedly asking to transfer my money away.

flaneurs_lobster

gwapenut said:

I hear the argument about "we have lots of complaints because we're the biggest" frequently about shoddy companies as a kind of magic wand to explain away scabby behaviour.

I don't really care whether they're the biggest or not, and just judge behaviour on my own personal interactions. Barclays have routinely been amongst the most problematic in several areas, including repeatedly proving who I am by going into their ever more distant branches, or by repeatedly asking to transfer my money away.

So don't give them your custom. 

gwapenut

flaneurs_lobster said:

gwapenut said:

I hear the argument about "we have lots of complaints because we're the biggest" frequently about shoddy companies as a kind of magic wand to explain away scabby behaviour.

I don't really care whether they're the biggest or not, and just judge behaviour on my own personal interactions. Barclays have routinely been amongst the most problematic in several areas, including repeatedly proving who I am by going into their ever more distant branches, or by repeatedly asking to transfer my money away.

So don't give them your custom. 

I don't any more. My previous comments indicated they were on a small but perfectly formed blacklist. Unfortunately at the time I suggested my wife open her 1 year ISA, my own had yet to go through the maturity dance and I had yet to be forced into branch to ID myself despite having a mortgage with them. You can only learn from experience if the experience has already happened.

flaneurs_lobster

gwapenut said:

flaneurs_lobster said:

I have exactly this transfer ready to go, VM ISA opened and transfer request submitted at time of application. Maturity on 30/12.

I have absolutely no doubt that it will proceed flawlessly, on time with no issues at all.

Or maybe not.

We look forward to some spleen venting from you early in the New Year

I'm afraid you will be disappointed, spleen remains unvented. ISA was converted to instant access, residual interest applied and transferred to VM all in the course of today. Utterly painless, good when it works innit!

xylophone

I'm afraid you will be disappointed, spleen remains unvented. ISA was converted to instant access, residual interest applied and transferred to VM all in the course of today. Utterly painless, good when it works innit!

That's just the point -  Barclays system should ensure that it works according to the ISA transfer rules every time.

Unfortunately, as you will see from other posts on the forum,  "when it is good it is very, very good (well, acceptable) and when it is bad it is horrid"!

My own Barclays 4% Fixed Rate ISA matures 8 January and I will start the  correct process to transfer it to my Skipton ISA (asking Skipton to organise the transfer) once I see it as easy access ISA in on line banking.

I sincerely hope that my experience will prove as painless as yours!

I'll report back. 

youngretired

People whos ISA transfers happened correctly, did you apply for your Virgin account within 15 days of the maturity date? I'm wondering if this is what is causing the problems as Barclays explained the 15 day rule and I pointed out that if upon maturity then the 15 days starts from then.

I've spoken to the Barclays Savings Team and they have looked into what they could see on my account and said that the "accept penalty charges" was not ticked and so I said doesn't that imply then that it was upon maturity! She said no they'd requested ASAP and to ask Virgin for proof of what they requested, unfortunately when I asked her if she could send what she could see as proof, she said no. I then contacted Virgin and was told that they had requested for it to be sent upon maturity and would get the ISA Team to provide me evidence of this, the first gentleman said that he thought Virgin sent the actual transfer form that the customer completes (which I took a photo as proof).