Barclays to Virgin ISA transfer rejected

flaneurs_lobster

Aidanmc said:

Has anyone who requested ISA transfer before been successful, or is it best to wait until the Barclays Isa changes to Easy access isa upon maturity?

If you've read the posts in this thread you will find examples of flawless transfers requested weeks before maturity actioned in two days (well, at least one, mine) and other examples where it's all gone Pete T. 

IMO it's down to whether you think your luck's in this month, others may have different views.

xylophone

The interest has now been added to mine so if the change to easy access shows tomorrow, I shall be trying my luck with a transfer to Skipton......watch this space....

Aidanmc

xylophone said:

The interest has now been added to mine so if the change to easy access shows tomorrow, I shall be trying my luck with a transfer to Skipton......watch this space....

Di yours mature today then? What Skipton isa, their rates dont seem that great. Maybe you have some NLA account

xylophone

Di yours mature today then?

It matured yesterday (8th) but the interest only showed on the account today.

I am expecting it to show as the easy access  low rate account tomorrow.

I have  a NLA  ISA account with Skipton -  though variable, the rate is currently 5%. 

xylophone

The interest has now been added to mine so if the change to easy access shows tomorrow, I shall be trying my luck with a transfer to Skipton......watch this space.... 

Clearly my luck was in - transfer to Skipton requested yesterday afternoon - "transfer complete" e-mail just received from  Skipton (and account checked on line to see evidence with my own eyes)..... hope not a mirage....  

youngretired

I never got the evidence from Virgin that I requested, even though the staff member said they were emailing it straight away to me and having to chase it 4 times and so a complaint has gone to Virgin for the lack of customer service.

I did do a complaint to Barclays who came back to me very quickly. The reason for the declined transfer request is because their system will automatically decline transfer requests where the maturity date is over 15 days from them receiving the request, if it is sent electronically. If the request is received by paper form then this can be diarised, as it is manually keyed. I did say that this isn't published anywhere as all banks state wthin 30 days (I was told this is because of the Stock & Share ISA) and even the government website states should be pended. If it's just their system then they should put on the maturity letter this information, so customers can fill out a transfer request when the maturity falls within the 15 day window. She agreed with what I was saying and would feed that up to management and gave me £50 compensation. I accepted the £50 as at the end of the day I only lost a couple of days interest, it was more of the inconvenience.

All my previous ISA transfers have always been within the 15 days and so I am wondering if all banks work like this. Just unfortunately I opened this account 19 days.

drphila

youngretired said:

I never got the evidence from Virgin that I requested, even though the staff member said they were emailing it straight away to me and having to chase it 4 times and so a complaint has gone to Virgin for the lack of customer service.

I did do a complaint to Barclays who came back to me very quickly. The reason for the declined transfer request is because their system will automatically decline transfer requests where the maturity date is over 15 days from them receiving the request, if it is sent electronically. If the request is received by paper form then this can be diarised, as it is manually keyed. I did say that this isn't published anywhere as all banks state wthin 30 days (I was told this is because of the Stock & Share ISA) and even the government website states should be pended. If it's just their system then they should put on the maturity letter this information, so customers can fill out a transfer request when the maturity falls within the 15 day window. She agreed with what I was saying and would feed that up to management and gave me £50 compensation. I accepted the £50 as at the end of the day I only lost a couple of days interest, it was more of the inconvenience.

All my previous ISA transfers have always been within the 15 days and so I am wondering if all banks work like this. Just unfortunately I opened this account 19 days.

No. I did a lot of transfers last year and at least one pended for 30 days (Oaknorth, I seem to recall)

Tharweb

youngretired said:

I never got the evidence from Virgin that I requested, even though the staff member said they were emailing it straight away to me and having to chase it 4 times and so a complaint has gone to Virgin for the lack of customer service.

I did do a complaint to Barclays who came back to me very quickly. The reason for the declined transfer request is because their system will automatically decline transfer requests where the maturity date is over 15 days from them receiving the request, if it is sent electronically. If the request is received by paper form then this can be diarised, as it is manually keyed. I did say that this isn't published anywhere as all banks state wthin 30 days (I was told this is because of the Stock & Share ISA) and even the government website states should be pended. If it's just their system then they should put on the maturity letter this information, so customers can fill out a transfer request when the maturity falls within the 15 day window. She agreed with what I was saying and would feed that up to management and gave me £50 compensation. I accepted the £50 as at the end of the day I only lost a couple of days interest, it was more of the inconvenience.

All my previous ISA transfers have always been within the 15 days and so I am wondering if all banks work like this. Just unfortunately I opened this account 19 days.

I've only just been made aware of this thread. I too have a complaint in with Barclays due to issues with an ISA transfer. 

In my case, my transfer went through fine, but my other halves, which was applied for on the same day, with the same maturity date, was rejected twice before it finally went through, 15 days later than mine, the only difference theirs was a partial transfer, whereas mine was a full transfer. Due to the amount being transferred, we've lost over £200 in interest in total. 

Mine matured 17/12/23, transferred 21/12/23
Theirs matured 17/12/23, transferred 5/01/24

Both transfers were applied for within 15 days of the maturity date.

Both similar amounts over £50k.

Barclays complaints have contacted my other half once, just over a fortnight ago, asking for all the information we had given in our letter annoyingly, which you can't always recall off the top of your head, and they asked what we wanted then to do about it, compensation for loss of interest of course!

We're just waiting to see what they come back with. 

Tharweb

Just to update, I've just been paid £150 from Barclays "with our apologies", exactly the amount I'd asked for. I presume the correspondence is in the post. I'm glad I complained now.

gwapenut

In the end I raised a complaint for the events of a year ago, by post. Twice, because the first letter got lost in the post. A very helpful, very knowledgable and friendly person took my complaint, and compensated me with £100 plus the interest lost (which is generous because the transfer was still far within the allowable 3 weeks).

He explained my problem to my satsifaction. There has been a bug in their systems for a long time meaning that PARTIAL isa transfers are automatically rejected. He says that it is due to be fixed this week, in fact, so it means I have a little more confidence choosing Barclays for the future.

My wife's complaint is due a callback today. Hers was not a partial transfer.