UPDATE: ISA Transfer - they lost my money! 😖 (Do you lose interest when switching?)

xylophone

It is rather odd.

It appears that Charter Savings Bank and Moneybox support electronic transfers.

Indeed for Moneybox, it appears to be virtually a sine qua non.

https://www.chartersavingsbank.co.uk/News/Cash-ISA-transfers-–-what-do-you-need-to-know

https://www.moneyboxapp.com/faqs/which-isa-providers-do-you-support-for-transfers-in/?_gl=1*1sf4pal*_up*MQ..*_ga*MTk2MDY4NjY0OS4xNzEwMzI1NDA5*_ga_E105L6LBSE*MTcxMDMyNTQwOC4xLjAuMTcxMDMyNTQwOC4wLjAuMA..

https://www.moneyboxapp.com/faqs/how-do-transfers-work/?_gl=1*1tk7xgr*_up*MQ..*_ga*MTk2MDY4NjY0OS4xNzEwMzI1NDA5*_ga_E105L6LBSE*MTcxMDMyNTQwOC4xLjAuMTcxMDMyNTQwOC4wLjAuMA..

If Charter maintain that it was electronically transferred (date?), where was the money between date of transfer and arrival at Moneybox?

Was it delayed in some sort of holding account at Moneybox's own banking services provider?

If you followed the transfer process correctly, then clearly the fault for the delay does not lie at your door.

Therefore it lies with one or other of the providers or their own bankers.

The delay seems to me to have been unreasonable - you have made a formal complaint to both parties so it is a question of waiting  for the response.

If you are dissatisfied, there is a process for complaining to the ombudsman - you will be provided with a leaflet with the details.

Idpullthecurtain

xylophone said:

It is rather odd.

It appears that Charter Savings Bank and Moneybox support electronic transfers.

Indeed for Moneybox, it appears to be virtually a sine qua non.

https://www.chartersavingsbank.co.uk/News/Cash-ISA-transfers-–-what-do-you-need-to-know

https://www.moneyboxapp.com/faqs/which-isa-providers-do-you-support-for-transfers-in/?_gl=1*1sf4pal*_up*MQ..*_ga*MTk2MDY4NjY0OS4xNzEwMzI1NDA5*_ga_E105L6LBSE*MTcxMDMyNTQwOC4xLjAuMTcxMDMyNTQwOC4wLjAuMA..

https://www.moneyboxapp.com/faqs/how-do-transfers-work/?_gl=1*1tk7xgr*_up*MQ..*_ga*MTk2MDY4NjY0OS4xNzEwMzI1NDA5*_ga_E105L6LBSE*MTcxMDMyNTQwOC4xLjAuMTcxMDMyNTQwOC4wLjAuMA..

If Charter maintain that it was electronically transferred (date?), where was the money between date of transfer and arrival at Moneybox?

Was it delayed in some sort of holding account at Moneybox's own banking services provider?

If you followed the transfer process correctly, then clearly the fault for the delay does not lie at your door.

Therefore it lies with one or other of the providers or their own bankers.

The delay seems to me to have been unreasonable - you have made a formal complaint to both parties so it is a question of waiting  for the response.

If you are dissatisfied, there is a process for complaining to the ombudsman - you will be provided with a leaflet with the details.

Oh yes, I had no control at all.  After giving the info to the receiving Organisation I cant do anything else.  The fault is certainly with at least one of them, maybe both.

The info I got through one or the other seems to be that Moneybox received the funds, and never attributed it to my account, because they claim the amount was slightly different and there was no Ref.  They then claim they returned it, and the original Organisation then sent it back again. Sounds like a big mess up, and the organisations do contradict each other so its been hard to get the actual story.  They both repeatedly claimed the other must have the funds.

xylophone

they claim the amount was slightly different and there was no Ref.

Different from what? Could you know the exact amount to be transferred if there was interest to be added?

And which party was to supply the "ref"?

Is Moneybox saying that  a reference was supplied to Charter which Charter failed to quote?

Idpullthecurtain

xylophone said:

they claim the amount was slightly different and there was no Ref.

Different from what? Could you know the exact amount to be transferred if there was interest to be added?

And which party was to supply the "ref"?

Is Moneybox saying that  a reference was supplied to Charter which Charter failed to quote?

Yeah sorry.
Money box claim CSB transferred an amount that was slightly higher than what was expected (as you say, it was interest that was added).
Moneybox also claim that CSB didnt supply a Ref Number, so they claim the balance was unidentifiable.  CSB claim that isnt the case. 😖

xylophone

Money box claim CSB transferred an amount that was slightly higher than what was expected (as you say, it was interest that was added).

How would Moneybox know exactly what to expect if interest had to be added before transfer?

Moneybox also claim that CSB didnt supply a Ref Number, so they claim the balance was unidentifiable.  CSB claim that isnt the case. 😖

And Moneybox can supply proof of this?

masonic

Sounds like one for the FOS to adjudicate if you get no joy from the complaints. MoneyBox should at a minimum backdate interest to the date of the original electronic funds transfer. Some additional compensation for the impact it has had on you should probably be offered too.

Electronic ISA transfers consist of a payment system and linked electronic messaging system so that this situation is not even plausible without incompetence by one or both participants.

Idpullthecurtain

xylophone said:

Money box claim CSB transferred an amount that was slightly higher than what was expected (as you say, it was interest that was added).

How would Moneybox know exactly what to expect if interest had to be added before transfer?

Moneybox also claim that CSB didnt supply a Ref Number, so they claim the balance was unidentifiable.  CSB claim that isnt the case. 😖

And Moneybox can supply proof of this?

Well exactly.  These are issues that will presumably be addressed in the investigations?  

The process is frustrating because you have no control over this transfer and you have to allow two organisations with differing priorities to work together.

Id be very surprised if the investigations reveal individual errors and lead to a resolution.  Im sure I will have to rely on the FOS.

Idpullthecurtain

masonic said:

Sounds like one for the FOS to adjudicate if you get no joy from the complaints. MoneyBox should at a minimum backdate interest to the date of the original electronic funds transfer. Some additional compensation for the impact it has had on you should probably be offered too.

Electronic ISA transfers consist of a payment system and linked electronic messaging system so that this situation is not even plausible without incompetence by one or both participants.

I'm sure at some point the interest should be resolved.  Both parties have claimed the funds are with the other at various times.  They should need to confirm exact dates and pay interest for time periods that they had it.

Aside from that I believe some sort of apology or compensation may be due.

Have you had any dealings with FOS? do they have a history is ensuring private Organisations do this?

boingy

Whenever you talk to either bank about the complaint, stress that you *will* be taking it to the ombudsman and that you *will* persist with the process until the very end to get a published ombudsman decision. That process costs the banks money, so they don't like it.

masonic

Idpullthecurtain said:

Have you had any dealings with FOS? do they have a history is ensuring private Organisations do this?

I've escalated 3 previous complaints to the FOS and had them upheld with a level of compensation I was happy with. They have the power to review all of the relevant information, so would get to the bottom of what actually transpired. Their decisions are binding on the organisation.