Virgin Money delaying release of funds to executor

Muscari134

My late father held an ISA with Virgin Money. It is less than £15,000. He died last year and Probate was obtained and his estate administered. All that is, except for an ISA he held with Virgin Money. Upon notification of his death they called me  (as Executor) for a telephone conversation and instructed me to send the required documents, and details of the bank account for the transfer of the funds. All this I did and they have even returned the documents to me. However, 3 months down the line the money has not been transferred. I have a made calls to their customer service centre (who seem clueless) and have finally made a formal complaint, which has been acknowledged. This week I get a standard text type letter telling me I should 'have an answer in 4 weeks!' I have pointed out that I do not require an answer I simply want the funds released. Someone dealing with the complaint assured me there wasn't any problem but could not tell me how much longer it was going to take. I am on the verge of taking it to the Ombudsman but I believe that I cannot do that until I have exhausted the complaints procudure, which ca take 8 weeks!    It is quite concerning as well as v annoying. Has anyone else had an issue like this or can advise what to do?  thanks

Cloth_of_Gold

A friend of mine died last year and it took NatWest nearly 10 months to release the funds in his current account.

cymruchris

Have you been speaking to 'general customer service' or did you ask for their 'bereavement team'?

Shedman

1. Also make sure Virgin are still applying the interest on the ISA tax free as an ISA can continue to earn interest tax free up to the final administration date up to 3 years after death

BeKindActRespect

• Just joined the MSE forum so late to discussion. Virgin Money have had all they have asked for in terms of probate for my late mum since 15th Jan 24, I raised a compliant on 15th March 2024, they wrote back on 10th May (so 8 weeks) saying they were waiting for original grant of probate (they had only asked for certified copies before) and bank details which was received/signed for by them on 10th May 2024. Still 5 weeks later no payment made. I have made a compliant to the Financial Ombudsman today but it will take time for it to be assigned to a complaints handler. Come on Virgin Money do the right thing by bereaved families. All the other providers in my mum's probate transferred money into estate accounts by Feb 24. My advice don't delay making a response to Financial Ombudsman once you have complained to the company concerned and you have or haven't had a response in 8 weeks, as it can take 1-3 months for Financial Ombudsman to assign the case. 

tls123

It sounds like customer services were the wrong team If you do contact them make sure you contact the bereavement team as they deal with deceased accounts day in day out. 

BeKindActRespect

I wish there was a bereavement team I could talk to at Virgin Money!  

JGB1955

BeKindActRespect said:

I wish there was a bereavement team I could talk to at Virgin Money!  

Bereavement Services team: 0345 600 7301