Cash withdrawal disappeared - iWeb

jicms

Not sure if I should post this here or in the banking forum. 

I sold and attempted to withdraw my cash from my iWeb account. I was asked to update my bank details which I did thinking it was an expiry date issue. My account now shows a 0 balance. My bank can see that the funds were reclaimed by iWeb. iWeb informed this was caused by having my previous address on file that didn't match my bank account. It was not possible to see this in my profile. 

I have been waiting 8 days and my money has still not been returned. iWeb customer service/complaints state this will take 10 days and they can't do anything other than wait and won't put me through to a senior staff member. My bank was surprised about the time given. 

This is causing serious financial issues. Taking my complaint to the Financial Ombudsman won't speed up access to my money.

Does anyone have any idea if I can do anything.

boingy

You probably don't want to hear it but your best option is to just wait a few more days and see if the money turns up.

sausage_time

Just for clarity:

• Had you moved house?
• Had you changed bank account?

Just an iWeb customer concerned this might hit me in the future.   Please do keep us posted as you wait.

wmb194

jicms said:

Not sure if I should post this here or in the banking forum. 

I sold and attempted to withdraw my cash from my iWeb account. I was asked to update my bank details which I did thinking it was an expiry date issue. My account now shows a 0 balance. My bank can see that the funds were reclaimed by iWeb. iWeb informed this was caused by having my previous address on file that didn't match my bank account. It was not possible to see this in my profile. 

I have been waiting 8 days and my money has still not been returned. iWeb customer service/complaints state this will take 10 days and they can't do anything other than wait and won't put me through to a senior staff member. My bank was surprised about the time given. 

This is causing serious financial issues. Taking my complaint to the Financial Ombudsman won't speed up access to my money.

Does anyone have any idea if I can do anything.

iWeb is down for maintenance so I cannot double check but IIRC when you change your bank details it tells you that withdrawals will be restricted for 10 days. Just wait a few more days, I wouldn’t worry.

Edit: It also says that it can take up to ten working days to update your address in its systems.

https://www.iweb-sharedealing.co.uk/help-and-guidance/change-of-address-form.html

LHW99

(and it's probably 10 working days, not 10 weekdays - ie 2 weeks)

jicms

sausage_time said:

Just for clarity:

• Had you moved house?
• Had you changed bank account?

Just an iWeb customer concerned this might hit me in the future.   Please do keep us posted as you wait.

Yes I had moved house after opening the account. It can be difficult to remember to update addresses everywhere but made harder by not being able to view what they had on file for me.
No I hadn't changed bank account but when they wanted me to update my bank details I presumed it was to update the card expiry date. There's nothing to alert you that there's still any problem after confirming. 
No problems with investing and the fees are great but just be aware of any potential problems with withdrawals. They do not reply to emails and the chat system is only available during business hours. It's very tedious, no previous records are kept and chats cannot saved so would advise screenshotting for your records. The operators are curt and so different to my bank First Direct who've been so helpful trying to locate the payment.

jicms

wmb194 said:

jicms said:

Not sure if I should post this here or in the banking forum. 

I sold and attempted to withdraw my cash from my iWeb account. I was asked to update my bank details which I did thinking it was an expiry date issue. My account now shows a 0 balance. My bank can see that the funds were reclaimed by iWeb. iWeb informed this was caused by having my previous address on file that didn't match my bank account. It was not possible to see this in my profile. 

I have been waiting 8 days and my money has still not been returned. iWeb customer service/complaints state this will take 10 days and they can't do anything other than wait and won't put me through to a senior staff member. My bank was surprised about the time given. 

This is causing serious financial issues. Taking my complaint to the Financial Ombudsman won't speed up access to my money.

Does anyone have any idea if I can do anything.

iWeb is down for maintenance so I cannot double check but IIRC when you change your bank details it tells you that withdrawals will be restricted for 10 days. Just wait a few more days, I wouldn’t worry.

Edit: It also says that it can take up to ten working days to update your address in its systems.

https://www.iweb-sharedealing.co.uk/help-and-guidance/change-of-address-form.html

Thanks for all the support.

Yes was quoted 10 working days but this was for the cash to be returned to them so possibly two issues with 10 working days to update my address. They updated my address over the phone without written confirmation.

I'm not concerned that my money's been lost but rather the big financial implications if I can't make my payment by the deadline.