CASH ISA TRANSFER PROBLEMS

dec9

I recently transferred a cash ISA from Principality Building Society to Shawbrook bank. I filled in the necessary forms for Shawbrook to transfer the entire balance to them.
I received a letter from Principality dated 6th August saying a cheque had been posted (as they don't do it electronically) to Shawbrook that day. Shawbrook are saying they have not received the cheque.
Whose responsibility is it to transfer the money, Principality who have confirmed it was sent and my account closed, or Shawbrook the bank asking for the transfer who say they have not received it.
All the details given to Principality are correct.

masonic

Shawbrook is responsible for managing the transfer and they should be requesting that Principality reissue the cheque if it has been lost in the post. Best practice is for interest to be backdated, so it would be worth confirming with Shawbrook that they will do so.

dec9

Not impressed with Shawbrook bank at all.
Its now 12 days since the cheque was sent by Principality and Shawbrook still haven't received it.
I am messaging Shawbrook on the accounts website telling them I am concerned that they haven't yet received the cheque and can they look into it. All they continually say is they haven't received the cheque it but it will be credited to my account when they do!
I feel like an official complaint coming on!

masonic

What does it matter if they backdate the interest when they do receive it? Have you confirmed they will do this yet?

dec9

masonic said:

What does it matter if they backdate the interest when they do receive it? Have you confirmed they will do this yet?

Yes they will back date the interest, but I wont feel easy until I actually see the money in my account

Johnny-Cage

dec9 said:

masonic said:

What does it matter if they backdate the interest when they do receive it? Have you confirmed they will do this yet?

Yes they will back date the interest, but I wont feel easy until I actually see the money in my account

Seems a lot of messing about for 2024 times 

slinger2

I don't recollect this specific problem being discussed for ZOPA. What it does show that, with a new payee, its a good idea to transfer a small amount (eg £1) and confirm that that works, before committing to large amounts. The same principle applies to linked accounts too.

masonic

slinger2 said:

I don't recollect this specific problem being discussed for ZOPA. What it does show that, with a new payee, its a good idea to transfer a small amount (eg £1) and confirm that that works, before committing to large amounts. The same principle applies to linked accounts too.

Posted to the wrong thread?

slinger2

True. Not sure how that happened

soulsaver

Does Principality get proof of posting? Send it recorded? Confirm it hasn't been cashed? 

I've done several transfers to Shawbrook without a hitch at their side . YBS screwed one up not waiting for maturity to transfer out.

dec9

soulsaver said:

Does Principality get proof of posting? Send it recorded? Confirm it hasn't been cashed? 

I've done several transfers to Shawbrook without a hitch at their side . YBS screwed one up not waiting for maturity to transfer out.

They confirmed it has not been cashed and also that if it is intercepted by a thief they would not be able to use it and my money would be safe.