Nightmare! Oak North & Coventry BS funds transfer issues - now neither will give me my money

velocipede

OK this will take some explaining!

A few days ago, I opened a new Easy Access Savings account at OakNorth and funded it by transferring funds from a Cov BS 12 month fixed term bond that was maturing at the end of December. 

The money was sent from the Cov - and received by Oak North. However, Oak North are saying the funds didn't come from my nominated account and they are refusing to accept them and want to send them back to Cov. But Cov are saying my account is closed and they can't accept the funds.

Right now, Oak North have my money but won't pay it into my new account and I am stuck.

Oak North have requested a copy of a statement from Coventry, but as my account is closed, I can't get one and the only thing Cov can provide is a closing statement, which they have provided and I have passed on. Oak North say that they won't accept closing statements!

What on earth can I do - this is very very stressful as it's a large sum of money involved.

xylophone

Open a new easy access account with Coventry and have Oak North send the money there?

velocipede

xylophone said:

Open a new easy access account with Coventry and have Oak North send the money there?

They are refusing to do anything other than bounce it back....!

AmityNeon

What was the purpose of Oak North requesting a copy statement from Coventry? If closing statements aren't accepted, what did Oak North suggest as an alternative? Are you not able to change your nominated account? Whatever proof you provided to Oak North to nominate your current account, surely you can do the same to change your nominated account.

velocipede

AmityNeon said:

What was the purpose of Oak North requesting a copy statement from Coventry? If closing statements aren't accepted, what did Oak North suggest as an alternative? Are you not able to change your nominated account? Whatever proof you provided to Oak North to nominate your current account, surely you can do the same to change your nominated account.

That sounds eminently sensible, except for the fact that it's too late, ie the nominated account wasn't changed before I sent the cash, and I can't now change it to the Cove account as that no longer exists.....it's like I'm caught in another dimension! It's so frustrating!

Your point about asking them for an alternative solution is a good one though...right now we're in a situation where they have my money but I seemingly can't have it!

I should have also mentioned that I'm an existing customer of Oak North, so they already have evidence of who I am!

xylophone

Do you have any original correspondence from Coventry evidencing the opening of the bond?

velocipede

xylophone said:

Do you have any original correspondence from Coventry evidencing the opening of the bond?

Yep, we've provided provided that. 

AmityNeon

Firmly press them for a solution and inform them you'll otherwise raise a complaint and escalate to the FOS if necessary. They cannot keep your money in limbo in perpetuity just because your circumstances have fallen through their standard procedures. Regardless, you should absolutely claim back any lost interest.

DRS1

Can you speak to Coventry say Oak North are going to send the money to your account (give them the number of the closed account) say you understand Coventry can't accept it into that account because it is closed and ask them to credit it to another account in your name?

badmemory

Ask the coventry for the number of the account that they changed your fixed account to after the end of the fixed term.

subjecttocontract

How awful. What a ridiculous, frustrating and annoying position to be in. Hope you get it resolved asap. In the meantime I'll add Oak North to my growing list of those to 'Avoid' if that's how they treat customers.