Shawbrook Bank - Ignores undelivered maturity emails- assumes you've received them.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81968283#Comment_81968283

The Consumer Duty changes that. Financial institutions now have an obligation to "act to deliver good outcomes for consumers". Defaulting a consumer to roll over into a 0.1% easy access account is not a good outcome if there is an equivalent product that could have been chosen paying 27 times that rate. If everyone submitted a formal complaint when this happened, then firms would soon stop this practice. Each complaint would have to be upheld, and the FOS has demonstrated it will uphold such complaints if the institution will not.

qbadger

Does the 0.1% EA “rollover” account keep the same account details as the original fixed term?

Previously I instructed maturity into a new EA account (their best rate at the time), but they then rejected an ISA transfer I’d already set up to complete after maturity, because the account details provided in the request are no longer valid!

fuzzzzy

I don't know what happens with the account details for the default rollover 0.1% account, but if Shawbrook rejected a transfer set up pre maturity to another provider because account details had changed in that scenario, then that would definitely warrant a complaint to Shawbrook.

masonic

Transfer rejections due to account details changing should only be "a thing" where the customer submits a transfer request to complete immediately very close to the maturity date and it is received after the account has already matured.

HUMBUG

https://forums.moneysavingexpert.com/discussion/comment/81968142#Comment_81968142

Yes - this time I received the email with their confirmation that they received the transfer request and it may take 15 working days. If they decide to delay that transfer for 15 working days , I would have lost £8.80 x 20 days = £176 approx.

I've sent them another message saying I wish to make a formal complaint because the FO decided in my favour that the 0.1% was unfair (ie. as per my previous FO case) and I was given a goodwill credit. Now they've done it again, so I am expecting another goodwill payment.

While they delay my transfer , VIDA might pull their savings product and I will be stuck with Shawbrook again, out of pocket having lost interest in their piddly 0.1% holding account.

HUMBUG

I have already raised another complaint via Shawbrooks internal messaging system . They say it will take 8 weeks to reply , but I've also sent another message asking them to provide a rational reason why the transfer hasn't already taken place because it should be immediate via the electronic banking system.

HUMBUG

Here is a reply from Shawbook regarding the why it could take 15 working days to do the Cash ISA Transfer to VIDA.

"Thank you for your message. ISA transfers typically take up to 15 working days to complete, even when processed electronically. This timeframe allows for coordination between Shawbrook and the receiving provider, Vida, to ensure the transfer is completed accurately and securely. The transfers of ISAs from one provider to another is a highly regulated process."

HUMBUG

I sent their customer service people a copy of the email I've just sent to their CEO about this issue and hey presto, my funds have been transferred immediately to VIDA.

Out of sheer principle I will still be asking for compensation for the small amount of interest that I've lost.

eskbanker

I can't recall whether it's already been posted on this lengthy thread, but the 15 working day timeframe set out in the regulations is broken down into smaller chunks for each party's actions (where 'you' refers to the ceding provider), so these are the yardstick against which any delays need to be measured:

Cash ISA to Cash ISA transfers must take place within 15 business days of the transfer instruction being received by the new ISA manager, unless the investor stipulates that the 15 days starts on a later date. The 15 days are broken down as:

The new ISA manager has 5 business days to forward the instruction to you.

You have 5 business days to send the funds and information to be provided to the new ISA manager.

The new ISA manager has 3 business days to apply the funds to the new ISA.

The other 2 days are to allow for time taken for first class post between you and the new manager.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfers