Probelm with CHIP are they really this bad?

mta999

Hello I am a 73 year old pensioner - I basically have my pension and some savings which was with Coventry Building Society in an ISA

Not much but enough provide a bit of security

For some reason I decided to transfer to chip because they seem to have a better rate

To cut a long story short Coventry sent the money and chip then cancelled the isa transfer and sent the money back to Coventry saying the 'amount sent was incorrect' - not sure what this means

Coventry closed my ISA account so when the isa money went back there was no account to put it in.

I tried to use the chat function to contact chip but got one message saying yes the ISA transfer was cancelled and then they did not  reply to any other messages asking what I should do next - basically complete radio silence

Is this just me being unlucky or are they always this bad.

My isa transfer money is now in a holding account with Coventry.

jimjames

I've got an account with Chip, very happy with them but equally I've not had to contact them for any problems. My ISA transfer to them went very smoothly. They pay the interest every month on time and give you notification what it will be.

masonic

Coventry must reinstate the ISA. Suspect this would now be your preferred option. You can then transfer somewhere else if you wish.

Worth raising a formal complaint against Chip though.

mta999

Coventry have said they cannot re-open the old ISA - once an account is closed it is closed.

I have to open one from their current range which has a lower interest rate (it was a 6 access isa at 4%, new one is 3.55%)

mta999

Not sure how to complain to chip they literally don't answer any of my chat posts and they have no telephone contact.

winkowinko

No issues with Chip here. Had an ISA with them for 3 months, but transfer out was complete today (bonus expired). 
 
The bonus was due to expire on Sunday, and I started the transfer (to Vida) on Wednesday, thinking it would probably take a week or so, but no, done and dusted within 48 hours. Annoyingly fast infact, as I've missed out on 2 days higher interest that I would have got from Chip 

Peter999_2

mta999 said:

Coventry have said they cannot re-open the old ISA - once an account is closed it is closed.

I have to open one from their current range which has a lower interest rate (it was a 6 access isa at 4%, new one is 3.55%)

That's ok then isn't it?  Open the 3.55% one and then transfer it out somewhere else.

prettyandfluffy

Ignore the chat option and make a complaint by email, make sure you include the word COMPLAINT in the subject line,

masonic

mta999 said:

Coventry have said they cannot re-open the old ISA - once an account is closed it is closed.

I have to open one from their current range which has a lower interest rate (it was a 6 access isa at 4%, new one is 3.55%)

Yes, this is correct. You don't get to keep the same terms on the reinstated ISA. As I mentioned, you can transfer it elsewhere if you wish.

mta999 said:

Not sure how to complain to chip they literally don't answer any of my chat posts and they have no telephone contact.

Their complaints policy is not difficult to locate, see https://www.getchip.uk/legal/complaints

mta999

Peter999_2 said:

mta999 said:

Coventry have said they cannot re-open the old ISA - once an account is closed it is closed.

I have to open one from their current range which has a lower interest rate (it was a 6 access isa at 4%, new one is 3.55%)

That's ok then isn't it?  Open the 3.55% one and then transfer it out somewhere else.

Yes that is exactly what I will do

my problem with chip was more for the fact that they returned to the transfer in the first place and then did not answer any of my chat posts. CHIP is not for me I think.