ISA Transfer Disaster

simonpies234

I won't name the bank now, in case it affects my outcome. But will if it gets resolved. I'm just after some urgent advice for now.

So I apply for an ISA with transfer in from another bank at the application stage. They send emails saying the transfer is happening and the money gets sent on a Monday morning by faster payment. I wait until 4pm to call and ask why it has not been deposited into my account.

They then say over the phone they require ID documents, this was not requested before. I don't have a smart phone, but sent the document by Special Delivery and have tracking. They receive it, process it and deposit the ISA funds from thier holding account into my account, sending emails that day confirming.

Over the next 2 weeks, they keep sending requests by email for the same ID documents, each time I call they say it will stop. I lost my patience last week and started a transfer out from them into another bank. They lied to me on the phone today about this transfer and are ignoring the other bank.

I know it's a waiting game until it sorts itself out. But the risk I see here is they close the account becuase they say the KYC was not complete and I failed to meet their requests for it. I'm just banging my head agaisnt a wall with the phone calls I make to them.

If it was a normal account I would not care, but it's an ISA and it has a few years and more full contributions in it.

dunstonh

 I lost my patience last week and started a transfer out from them into another bank. 

Probably not a good move. It could trigger enhanced AML checks. Especailly, when you have failed the electronic check to begin with.

simonpies234

https://forums.moneysavingexpert.com/discussion/comment/81906879#Comment_81906879

I'm fine with that, nothing to hide, if they just come out and say that. But they just keep saying they will stop sending the requests. I did post my ID to them, which they processed.

What more can I do. I'm just going around in circles with them on the phone.

There are a few cases similar to mine on Trust Pilot.

I suppose it's sit back and let it ride out how they want. I am supposed to keep calling every time they send an email. The only other option is a complaint at this stage.

simonpies234

Also, they fail to complete checks on the person making an aplication to transfer 'my' ISA. Then proceed to hold the funds in a holding account, which has zero FCSC protection, until I send the documents to complete the checks.Then badger me relentlessly requesting the documents again, while saying they will stop.

It's something straight out of the Twilight Zone.

DRS1

Maybe I am out of date but when banks etc ask for ID don't they say one document from List A and one document from List B? Is it possible you sent them one document when they needed two?

simonpies234

https://forums.moneysavingexpert.com/discussion/comment/81907034#Comment_81907034

Thanks for reply, but alas, I wished. They only want the one,

"•Identification - passport or driver’s license."

At no point has anyone said anything else is needed. It seems someone from the ISA department viewed the driving license, actioned the funds being moved from the holding account and then returned it to me. Without updating the system or somehting.

I fired an email to their customer service tonight, after they sent an email from there today for the first time all the others come from 'noreply' address. I will see what they say. But I don't think they discuss accounts via email.

I will wait until Friday and if the transfer out is not actioned I will submit a formal complaint and just wait from there. Their terms & conditions state they send funds to another ISA manager on request within 5 days. So I will know by then they have no intention.

It's 2.00am and I'll be up all night for the four time over this, in 2 weeks.

wmb194

https://forums.moneysavingexpert.com/discussion/6657731/isa-transfer-disaster

Do you have an iPad or Android tablet? They'll run phone apps and you could resubmit your ID in the requested manner that way.

simonpies234

https://forums.moneysavingexpert.com/discussion/comment/81907207#Comment_81907207

I have thought about that, even re sending in the post maybe, just for closure.

I have access to an oldish iphone, not sure what version. But it might struggle to meet the requirements. I'm not sure about their standards, they do state they might request you send again in the email.

I'm relucatant to try the phone route because if it fails. Can of worms.

Are there any shops that hire these things. I went to an internet cafe, but they only had web cams which was useless.

simonpies234

It's a 2018 Iphone 7mp front camera. AI says it should do it, with good lighting.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81907260#Comment_81907260

Give it a go, the bank's app will tell you if it doesn't meet its requirements. It sounds like you're stuck in a, "computer says no" loop and what the computer wants is for you to use the app to supply the ID.

simonpies234

https://forums.moneysavingexpert.com/discussion/comment/81907270#Comment_81907270

I agree. I will try the phone route, if that fails I will re send in the post certified documents which they accept.

I can't lose 4 years ISA subs, with out trying.