Shawbrook Bank - how do they get away with it?

HUMBUG

https://forums.moneysavingexpert.com/discussion/comment/81964019#Comment_81964019

I don't find it acceptable at all if you have a large sum.

I'm losing £9 per day for every day they delay the transfer , which , imho, should be immediate. Not 1 , 2 ,3 days or the ridiculous legal timeline of 15 working days.

The fact that they parked matured fixed rate customer accounts into a paltry 0.1% account is an unfair practice.

I do not want Shawbrook to gain a penny of the interest that is due to me at some fair rate which the FO judged should be the highest 'Easy Access Cash ISA' interest market rate at the time. I'm just about to raise another formal complaint to them for parking my funds in this measly 0.1% rate (even though its in their T&C's).

MrRee_2

Staggeringly bad treatment at the hands of this Bank - they reminded me that the maturity of my 1 year ISA was approaching and I had to give them my maturity instructions - if I did not the funds would be placed in the Matured Funds Account paying, wait for it, 0.1% - yes you read that correctly 0.1%!!!!!! So, of course, I gave them 1 month notice that I would be transferring my funds, on maturity, to another provider. I had completed my instructions according to what I thought was my obligations to avoid the funds dropping into a 0.1% account. What did they do? They put the funds into the 0.1% account!!!!! When I questioned it they say that a transfer out is not considered a Maturity Instruction!! WHAT??? How many people are they ripping off like this? How many people are they treating so badly? They have ignored my complaint - just pointing to their process, of which I was NOT informed. I am beyond disappointed that they act like this. BEWARE!!!!

MrRee_2

Just been caught out with the rip off tactics of this shady Bank - Shawbrook you are an absolute disgrace!!!

Staggeringly bad treatment at the hands of this Bank - they reminded me that the maturity of my 1 year ISA was approaching and I had to give them my maturity instructions - if I did not the funds would be placed in the Matured Funds Account paying, wait for it, 0.1% - yes you read that correctly 0.1%!!!!!! So, of course, I gave them 1 month notice that I would be transferring my funds, on maturity, to another provider. I had completed my instructions according to what I thought was my obligations to avoid the funds dropping into a 0.1% account. What did they do? They put the funds into the 0.1% account!!!!! When I questioned it they say that a transfer out is not considered a Maturity Instruction!! WHAT??? How many people are they ripping off like this? How many people are they treating so badly? They have ignored my complaint - just pointing to their process, of which I was NOT informed. I am beyond disappointed that they act like this. BEWARE!!!!

mta999

That was not a maturity instruction -a maturity instruction would have been for example to transfer it to a Shawbrook easy access cash ISA paying 2.7% and then you could have asked your new provider to transfer that across

MrRee_2

https://forums.moneysavingexpert.com/discussion/comment/82013796#Comment_82013796

I was informed that the transfer was pending - these rip off merchants did not tell me that the transfer out instruction didn't count. Amazing that a maturity transfer to one of their accounts IS considered an instruction!! And 2.7% is pathetic when I wanted it moved to 4.3%!!!! On £120k that's £1920 a year!!!! Hardly something I want to consider actually!! Nope, they know what they're doing - ripping people off!!!!

masonic

https://forums.moneysavingexpert.com/discussion/comment/82013796#Comment_82013796

A transfer request pended to maturity can be a maturity instruction and some providers will accept one as such. I don't know what Shawbrook say in their maturity letter. I'd normally recommend doing as you suggest and submitting a transfer request immediately after maturity, rather than trying to get it done on a particular date to avoid it maturing into something else, potentially with a different account number.

masonic

Is this not just a repeat of your previous thread started a month ago? Suggest continuing the discussion there.

https://forums.moneysavingexpert.com/discussion/6664149/shawbrook-bank-how-do-they-get-away-with-it

masonic

https://forums.moneysavingexpert.com/discussion/comment/82013802#Comment_82013802

If they confirmed the transfer instruction was pending, then it should have been carried out at or just after maturity, which was 10th April. Today is 27th May. What happened to the pending transfer instruction? Is your ISA still earning 0.1% with Shawbrook, or did the transfer happen at some point over the last month and a half?

You have reasonable grounds for complaint about the period your money was earning just 0.1% BTW.

mta999

What happens if I ask another provider to transfer my Shawbrook ISA before it matures?

If you ask another provider to transfer your Shawbrook ISA before it matures, the transfer will not begin until your ISA reaches maturity.

Until your ISA reaches its maturity date, your account remains open with Shawbrook. This means:

• you may continue to receive maturity reminders 
   
• when your ISA reaches maturity, it will move into a matured funds cash ISA, even if we’ve received a transfer instruction. It will stay in matured funds until we transfer the money to your new provider. Cash ISA transfers can take up to 15 working days

If we’ve confirmed that your ISA transfer has been accepted, you can safely ignore any automated Shawbrook maturity reminders you receive.

mta999

duplicate post as above

And as replied to in your other thread, shawbook are doing exactly what they say they will do in their terms and conditions