NSI to Shawbrook cash isa transfer delay next steps

auser99

I set a cash ISA transfer in motion at the end of April - emailing to SB - who then confirmed receipt and that they'd emailed it onto NSI.

Was surprised to see the funds had left my NSI by the end of April - so expected it to be "plain sailing" afterwards and be well under the usual 15 days - having done those steps above so quickly.

Instead, we're 27th May now - i've chased SB numerous times and each time a day or 2 later they confirm they'll "check with NSI" or similar sentiments.

Is it worth getting a complaint in motion now, or wait until it's finally completed?

I thought the onus was on the receiving bank to pursue the transfer, not to have to be constantly harried along.

masonic

The receiving bank should indeed be doing all the legwork. It is worth submitting a complaint as the 15 days has been breached. Shawbrook should backdate interest, but something tells me that may need to form part of your complaint.

Cheque lost in the post?

GrubbyGirl_2

I know this isn't helpful but the only time I've ever had an issue transferring an ISA was when it was from NS&I. They really need to modernise their systems

auser99

https://forums.moneysavingexpert.com/discussion/comment/82014028#Comment_82014028

I moved money painlessly out of NSI to Virgin once, but the last time I tried NSI to Shawbrook took a couple of months.

Every other transfer, when actually done electronically has been incredibly quick 3-4 days - which always pleasantly surprised me due to the 2month slog a few years ago.

auser99

Ta - will log the complaint now i think - as using any maths they're comfortably past 15 workings days now.

And more importantly - haven't come close to sorting it . They may well claim lost cheque - but if the cheque was sent 1st May they should have been pursuing it - not letting me ask 3-4 times what's happening.

Dare say they'll throw £20 for my troubles in later on.

Yorkie1

I too had problems transferring an ISA from NS&I to Kent Reliance. It took ages, but KR kept chasing and kept me up to date with their actions. Got there in the end!

The common factor always seems to be NS&I's antiquated processes.

auser99

Quick update on this NSI to Shawbrook cash ISA transfer.

Took about 6 weeks instead of the 15 working days - took 2 cheques, the 1st one cancelled - but eventually went through.

SB paying comp, NSI confirming no loss of interest in between.

That was 2 weeks ago.

Now I've found out NSI have inexplicably reversed the transfer, presumably getting confused as to which cheque they should have been cancelling - meaning back to square 1!

Am hoping NSI can just rectify it by a faster transfer, but am expecting another saga with sending a cheque and all that fun again!