Worst Cash ISA transfer saga ever?

auser99

Late April I initiated a cash ISA transfer NSI to Shawbrook sending about 55% of my NSI funds to them.

Took 6 weeks or so to go through (2 cheques, 1 didn't arrive, second one did), SB admitted the delay/lack of action, paid £50 compensation and I was happy it was over.

2 weeks after that I was amazed to see the transfer had been reversed - rang both sides, neither quite clear why - different story which cheque "bounced". Money not showing in either side's account, but NSI said it's safe in a "holding area" and reassured no loss of interest.

Arranged with NSI to send a 3rd cheque - moaned to SB again and despite their next letter saying it's all going through, go to the Ombudsman if i'm not happy, they actually paid another £50 compensation. Which if it goes through next week i'd be happy to leave….

Thought I'd just check my NSI to see if the missing amount is out of holding and back in my account - it's not, and even worse they've cleaned out the remaining 45% of the amount, which is inexplicable.

As if this nonsense isn't getting properly trying - the "45%" left in the NSI account left, that they've now taken is less than the original cheque - so makes zero sense where that's gone - i fear that might bounce as it's not enough for the transfer!

So this is getting really trying now, getting worried where this money currently is - and wonder what people would advise?

Ring NSI asap tomorrow (again!), then a proper complaint to NSI? Get their final response and if not satisfactory, Ombudsman?

Has anyone heard of a saga sillier than this? Thought the 2months it took last time from NSI to Shawbrook was bad, but this is something else.

masonic

Reminds me of the in specie S&S ISA transfers of old, where after 2-3 months some people would find different investments arrive into their new ISA.

This could end up being quite lucrative for you in the end, complete mess that it is.

xylophone

Had you seen this post?

https://forums.moneysavingexpert.com/discussion/6674357/ns-i-vs-santander-why-can-t-they-transfer-an-isa

auser99

https://forums.moneysavingexpert.com/discussion/comment/82056564#Comment_82056564

I'm generally quite easy going and was easily satisfied with the Shawbrook £50 each time - as long as it was sorted.

But this last NSI mix up is utterly bizarre, and destined for failure too!

The worst thing is on the NSI site, when you have zero in a type of account you lose the transfer history. Thankfully i have the yearly printed statement to prove the total in there!

auser99

https://forums.moneysavingexpert.com/discussion/comment/82056574#Comment_82056574

Wow that sounds even worse - especially being in an exam period, i'll go and check it out, thanks.

Hopefully it has an outcome/compensation/resolution!

twopenny

Like Xylophone post, I had misinformation from Santander and Barclays.

Santander was such a mess transferring out and it lost me some interest. Someone suggested I should complain but I was exhausted just sorting it out over weeks and didn't want to prolong the agony.

auser99

NSI give an email that is "customer queries" so ive stressed i want them to log it as a complaint this time and give me a reference. It's beyond just a polite response saying looking into it now. They are quite good at replying from this address, surprising me replying at the weekend once…

Then i'll ring them tomorrow.

It's been a cash isa transferring period of the best and worst. Shawbrook to Santander was brilliant - 3 or 4 days - although electronic and easier to go well!

NSI to Shawbrook - pretty poor a couple of years ago - even worse this time. Sending cheques is utterly ridiculous these days and just screams for issues. Then the second a cheque goes missing / turns up / more than 1 cheque, it just invites admin madness.