Deliberate delays in processing ISA transfers?

steve263

Have others experienced what appear to be deliberate delays in processing ISA transfers? I have twice now noticed the NatWest taking the full 15 days allowed in the guidance to process straightforward transfers for which they have been given advance notice. It seems that this may be a conscious policy and if so I wonder if there is any form of redress available.

[ A brief addition here in light of some comments below.

1. If NatWest is regularly or routinely processing transfers at the slowest speed permitted by the guidance, that suggests some sort of deliberate intent - even if it is only to employ insufficient staff to meet more than the strict letter of the guidance.
2. I don't know if this is regular or routine practice. Hence my question here.
3. The sums involved may be relatively small for individual investors but if this is regular practice, three weeks interest on multiple small accounts is no small mattter. Again, hence my question about others' experience.
4. I used the term 'redress' loosely. I'm not interested in compensation. I am interested in whether this is regular practice and if so if anything can be done about it. ]

dunstonh

Have others experienced what appear to be deliberate delays in processing ISA transfers? 

Almost certainly not; that sort of thing rarely happens.

I have twice now noticed the NatWest taking the full 15 days allowed in the guidance to process straightforward transfers for which they have been given advance notice. It seems that this may be a conscious policy and if so I wonder if there is any form of redress available.

You appear to be mistaking workflow capacity and staffing for an intention to delay.

Why do you believe you deserve redress when transfers occur within the allowed time period?

mebu60

If the transfer is completed within 15 working days, 3 weeks, then there is nothing to claim redress for.

In my recent experience they are usually done within a few days. I would expect longer if it's a new issue at an market leading rate.

eskbanker

https://forums.moneysavingexpert.com/discussion/6683755/deliberate-delays-in-processing-isa-transfers

As above, if the transfers are completed within the mandated timescale then there is no redress and even beyond that, actual losses may be minimal, given that ISA providers generally dovetail interest payments so that the money is always earning interest in one provider or the other.

Transfers obviously involve two parties so it may be that some of the time is with the other party, rather than all being within NatWest's control.

Finally, giving advance notice doesn't actually speed the process up - if you're referring to transferring a fixed term product after its maturity date, the option to specify that on the receiving provider's paperwork is simply to prevent premature access rather than to guarantee that it'll all happen immediately on maturity.

winkowinko

So no actual evidence of anything being deliberately delayed.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82140821#Comment_82140821

Workflow seems the most likely issue.

Back in 2023, a relative and I had an issue with Barclays with their very late processing of inward cash isa transfers from HL into their headline grabbing 4% 1 year fix product at that time.

HL had sent out the cash within 1 week of Barclays request in March, but nothing processed until June!

Barclays had been a victim of their own success, inundated with transfers into their 4% product but not having the staff resources to handle the volume, whilst actively seeking new business for the following ISA year.

We both lodged formal complaints for the extreme delay, and each were awarded £300 compensation as well as ensuring all interest backdated to the date they received the funds in March.

Can't see what the OP is complaining about, or any grounds for redress.

Albermarle

It is not that many years ago that an ISA transfer only taking 15 days would have been a kind of miracle .

steve263

I've never experienced it before and the fact that it is processed after exactly 15 days made me suspicious.

savit4l8er

I wouldn't think it's anything to be suspicious about, they are likely just busy and prioritising things, more with the aim of meeting deadlines. Another time, they might be quicker but if you have always experienced faster transfers, it might just come to mind, things do, but when you write it, it becomes a whole different thing. 😉

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82141165#Comment_82141165

Triaging workflow is perfectly normal. When busy and working to deadlines, you prioritise those closest to the deadline. That is pretty much a universal way of working.