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Transfer Cash ISAs Discussion Area

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  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    You mean you haven't written a formal complaint yet?

    I would say complain, but B&B no longer exist....
  • 10_66
    10_66 Posts: 3,467 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 30 June 2009 at 7:34PM
    Hope I've posted in the right place but I'm very wound up at the moment, so forgive any mistakes.

    Thought I was making a sound judgement back in April when I suggested to my husband we should transfer his cash isa from HSBC (because of the dire rates) to a 1 year fixed rate ISA with Bradford & Bingley. We visited our local B&B branch on the 6th April and he filled in the transfer form plus he provided all the necessary identification. We then crossed the road to HSBC and handed them the relevant transfer forms. We received confirmation from HSBC the account was closed on the 16th April. Approximately 3 weeks later we received a letter and a form from B&B head office asking for my husband to sign the enclosed paperwork plus we had to provide proof of identity. It transpires on our 1st visit they should have taken copies but they just checked the details without taking photocopies. So we had to pay another visit to branch to get his I.D. certified, we then posted everything off in the SAE provided. We've had no confirmation of his account being opened and I was starting to get very concerned. Phoned local office told not to worry and give it a little longer. Two weeks ago we paid them a visit and they had no trace of my husband on their system (where had our money gone???). The branch staff were very pleasant and did their best to help. Seems the problem lies with merger of their computer systems with Santander and other customers had been affected. Was told they would investigate and get back to us in writing but still nothing. Phoned yesterday and was promised they would get back to us asap. Today my husband received a letter from HSBC informing us that our account was closed on 16th April and the funds were sent by cheque to B&B. 'they have since returned the cheque and paperwork advising that the product you wish to transfer was withdrawn from sale on 2 May 2009'.:mad::mad: Therefore, we will open a new Cash Isa for you and return it to its original stae. This process can take up to 3 working weeks to complete.

    I rang B&B this morning and explained the situation to a member of staff who thought I was being extremely calm considering the situation. I've got angrier as the day has progressed and now I'm really steamed up over it (and the weather isn't helping). Apart from all the time wasted, phone calls made, visits made and we've also lost interest.

    Have we got a good case for complaint? They had my husbands address,email and phone number but they didn't even have the courtesy to contact us directly.
    I can appreciate their computer problems due to the merger but why should their customers suffer due to their inefficiency. sorry for this long rambling tirade but I'm really wound up by this gross case of inefficiency.

    Has anyone else been in this situation?


    I'd ring up the Financial Ombudsman Service (link HERE) to ask if you can still complain about them (due to Santander takeover). If you can, I certainly would, because it'll cost B&B (Santander) £500 for the FOS case fee for the FOS to investigate the complaint, whether or not the complaint's upheld. If you ring them on the number in the link above, the FOS will actually contact the company for you, to initiate the complaint, though you'd still have to wait 8 weeks to see if B&B (Santander) will resolve the complaint before the FOS will go any further with the investigation. HERE'S another link from the FOS site you might find useful.
  • Francesanne
    Francesanne Posts: 2,081 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Lokolo wrote: »
    You mean you haven't written a formal complaint yet?

    I would say complain, but B&B no longer exist....
    I appreciate it's now part of Santander and I think that's the cause of our problem. I'm certainly going to complain but needed to vent my anger and frustration.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Of course you can still complain about them - they were a division of Abbey when you applied for the account, and they still are.

    They should allow you to have the account you applied for, and backdate the interest to the date they received the cheque from HSBC.

    There is no need at all to get the FOS involved. Simply write to B&B complaining, with the evidence of what went wrong, and they will sort it out.
  • Francesanne
    Francesanne Posts: 2,081 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    MarkyMarkD wrote: »
    Of course you can still complain about them - they were a division of Abbey when you applied for the account, and they still are.

    They should allow you to have the account you applied for, and backdate the interest to the date they received the cheque from HSBC.

    There is no need at all to get the FOS involved. Simply write to B&B complaining, with the evidence of what went wrong, and they will sort it out.
    Thanks for your help. Would it be best to complain directly to the branch and copy head office or vice versa? Have never been in this position before and would rather take this route.
  • 10_66
    10_66 Posts: 3,467 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 1 July 2009 at 5:45PM
    Thanks for your help. Would it be best to complain directly to the branch and copy head office or vice versa? Have never been in this position before and would rather take this route.

    If you intend to complain to B&B (Abbey) yourself rather than going through the FOS, then THIS link is the one from Abbey's website for complaints. There isn't anything on B&B website now for contacts (other than branch addresses), so I would imagine that they intend for all matters such as this to be directed to Abbey. I can't see the point in going through the branch, as you've already tried them and the issue hasn't been resolved. You could contact the branch you dealt with to ask whether complaints should be directed to the address in the link above.
  • Hope I've got the right thread...

    I opened a CASH ISA in late April this year (so 09-10 tax year). My previous ISAs with other providers are giving miserly rates of about 0.3%. The current year ISA, in which I have £1,200 invested, does NOT allow transfers in.

    Am I correct in deducing from Martin's transfer article that I CAN open another NEW ISA for this tax year and transfer in the other years' ISAs?

    The 'rules' and guidelines are not that clear, or it would seem to me. :confused:

    Many thanks in advance.
  • 10_66
    10_66 Posts: 3,467 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Doobydools wrote: »
    ...Am I correct in deducing from Martin's transfer article that I CAN open another NEW ISA for this tax year and transfer in the other years' ISAs?...

    Yes, you're correct. You can open another ISA in order to transfer previous years' ISAs into it. Usually, you complete a transfer in form from the new provider, and send it back to them. However, occasionally, you may be required by the new provider to send the transfer form to your old provider yourself.
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    The rules are completely clear. You cannot FUND more than one ISA per year. You can open as many as you like, if they merely receive previous years' ISA funds.
  • pgt67
    pgt67 Posts: 50 Forumite
    MarkyMarkD wrote: »
    The rules are completely clear. You cannot FUND more than one ISA per year. You can open as many as you like, if they merely receive previous years' ISA funds.

    I'm confused now, I know I shouldn't be but it seems as clear as mud :confused:

    I have a cash ISA that i already subscribe to with funds from previous years in it. i wish to transfer the whole lot to a better rate ISA account but am unclear on how I go about it. Do I open an account and transfer it over or fill out a transfer form and pass it onto whomever I decide to open the new account with.

    Is it possible to open an account without having to make an initial deposit?
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