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Another ISA transfer delay!
MickK_3
Posts: 10 Forumite
Transferring mini cash isa from Natwest to eisa Bradford & Bingley.
1.) Jan 9th applied to transfer on line.
2.) Completed isa transfer form and posted to B&B e savings unit in Newcastle next day.
3.) 31st Jan B&B sent transfer request to Natwest.
4.) 7th Feb Natwest closed mini cash isa account and paid up the interest to that date.
5.) 7th Feb 2.38pm(confirmed in writing) Natwest sent cheque as requested (normal post) to B&B.
6.) 15th Feb B&B still have not received cheque and so cannot open new eisa.
Now I am aware reading previous posts that these sorts of delays are common, but why are these transactions not better regulated?
We are led to believe that the new isa manager will carry out the transaction on our behalf without problem, but why does it always end up with each party blaming the post office and we're the piggy in the middle.
In this case Natwest ensure me that they have sent the cheque as requested and I should wait another week for it to turn up! I asked why they couldn't stop the check and resend a replacement using recorded dely. I'm affraid this got the usual 'not our policy Sir, we have to give the cheque 30 days'. Well this is my cheque and my loss of interest! It seems to me that Natwest have lost interst in me just because I wanted to get better isa interest when they dropped theirs. On the other hand my cheque could be in the received but not processed pile with B&B although they say it has not arrived. Any help would be appreciated. Thanks.
1.) Jan 9th applied to transfer on line.
2.) Completed isa transfer form and posted to B&B e savings unit in Newcastle next day.
3.) 31st Jan B&B sent transfer request to Natwest.
4.) 7th Feb Natwest closed mini cash isa account and paid up the interest to that date.
5.) 7th Feb 2.38pm(confirmed in writing) Natwest sent cheque as requested (normal post) to B&B.
6.) 15th Feb B&B still have not received cheque and so cannot open new eisa.
Now I am aware reading previous posts that these sorts of delays are common, but why are these transactions not better regulated?
We are led to believe that the new isa manager will carry out the transaction on our behalf without problem, but why does it always end up with each party blaming the post office and we're the piggy in the middle.
In this case Natwest ensure me that they have sent the cheque as requested and I should wait another week for it to turn up! I asked why they couldn't stop the check and resend a replacement using recorded dely. I'm affraid this got the usual 'not our policy Sir, we have to give the cheque 30 days'. Well this is my cheque and my loss of interest! It seems to me that Natwest have lost interst in me just because I wanted to get better isa interest when they dropped theirs. On the other hand my cheque could be in the received but not processed pile with B&B although they say it has not arrived. Any help would be appreciated. Thanks.
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Comments
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I know it's no help, but I had exactly the same problem last year when transferring from A&L to Abbey. A&L said they'd sent the cheque and Abbey said they hadn't received it (odd though because Abbey said they'd got a note on my records that "some" post had been received, but they didn't know what). Evenutually, I had to ask A&L (at Abbey's request) to stop the cheque and re-send. That was lost too! Abbey said it would be easier if HMRC didn't insist on transfers being carried out by cheque, but allowed BACS instead. I sent an email to HMRC to check to see if that was correct, they said that they don't care how the funds are transferred, they don't insist on cheques and Abbey had mis informed me. I have to say, to A&L's credit, they recalculated the cheques before re-sending to Abbey, so I didn't lose any interest as a result of all the faffing about, and Abbey sent me a cheque to compensate for all of the inconvenience and phone calls. I now dread transferring ISA's!0
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If the transfer takes longer than 30 days then you should be able to claim compensation. You shouldn't lose out at all if a cheque is lost in the post.0
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In my case, the new provider (Icesave) took almost 3 weeks before making the transfer request to my old provider (Stafford railway). In a letter, they say the old provider has now up to 30 days to complete the transfer. So, n theory, if both have 30 days, that could take up to 2 months?0
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If the transfer takes longer than 30 days then you should be able to claim compensation. You shouldn't lose out at all if a cheque is lost in the post.
Is the transfer time, time from closed old isa account to time opened new isa account? My old isa bank Natwest have already told me they can't stop and resend the cheque for 30 days! Or are they fobbing me off? They are meant to be ringinging me tomorrow am but I bet I have to ring them! Thanks for your interest.0 -
In my case, the new provider (Icesave) took almost 3 weeks before making the transfer request to my old provider (Stafford railway). In a letter, they say the old provider has now up to 30 days to complete the transfer. So, n theory, if both have 30 days, that could take up to 2 months?
i transfer ISA's for a living (stocks and shares type) and the old plan manager has 30 days to action/complete the transfer. the new plan manager has little to do, they receive your instructions and write to the old plan manager accepting the transfer. i can't ever see why cash isa's take time, there is no funds to be sold/transferred. once the new plan manager receives the cheque they should apply it to your account straight away (FSA regs say all cheques have to be banked within 24 hours of receipt)0 -
Is the transfer time, time from closed old isa account to time opened new isa account? My old isa bank Natwest have already told me they can't stop and resend the cheque for 30 days! Or are they fobbing me off? They are meant to be ringinging me tomorrow am but I bet I have to ring them! Thanks for your interest.
to stop and reissue a cheque takes a few days not 30 days, they're taking the p in my opinion. if they beleive the cheque has been banked then a trace can take up to 21 days as they would have to liase with the bank0 -
to stop and reissue a cheque takes a few days not 30 days, they're taking the p in my opinion. if they beleive the cheque has been banked then a trace can take up to 21 days as they would have to liase with the bank
one more thing, put pressue on both sides if you need to, although you shouldn't have to it does help a great deal if both sides are under pressure from the customer, trust me it works
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They don't both have 30 days. In theory, it can take an unlimited amount of time if your transfer form gets delayed/lost in the post and you don't follow it up. If you can show that Landsbanki definitely did receive your transfer request several weeks before they acted on it (and your account was open and ready to receive the funds all of that time), you might want to try your luck at complaining.So, n theory, if both have 30 days, that could take up to 2 months?0 -
i transfer ISA's for a living (stocks and shares type) and the old plan manager has 30 days to action/complete the transfer. the new plan manager has little to do, they receive your instructions and write to the old plan manager accepting the transfer. i can't ever see why cash isa's take time, there is no funds to be sold/transferred. once the new plan manager receives the cheque they should apply it to your account straight away (FSA regs say all cheques have to be banked within 24 hours of receipt)
The old plan manager (Natwest) have told me again today that they have 30 days to carry out the transfer. I asked is that from transfer request receipt from new manager (B&B) ie.31st January or from account close date ie.7th Feb? I already have it in writing that the funds have been sent on 7th Feb. they won't allow me to stop the cheque until this timescale has elapsed. It will be up to me to recoup the lost interest from B&B. They said if the transfer was reversed they would make up the lost interest. Yeh Yeh!
Seems like Natwest are doing everything they can to delay the transfer. Remember I signed the transfer request form 9th Jan. Beware.0 -
If the old cheque ends up being cancelled, then you should push for Natwest to pay interest up until the date a new cheque is issued.
On the subject of the 30 day limit, HMRC are a bit vague on this, but the latest it could possibly start is from the date the new ISA manager informs the old ISA manager that they are willing to accept the transfer (since all that is left to do after that time is forward the paperwork and the cheque).0
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