What an ICESAVE/ING Transfer joke

natman

Hello,
Thought i would share an absolute knightmare I am going through right now.......
Begining of March - opened up a new ICESAVE ISA, With my current ING Direct ISA being transferred in £3170..........

Due to the bad publicity and fear I had with ICESAVE, I decided to cease the opening of the account and stop the transfer from ING, this was 20th March.

I spoke to ICESAVE - They advised it would be no problem, but requested that I wrote and sent an e-mail confirming this. They also advised I spoke to ING Direct to highlight i had put stop to this request.
I telephoned ING Direct - they highlighted no communication had taken place with themselves and ICESAVE.They highlighted they would place a note on the account and asked me to write and e-mail this information, but no money would be able to be removed from the ING Direct ISA.

Phew everythings going well......................... not
On the 6th April I decide to place this years full allowance into my existing ING DIRECT ISA £3600, Submitted the request, everything hunky dorey!!!!

8th April I check to see the status on my ING Direct account - 'MESSAGE' Your account has ben closed please speak to customer services. I ring ING Customer services, they advise that the account has been closed due to a request from ICESAVE that i wanted to transfer the account to them. after half an hour highligting that i had originally wanted this to happen, but had cancelled it fell on deaf ears, they suggested i take it up with ICESAVE. I also highlighted to ING Direct that i had made a transacton of new funds for this tax year for £3600 and did i need to do anything with that transfer request at my current account. They advised that all activity on that account had stopped and the money £3600 would not be taken.

I rang ICESAVE on 8th April too - Waited frickn ages for them to answer, for them to tell me i no loger have an account with them (because i closed it ) and they cannot discuss any issues with me. I highlighted that they would be receiving funds from my previous provider and i needed to take some action - they stated they would not speak to me until the funds came and were unwilling to explan why they closed the account, yet did not stop the transfer - so my £3170 is not with ING Direct, ICESAVE will not discuss whether it is with them as yet and i have I have two closed accounts, so no where for my money to go anyway.........................

It gets better -
On the 9th April I checked the status of my current account and £3600 had been takem from it by ING Direct, to an account that no longer exists.
I rang ING Direct to discuss the issue and they highlighted due to my account being closed they cannot discuss the nature of my problem as the funds taken from my current account had not reached them.............

BASICALLY - I have £3170 that has gone from ING Direct to a non existant account at icesave, but icesave wont dicuss it with me.
I have £3600 that has gone from my current account to a non existant account but ING Direct wont discuss that with me - !!!!!!!!!!!!!

I have asked them both for solutions, but it is so difficult when they wont speak to you - so how to lose 6 grand in a week, good hey!!!!!:mad:

bristolleedsfan

natman wrote: »

so how to lose 6 grand in a week, good hey!!!!!:mad:

Yip ..............

natman

Thats a great question - I realise that if i had not changed my mind, things would of probably been ok in the short term - ICESAVE Account open with funds placed in it, but i did change my mind with 20 days before the transfer took place.

I spoke to everyone, emailed and wrote. I asked for clarification that my ISA Savings in ING Direct would be safe and ICESAVE could not request the monies and i was advised this could not happen.
I suppose I hold ING responsible that they had my money, they said it was safe and ICESAVE could not get it.

Then again i received this e-mail from icesave -
I confirm your ISA account has been deleted and I have stopped the transfer
request from your provider, may I advise you get in contact with your provider
to cancel the request at the other end.
I also hold ICESAVE responsible for not fufulling what they said they would do

i dunno

bristolleedsfan

[quote=natman;10066757_I_realise_that_if_i_had_not_changed_my_mind,_things_would_of_probably_been_ok_[/quote]


:T ..........:T U seem to forget that 30 days is the maximum time for ISA providers to transfer out, often transfer outs occur sooner than 30 days.


Its only 9 days ago that u was asking for advice. :huh: U should have let the transfer go through then transfer back out if u had concerns.

http://forums.moneysavingexpert.com/showthread.html?t=832791

Clever people dont have an ING ISA IMO. http://www.ingdirect.co.uk/savings/our_savings/isa/cashisa.asp

natman

I know my dithering may have not been helpful, but i reacted to so much negative news with ICESAVE. When i spoke with them they had not even sent out the transfer request.
When I spoke to ING Direct they had not even received anything from them, I really did all i could to avaoid this happening once i had decided not to go forward with the trasfer -
Alos ING Direct are offering csutomers who havd been with them for a year 6.5% tax free savings, so an offer i could not refuse!!!

talana

Regardless of what you should or shouldn't have done to begin with, let's focus on what you do now.

I rang ICESAVE on 8th April too - Waited frickn ages for them to answer, for them to tell me i no loger have an account with them (because i closed it ) and they cannot discuss any issues with me.

This seems to be ultimately what you requested Icesave to do. They've stopped it and closed the account at their end.

I telephoned ING Direct - they highlighted no communication had taken place with themselves and ICESAVE.They highlighted they would place a note on the account and asked me to write and e-mail this information, but no money would be able to be removed from the ING Direct ISA.

Despite communication presumably happening between them at some point, ING should have stopped it right there if they are to be believed.

I have £3600 that has gone from my current account to a non existant account but ING Direct wont discuss that with me - !!!!!!!!!!!!!

And this second part of the problem is all ING. So it all looks to me like ING's problem rather than Icesave's. Focus your effort on ING.

COCO

Hi All, i have £6000 to save but not sure where to put it, i have already used my isa entitlement for 2008/2009, could someone suggest the best bank or building society to use .

Coco.

natman

Thanks Talana.
I am concentrating more on ING at present, as i said they had my money, they made assurances that it could not be touched yet it has been.
However, ICESAVE will be in receipt of my transfer funds at some point soon and due to me waiting half an hour to speak to someone, to then go through the whole thing, then to say we have not requested money from ING and you have no account here is so frustrating............
I have to ring ICESAVE ON friday - 11th to see if they have received my funds 'by mistake'. so thats my friday night taken up!!!

:rotfl:

chesky369

well, if a bank receives monies for which it doesn't have an account, then those monies should be returned from whence they came - i.e. ING. I think you should definitely have concentrated on ING from the start and should now concentrate on them again recovering your money a.s.a.p.

bristolleedsfan

COCO wrote: »

Hi All, i have £6000 to save but not sure where to put it, i have already used my isa entitlement for 2008/2009, could someone suggest the best bank or building society to use .

Coco.

http://www.moneyfacts.co.uk/savings/bestbuys/default.aspx

Darth_Calculus

COCO wrote: »

Hi All, i have £6000 to save but not sure where to put it, i have already used my isa entitlement for 2008/2009, could someone suggest the best bank or building society to use .

Coco.

Coco, I think you would be better starting your own thread, or reading one of the savings best buy threads, rather than hijacking this thread.

Natman, it can be very frustrating dealing with people over the phone, as there is really nothing you can do to get them to rectify the situation if they are being stubborn.

However, it might be worth trying to ring Icesave / ING during the day if possible, rather than in the evening, as you'll probably not have to wait as long.

Lets hope that the money does not lose its tax free wrapper in all of this calamity.

Surely ING can get the 2008/09 money sorted out, as the money is all in their systems somewhere, so in that respect I agree with the previous poster, that you should concentrate on ING, as I cant see how they can really fob you off.

James