Nationwide Mini cash ISA transfer, how long does it take?

Milarky

My request to (transfer to) Nationwide was only acknowledged 31 days after they received it. The letter (with no sense of irony) informs me that: "under ISA rules your current provider has 30 days to send your funds to us"

I shelled out on an 0845 call to HMRC to try and get to the bottom of this. They agree that their '30 days rule' only relates to the time once the 'new' provider contacts the old provider - in other words Nationwide can deliberately take as long as it wants to write out on your behalf and there is nothing 'in the rules' anyone can do about it. As others have pointed out, they may then receive the funds pretty promptly but take up to 3 weeks even to inform customers of the receipt and opening of their ISA - and branch staff don't know diddly squat about it. I cannot believe that this practice is all an accident - or a result of being 'swamped' by enquiries (they choose to run a centralised, cocooned, ISA operation after all) and I suspect it is deliberate.

But one consequence of all this may have been that Nationwide hasn't been able to withdraw the fixed rate offer which it has now been running since last July. If you think about it, the terms clearly state the fixed rate is not guaranteed on application and may not be available by the time any transfer is completed. But if Nationwide are themselves taking this much time they can't very well drop the rate two weeks after they accept an application (knowing it is going to take 30 days even to send the request) The delay makes them responsible for the fixed rate not being available if this happens.

Update: Scarborough B.S. have written to me confirming withdrawal and sending of cheque to Nationwide on 16th May 3 days after the Nationwide letter to me! They aren't hanging about counting down the days from 30 are they?

purplestar133

I am in a similar position to the original poster, but haven't been waiting as long. I applied to transfer from KRBS to Nationwide fixed rate ISA at the end of April. I haven't heard anything.

I am a worrier, and have been trying to put it out of my mind to save me worrying about another thing I can't do anything about. Is it worth ringing them up? Does that rush it on at all, or do they just fob you off?

It's worth noting that when I applied Nationwide said I would get the rate that applies at the time they receive the cheque from the other provider, even if it takes them a further two weeks to even open my application.

Sapphire

I posted this on another thread, but might as well copy it in here:

'I arranged for a transfer from the Kent Reliance ISA to the 2-year Nationwide Fixed Rate ISA Bond as far back as end of March, and have still not had any confirmation from Nationwide that the new bond has been opened, despite KR sending them a cheque dated 16 April.

It took looking at my accounts online to see that what they have actually done was to add the sum to my previous FRSISA Bond, dated September 2007, rather than opening a new bond! This would mean that the amount from KR would only run to September 2009, i.e. for one and a half years, not two.

When I tried phoning the number for the department that deals with these transfers, I was kept holding on for 15 minutes with annoying music playing in my ears. I complained today at the branch, but they say the central department is nothing to do with them (though they will be writing to the department and asking them to correct this foul-up).

Naturally, I am not best pleased with Nationwide at the moment. Their overall service is fine, but in this case they are sadly lacking, and don't fill me with a great deal of confidence.

I'll be taking my complaint further and in a stronger manner if the whole matter is not sorted out promptly. It's just all such a waste of time (which I don't have enough of anyway).'

If the Nationwide department dealing with these accounts is too busy to process them efficiently, they should take on more staff. 'Being busy' is no excuse for inefficiency and messing up people's accounts. Customers need to have the assurance that their hard-earned finances are in good hands, and are not disappearing into the ether. :

john_s_2

I've posted about this on two other threads but won't pass up an opportunity to moan!

I transferred two ISAs to NW in February. I finally got a statement in April showing one of them had cleared but I'm still waiting for the second one. (Both my old providers had sent the cheques within a couple of weeks.)

If NW had told me it would take over three months to open it then I'd have said "fair enough, it's a fixed rate for a year so I'm not going to touch it anyway". But their first written communication said it would take five DAYS to open it once they'd received the cheques. And every time I've phoned them they've suggested I give it two more weeks.

So I've been ringing them fortnightly since. I'm starting to find it funny.

markdeer2004

Good. If you are not happy you should definately write a written complaint. I did too and got some feedback on the state of my transfer.

terafarma wrote: »

she wrote a letter of complaint to Nationwide last week.

I shall be doing this first thing on Monday.

Thanks.

owitemisermusa

Just received a letter today from NW, dated 15th May saying funds requested from other provider. Applied in branch on the 2nd of May, so 2 weeks to acknowledge application.

They say they'll open the acct within 10 days of receiving the ISA cheque so will wait and see.

Usual blurb about other provider having 30 days to send them the cheque etc...

BrunoM

Submitted a transfer (from natwest to A&L) about a month ago so called to chase this morning as no action - the story from A&L is that each provider has up to 30 days to respond, so therefore the full process can take 30+30=60 days.
Seems rather stupid given the ability to move money between bank accounts within 2-3 days in normal circs, but I don't suppose it matters much.

Baldur

BrunoM wrote: »

the story from A&L is that each provider has up to 30 days to respond, so therefore the full process can take 30+30=60 days.

'Story' is about right! The HMRC Guidance notes permit the 'losing' ISA manager 30 days in which to transfer funds to the new manager, there is no such time stipulation as far as the new manager is concerned.