Longest Isa Transfer Time Money In Limbo?

cathedral_2

I handed in my completed ISA transfer form Nationwide to Alliance Leicester the end of February 2008. I received a letter from Nationwide 19th March 2008 confirming that my transfer request was completed and a cheque had been sent to Alliance & Leicester. To date and after numerous frustrating telephone calls to Nationwide,and Alliance & Leicester I am still waiting. Apparently 3 cheques have now been sent the first 2 lost so the third I was told would be sent to A&L recorded. May 13. .Presumably my money has left Nationwide in March and has still not arrived in my A& L account as of today 29th May . 12 weeks approx . Both Nationwide and A&L blame the other for the delay I do not know what else I can do.
Any knowledgable Martin Lewis’s out there who can advise me please?

Sapphire

cathedral wrote: »

I handed in my completed ISA transfer form Nationwide to Alliance Leicester the end of February 2008. I received a letter from Nationwide 19th March 2008 confirming that my transfer request was completed and a cheque had been sent to Alliance & Leicester. To date and after numerous frustrating telephone calls to Nationwide,and Alliance & Leicester I am still waiting. Apparently 3 cheques have now been sent the first 2 lost so the third I was told would be sent to A&L recorded. May 13. .Presumably my money has left Nationwide in March and has still not arrived in my A& L account as of today 29th May . 12 weeks approx . Both Nationwide and A&L blame the other for the delay I do not know what else I can do.
Any knowledgable Martin Lewis’s out there who can advise me please?

For your info - and I have posted about my problems with Nationwide on other threads - I arranged to have ISAs transferred to Nationwide on 23 March, and they haven't even done me the courtesy of writing to me since then (though the transfers happened from the previous providers on 16 April and beginning of May). Not small sums of money, either.

Disgusted and disillusioned with Nationwide. :mad:

P.S. Welcome to the forum.

samjocky

We are having exactly the same frustrating time here.

nationwide sent a letter saying they had sent a cheque to Alliance & Leicester over 8 weeks ago. On phoning A&L they just keep saying that "yes your ISA is open - we just need to put the cheque in"

They STILL haven't deposited the cheque and we are losing interest by the day. We have demanded backdated interest.

This is the first time we have carried out an ISA transfer and it has been a bitterly frustrating experience which we didnt expect from two major players in the finance industry.

Come on A&L, get your act together and buck up.... this is OUR money, and we deserve a better service. After all, we came to you lured by your competitive interest rate. Next year, we will seriously consider customer reputation and service above interest rates, if this fiasco is anything to go by....

CloudRuler

Sapphire wrote: »

For your info - and I have posted about my problems with Nationwide on other threads - I arranged to have ISAs transferred to Nationwide on 23 March, and they haven't even done me the courtesy of writing to me since then (though the transfers happened from the previous providers on 16 April and beginning of May). Not small sums of money, either.

Disgusted and disillusioned with Nationwide. :mad:

P.S. Welcome to the forum.

Same thing with me, handed in my transfer form around the 21st or 23rd of April, received a letter from my previous provider stating they had paid my interest and arranged for the transfer (16th or 19th May) and yet I've had nothing from Nationwide. I went into the Nationwide branch to query this and was told they've been having trouble getting through all the applications but that I shouldn't worry as my interest will be dated from when my previous provider closed my ISA to transfer it so I'm not too concerned.

twinklie

My transfer is from NS & I, they show my account as empty, while A & L STILL haven't credited it to my account. I'm gonna start the pestering this week. Ive been waiting possibly about a month now for the money to show as going in too!

YorkshireBoy

twinklie wrote: »

My transfer is from NS & I, they show my account as empty, while A & L STILL haven't credited it to my account. I'm gonna start the pestering this week. Ive been waiting possibly about a month now for the money to show as going in too!

A&L told me yesterday they are working on cheques received on 9th/10th May.

My old account was closed/transferred on 6th May, and I originally opened the A&L account on 12th April.

Never had a transfer take this long before!

Burlesque_Babe

I've got a similar problem from NS+I to Abbey - being very, very slow.

Dack

YorkshireBoy wrote: »

A&L told me yesterday they are working on cheques received on 9th/10th May.

They told me that date on Tuesday 27th.....

~Chameleon~

I'm having exactly the same problems transferring an ISA from KRBS to Abbey. Just got off the phone to them (Abbey) and they say there is still nothing in the pending queue so I've just told them to cancel the transfer and close the account. This was an account originally opened in March and it's now June!!! :mad:

I've never had a transfer take this length of time and on reading the above messages re: A&L and Nationwide et al, I'm beginning to wonder if this is now the norm??

I'm looking for another ISA provider that accepts transfers in (KRBS currently paying 5.76%) although perhaps I'm better off leaving that one where it is and just open a new money ISA?

hannah.1

Just posted about a similar problem transferring from Abbey to Northern Rock - again money sitting in a void with no interest - and the added complcation that the issue for which it was destined has subsequently closed to new investors so my money can no longer be invested. Incredible in this day and age that it is apparently a Revenue reqirement that these transfers are made by post instead of electronically.
Hannah

Rob_Wills

YorkshireBoy wrote: »

A&L told me yesterday they are working on cheques received on 9th/10th May.

My old account was closed/transferred on 6th May, and I originally opened the A&L account on 12th April.

Never had a transfer take this long before!

Similar - Opened A&L 21 April; took until 21 May for NS&I to close (they say the delay was due to them not having received instruction from A&L).

Still waiting for account to be credited; same excuses, A&L postal backlog.

The Banks and Building Societies are saying it is the fault of the Inland Revenue for insisting on cheques being used instead of electronic transfers.

The loss of cheques makes the whole thing even worse for delays.

My advice - forget the ISA system. Close the original account yourself and deposit monies through your own current bank account. Whilst this is technically a breach of the ISA rules it is the only way to prevent the problem and solve an individual crisis should you need access to the money during the excessive delay, which from what posters in this forum have said is running at anything up to 60 days!

The way that systems are being managed by the authorities and institutions is it any wonder there are global financial problems? They couldn't manage the proverbial drinking session in a brewery!