Longest Isa Transfer Time Money In Limbo?

Sapphire

I'm surprised Martin hasn't commented on Nationwide's incredible incompetence – not to mention its cavalier and disrespectful attitude to its customers. Does Martin have any explanation as to why they are acting in the way they are? It is a mystery to me why all this is happening with our savings, and makes me very suspicious. Had it been merely a question of Nationwide being busy, they would surely have taken on more staff by now. What are they doing with my money, and why do they have such a terrible attitude towards their customers, which is destroying the fairly good will to Nationwide that existed in the past?

I sent off a long letter complaining about the way my transfers have (not) been handled to Nationwide a week ago (addressed to several senior members of staff), requesting a response within five days. The reaction: a resounding silence. :mad:

I shall now have to write to the Financial Ombudsman – it is all a huge amount of hassle and a worry. :mad:

caveat_emptor

Having just posted under the LLoydsTSB thread about an ISA transfer from Nationwide on 20 March which was credited to my Lloyds ISA on 6 June, an 11 week black hole, makes me wonder if the aggravation is worth it. I can see me going through the complaints procedure and finishing up at the Financial Ombudsman.

dkmax_2

Rob_Wills wrote: »

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.

HMRC do not insist on cheques. There is no legal basis for this. Your bank can deliver the money by cash strapped to the back of a wild horse if they want to. I think this would be more reliable.

fmoney

Finally my ISA transfer from ICESAVE to Alliance and Leicester has come through. I started the process on 1/4/08 and its taken 81 days! 21 more than the supposed maximum.

I think A/L customer services are the pits! I would say the ICESAVE customer services on the other hand are great (or should I say Newcastle BS). In fact Newcastle BS are offering an easy access ISA at 6.0% for sums over 3000 and you can transfer your previous years. Think I will transfer my money to them, but not just yet. I think what I have learnt from this experience is to try and pick a less busy time.

Hope the transfers have come through for everyone else on the thread.

Baldur

caveat_emptor wrote: »

Having just posted under the LLoydsTSB thread about an ISA transfer from Nationwide on 20 March which was credited to my Lloyds ISA on 6 June, an 11 week black hole, makes me wonder if the aggravation is worth it. I can see me going through the complaints procedure and finishing up at the Financial Ombudsman.

One of my transfers to LTSB from 5th March has still not appeared.

I have gone through the complaints procedure, written to the CEO and am definitely contacting the Financial Ombudsman Service this week.

whu

one of mine from lloyds from 25 march has still not gone through - three different isa request forms have now been sent out!!

roddydogs

So its not only Abbey and Lloyds/TSB (see other threads)!1 its endemic thru the whole ISA industry.

apc4tr

My sorry tale started with a Cash ISA from Northern Rock, which I transferred to Nationwide. Northern Rock actually sent their cheque to Nationwide on 20th March, but it took a further three weeks for the money to be credited - Of course, this then spanned the Tax Year, and depositing any additional money has been an adventure.

I've had a transfer refused (you've already used up this years allowance - No I haven't), a cheque refused (and now still sitting on a Nationwide suspense account somewhere), another transfer refused...

Will it ever end, or will I have to just give up???

~Chameleon~

I think the problem occurs when people open accounts offering a 12mth bonus incentive then everyone rushes to transfer out at the end of the year causing a huge backlog.

For this reason I've opted to put this year's allowance into Egg as whilst it's not the best rate currently available at 6.05% it hasn't changed since it first became available earlier last year.

My biggest mistake was to transfer funds out last year into KRBS when they increased their rates and subsequently dropped them earlier this year :rolleyes:

xylophone

My son applied to transfer his ISA from B&B on 15th April -it was 5th June before B&B advised the money had been sent to Nationwide - Nationwide have STILL not opened the account.

And by the way, the service in our local branch of Nationwide is awful.