Abbey have lost my ISA

hannah.1

On 12th April I arranged for transfer of previous years Abbey Postal Isa to Northern Rock Access Isa with a fixed rate of 6%. On 22nd May I received a letter from Abbey - dated 8th May,stating that the money had been transferred and my account closed. On 31st May I was horrified to learn from Northern Rock that despite contacting Abbey on 12th April, 18th April and 13th May they have received no reply to their request for transfer documentation. The issue for which the money was destined has now closed, so it is no longer possible for me to transfer into it. When I spoke to Abbey on the phone they didn't seem remotely interested in sorting out the problem - just kept saying the cheque was probably lost in the post and my account was closed. I now have over £6000 missing in a void, and no interest has been paid on it since 8th May. An extremely brusque young man took my phone number on Saturday morning and put the phone down on me. Nobody has got back to me since and I get the impression they couldn't care less. Anybody got any suggestions on how I can get thie matter sorted?
Hannah

rdp1980

hannah.1 wrote: »

When I spoke to Abbey on the phone they didn't seem remotely interested in sorting out the problem - just kept saying the cheque was probably lost in the post and my account was closed.

Surely if they sent it by cheque they should be able to tell if it has been banked. If it hasn't, they should be able to cancel and re-issue that cheque. I would have thought they would use a bank transfer but I suppose a cheque would be easier to tie up with the paperwork?

hannah.1

Thanks, but even if they issue a new cheque it can no longer go into the Northern Rock account as the ifxed rate issue has since been closed to new investment.

oldagetraveller

rdp1980 wrote: »

I would have thought they would use a bank transfer but I suppose a cheque would be easier to tie up with the paperwork?

A cheque is used when transferring a cash ISA, I think they have to do it this way to comply with HMR&C rules.
It does seem a bit antiquated. There must be some form of strange logic behind the rule though .
I would, however, submit a written (sent signed for mail) complaint to Abbey about their supposed inability to help and CS reps attitude plus a request for your lost interest.

rdp1980

hannah.1 wrote: »

Thanks, but even if they issue a new cheque it can no longer go into the Northern Rock account which has been closed to new investment.

But as Northern Rock are aware of the issue will they not accept the payment? Surely they must allow for things getting lost/delayed in the post?

For example if the account had to be opened by a certain date, would they not have done this and kept the account 'on hold' until the payment is received?

Just a thought.

debbie42

rdp1980 wrote: »

But as Northern Rock are aware of the issue will they not accept the payment? Surely they must allow for things getting lost/delayed in the post?

For example if the account had to be opened by a certain date, would they not have done this and kept the account 'on hold' until the payment is received?

I'd agree with the above. If NR initiated the transfer then the account should be open, surely? Lloyds TSB had a similar FRISA, and the transfers are taking ages, yet they have guaranteed the rates for transfers initiated before the offer was withdrawn.

hannah.1

Thanks for your advice. I'll certainly send a written complaint to Abbey and check again with Northern Rock.

rdp1980

hannah.1 wrote: »

Thanks for your advice. I'll certainly send a written complaint to Abbey and check again with Northern Rock.

For what it's worth I always find a complaint in writing yields better results than phone calls.

In your case I would also follow up the later with phone calls as obviously you are out of pocket quite significantly!

Good look with Northern Rock, you have already kept them up to date and you can't do much more than that. Hopefully they will do their best to help you. Otherwise make that another letter of complaint!

stuartm100

My ISA money from Abbey has been missing since January! :eek:

The Halifax tell me they haven't received a cheque, Abbey insist Halifax have cashed the cheque although they don't seem to be able to get a copy of the cheque (which I've requested 4 times).

My Complaint with Abbey has got me nowhere, so I'm about to refer them to the Ombudsman.

5 Months is a stupid amount of time to have over £3K missing between 2 Banks

netlang

Bradford and Bingley lost mine from mid March!! They say it will be back in my account by this Thursday with all interest added. If it is not there the ombudsman will be notified!

I am beginning to wonder if the extra .45% interest was really worth it when you take into account the time, stress and telephone calls involved in trying to track it down