Help - At The End Of My Tether

Stavros_3

This is getting so stressful.
In April I opened a fixed rate ISA with the Nationwide, I requested transfer from my previous years ISA from the B & B, I've heard nothing. In may I went into the N/W to ask why have the previous years ISA not been transfered - nothing, numerous calls to the B & B and they state they have not had a request from the N/W. Again into the Nationwide and feel I'm getting a crap service. They tell me they wrote again to the B & B on 19th June requesting the funds - nothing heard. I rang the B & B Isa department 5pm today 24th June and they AGAIN state they have not heard from the B & B, HELP !!!!!!!
Where do I go with this?, I just feel bitterly let down and getting fobbed off by both building society's,

LucyTheDwarf

This is unacceptable, and to be honest I'd be showing both of them how unacceptable it is, by taking my business elsewhere. NW has a reputation for terrible customer service.

:grouphug:

See it as a good thing, that you were forewarned of their awfulness, and didn't manage to get as far as opening the account!

Sick_Boy_2

Having worked n Banking for many years and in an account switching department, I can tell you that this is probably B&Bs fault.

No matter what the government says about making switching easier, it isn't. Isa's are particularly difficult due to the fact if the banks make a mistake, it cannot be rectified.

your old provider are probably dragging there heels as they are losing you as a customer so don't really care. NW are probably being fobbed off and if they CS is bad then they aren't going to try to hard either.

Tell NW you will take this to the Banking Ombudsmen as there are penaltys for a delayed account switch. Not sure if it covers ISAs though due to the nature of the account. Ride it out though, as I said if they make a mistake then although you might get some comp, your ISA allowance for those years could be lost.

caveat_emptor

This should work in your favour as the ISA rates have increased since April.
Make a new transfer arrangement with another bank/bs and see how that goes. You'll have no trouble getting a better rate than NW.
BTW avoid Abbey as I've just posted my bad experience of an ISA transfer with them.

bristolleedsfan

U can get 6.30% Fixed at Halifax PLC Stavros for one or two years, even though unlike Nationwide BS, Halifax PLC have both shareholders to pay and "bubbly to buy for its Shareholder meetings".

http://www.halifax.co.uk/savings/personalrates.asp#Fixed_rate_Halifax_ISA_Saver

Hungerdunger

I'm in a similar situation - partner and I deposited transfer forms at local branch on 9 April; The old BS closed account and sent cheques to NW on 9 May and it still hasn't been set up.

Last week I sent a long email to the Chief Exec - Graham.Beale@nationwide.co.uk. Got an immediate response by letter and email that his team were looking into it. I have no idea whether it will achieve anything, but it gave me a sense of satisfaction knowing that I had helped to fill up his in-box.

Cazzkins

Hi Stavros,

It does sound like B&B are at fault for not sending your ISA proceeds through to Nationwide so I'd be inclined to write to them and copy your letter to Nationwide insisting that B&B process your request without further delay, otherwise you will report them to the Financial Ombudsman Service.

Having said that, Nationwide does have an 8 week delay in their ISA department and it is possible that the proceeds have come through and they have yet to process them! I would add too that if you have a Fixed Rate ISA Bond with Nationwide, this is an account that you can't add to, so the transferred proceeds will have to be used to open a new account. (Current fixed rate ISA Bond with annual interest is 6.15% (for 1,2 or 3 years)

Good Luck!

Stavros_3

Thanks everyone, I rang B & B again this morning, they have given me a name and fax number to give to the NW, been into branch again and given the details to the ISA advisor, I asked him in forceful terms to please take personal ownership of my grievance and sort the %$%ing matter out, thanks guys

0rchidea

I transfered my ISA from National Savings to LloydsTSB in April. They left NS 2 weeks before they arrived at Lloyds, I thought I was lucky, I was warned they could be in limbo for 4 weeks. Still a huge con though in this day and age.