Yorkshire Bank 40 Day ISA transfer will take 15 days

Yorkshire_Pud · 9 March 2017 at 12:56PM

That's 15 working days which is the Gov UK maximum.

Having a tea break now after nearly 30 minutes wasted on the phone to Yorkshire Bank during which I was transferred around five advisors, four of whom had nothing to do with ISAs I was just wrongly transferred to them.

Transfer requested last week to Nationwide, no notice required now. These days most providers release the funds the next working day but Yorkshire who have my ISA funds at 0.50% now say it will be sent after 15 working days, i.e. the scraping the barrel last day they can get away with before becoming subject to a complaint/FOS referral.

I know Nationwide pay interest from day of request as long as its a no notice required request so I shouldn't lose out.

Will get back to them again and if I ever actually get brought to the ISA department I will ask why they seem to be delaying the transfer to max out the legal? transfer time?

All nice people on the phone but something not right in the Bank if they are deliberately delaying transfers after slashing the rate.

Rich2808 · 9 March 2017 at 2:40PM

This sounds quite appalling frankly – I am in a similar boat.

I opened a Paragon isa recently and requested transfers from both Yorkshire bank and Nationwide.

Paragon actioned these last week as soon as the account was open – and emailed me to confirm this. The Nationwide transfer happened within 48 hours – no problems money paid over to Paragon.

I spoke to Yorkshire bank last night and they claim not to have received the request from Paragon at all even though they should have had it for nearly a week – but Paragon are certain they have sent it. So I am in no mans land.

You might think Yorkshire (and Clydesdale) might be organised and prepared for this – given they slashed the rate so people might be looking to leave. But seemingly they have no dedicated team for ISAs?

I wasn’t told when I rang the transfer when they receive it would take Yorkshire 15 days to process?

It will only be a few quid in lost interest – but 15 days for an electronic transfer by a major retail bank is pathetic.

xylophone · 9 March 2017 at 2:43PM

I am really surprised by this - my Yorkshire 40 Day ISA was transferred to Paragon within a few days.

Rich2808 · 9 March 2017 at 3:13PM

xylophone wrote: »

I am really surprised by this - my Yorkshire 40 Day ISA was transferred to Paragon within a few days.

My issue is Yorkshire seem to have no record of my transfer request from Paragon.

But it could be compounded if as Yorkshire pud suggests they are now delaying the requests for the 15 days allowed - this could be to delay outflows or lack of staff to process the volumes of the requests they must be getting. But a big bank should be prepared for this sort of thing when they make a big cut in their rates on a former best buy account? They announced the cut in January - so have had 2 months to gear up.

isasmurf · 9 March 2017 at 3:41PM

Interesting because the agreed industry guidelines, are that a minimum of 80% of transfers will be completed in 7 working days.

Yorkshire_Pud · 9 March 2017 at 4:05PM

isasmurf wrote: »

Interesting because the agreed industry guidelines, are that a minimum of 80% of transfers will be completed in 7 working days.

If that's per organisation then Yorkshire Bank are failing, if its across the industry then the two day payers like Santander and Nationwide will allow laggards like Yorkshire to fall way below that percentage!

Followed the link and see now that it is not 15 days allowed for the old provider to send the funds but a TOTAL of 15 days for the whole process from the day the request is made to the new provider. In fact the maximum period the old provider, Yorkshire Bank here, has is 5 working days plus one day funds in the post!

Therefore YB told me wrong info albeit through ignorance but erm I thought they should know!?

Perhaps YB are relying on making an electronic transfer on the 15 th day, they confirmed they got the request from Nationwide on the day I requested the transfer at Nationwide branch.

So maybe they are being really naughty and soaking up all the days allowed to Nationwide which are 9 days to YB 6 days = 15 total.

Then again maybe funds will arrive tomorrow day 6 and they just quoted what they thought was the industry max of 15 days which it is but for Yorkshire its 6 max days!! However the guidelines also say that if after 5 working days the payment has not been made then both the new provider and the customer, me, need to be informed as to reasons why. It is day 5 since YB had the request and they didnt say there was a problem, just that payment will be made by them in 15 working days.

YB do seem unusually shambolic at the moment, even the number I was given for the ISA department was for returning BACS payments. There is allegedly no direct line to ISA dept but of five attempts to put me through internally five were the wrong dept.

Yorkshire_Pud · 14 March 2017 at 3:47PM

Rich2808 wrote: »

My issue is Yorkshire seem to have no record of my transfer request from Paragon.

But it could be compounded if as Yorkshire pud suggests they are now delaying the requests for the 15 days allowed - this could be to delay outflows or lack of staff to process the volumes of the requests they must be getting. But a big bank should be prepared for this sort of thing when they make a big cut in their rates on a former best buy account? They announced the cut in January - so have had 2 months to gear up.

I still haven't got my money transferred. I phoned and have made a complaint, waiting for them to get back to me. They did confirm they are working flat out in the ISA department and that is why they aren't contactable by their customers.

I guess since they were taken over they are under resourced and staff have too much to do?

jimjamz82 · 14 March 2017 at 7:30PM

I applied for the Paragon Easy Access ISA on 03/03. I did the transfer online at the same time from my YB 40 Day ISA. At the time, Paragon only requested my current residence.

Today, 14/03, I received an e-mail from Paragon stating that they were unable to process the transfer due to a "mismatch of information". I called Paragon and they told me they couldn't tell me what information was mismatched and that I should call YB. I assumed it to be the address as it is not the same as the one on my YB ISA. This I can understand, but then why did YB or Paragon not get in touch to clarify which data was incorrect so it could be resolved and the transfer could continue? No ... YB have delayed for 11 days before turning around and saying "oh, the address is not the one we have on file, so reject the transfer".
At no point did Paragon request the address which was registered for the YB ISA account. To add insult to injury, even though the Paragon ISA account had been opened (I received an e-mail with account number and sort code), they said they can no longer honour the rate originally advertised as that promotion has now ended and that rate is for existing customers only. Catch 22 - I am an existing customer (since 03/03).
I closed the Paragon account over the phone and set up a Virgin Money ISA with another transfer request.

Rich2808 · 14 March 2017 at 8:09PM

I am afraid I am still waiting for Yorkshire bank to process my transfer to Paragon. I was told it would take 5 more days when I called them last week – which was yesterday but still no movement.

I applied for a transfer from Nationwide at the same time when I opened my Paragon account – that was actioned by NW and the funds transferred 10 days ago!

It is very poor.

I see as you say the Paragon 1.05% isa is now only available to existing customers only.

http://www.paragonbank.co.uk/savings/cash-isas/limited-edition-easy-access-cash-isa

AndyPK · 14 March 2017 at 8:20PM

Clydesdale their sister bank are playing games. Making people wait 40 days even though they said it was not necessary due to rate drop

naomimoneysaver · 16 March 2017 at 4:14PM

My husband and I are also struggling to access our ISA's that became 'instant access' since 6 March. We wrote in February and asked to close them in writing on 6 March but received responses to say the 40 day notice period applied. We then wrote again (timed to arrive on 6 March or very soon thereafter) to withdraw funds instantly and have not seen our money. We are with 2 separate branches but mysteriously neither letter was received. I deliberately posted them within the post office to limit the chances of our correspondence being lost.
They do appear to be holding on to our cash for as long as they possibly can.

Yorkshire Bank 40 Day ISA transfer will take 15 days

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