Isa delays: have you suffered?

Over recent weeks we have been inundated with letters and e-mails (you can read some of them at Problems with Nationwide Isas?) complaining about delays encountered when readers have tried to switch to a new savings account.

Some have been left in limbo for months, with no idea where there money is and no access to it. It is not merely a nuisance: most are trying to switch to higher-paying accounts, so interest is being lost while they wait. The problem seems particularly acute with cash Isa transfers.

We think it's a disgrace and would like to hear from more readers who have been given the runaround. The more evidence we can gather the more muscle we have to force the banks to change their ways.

Comments

[N Patel]

I applied to transfer ISA funds from B & B into 2 Nationwide ISA Bonds and 1 x Cash ISA in June 2008. Went to local branch filled in all the necessary transfer forms and had them checked by branch staff. I was assured that whilst the ISA team were overwhelmed my certificates and a/c would be open by Aug 2008. We are approaching Oct 2008 and yet again Nationwide have written to me asking me to fill in another form for tax purposes which i have neglected to complete!. This whole fiasco has made me lose faith in Nationwide totally and quite honestly i should have stayed put with B & B despite their troubles!

[Clive Porthouse]

My wife and I transferred an ISA to Nationwide in May. We were told the paperwork would take up to four weeks. We are now at the end of August and the paperwork has still not arrived, inspite of several enquiries and lots of bland assurances about being "busy". If they would put as much effort into their processing as they do into their advertising, they would have more satisfied customers!

[Whitehead]

18th April
went to Nationwide branch to get 2008 ISA.
Plus- to transfer and amalgamate
a) Two Nationwide member's ISA Bonds.
b) Two C&G ISAs
To put them all into a one year fixed rate ISA Bond @ 6.15%.
I was given a small hand written receipt and told that I would receive a certificate in three weeks time....
24thAugust I STILL HAVE NOT HAD ANYTHING FROM NATIONWIDE (except one routine letter saying they are busy)
and one on 27th May to say that as they had no record of my having subscribed to a Nationwide or Portman ISA in 2007 I had to complete an ISA Renewal Form(HMRC rules)or they would return my cheque for £3.600.It took me 4 days of phoning a number they had given me, before they finally answered. I told them that I had in front of me three Nationwide certificates showing the transfer of three Portman ISAs
(2003,2006 and 2007)They accepted my word that this was correct! If they have no records of Portman customers details how do we get interest or get at at our money?
C&G said that they were asked by Nationwide to transfer my 2 ISAs on
28th April and they transfered them on the 29thApril. I asked C&G for a closing balance on these ISAs and was told that it would be sent in the next post. That was three weeks ago and I still have not had a closing balance from them.

IS ANY BANK OR BUILDING SOCIETY EFFICIENT OR TRUSTWORTHY?

[Roger Nunns]

In April, attracted by an interest rate of 6.5% with Lloyds TSB, we decided to transfer our respective Alliance & Leicester and Intelligent Finance ISA’s of £13500 and £16500. After 2 ½ months and several letters too and fro, my wife’s was finally opened. Not too bad you may think except that when we finally were able to check the new account on-line (after a further 6 week delay), the balance showing is £36.36 less than the amount transferred in! This is still an ongoing saga with no response to date.

So far as my own ISA (from A & L) is concerned, I cancelled the transfer two weeks ago after countless attempts to resolve the matter.

Just to illustrate the time, effort and cost I have incurred with Lloyds, I have received letters from no less than 13 different people! I can name most: Debbie Edwards, James Goddard, Karl Bolton, Jayesh Parmar, Carole Humphrey, Brett Larrisey, David O’Neil, Sturat Smith, Bradley Green, Doug Yougson and a ‘Senior Officer (Customer Recovery Service) and the ‘Manager’ at a Birmingham office.

The above contact has come from at least 4 different offices from Glasgow to Birmingham!

At the end of the day, the simple fact is that there appears to be no one answerable for the appalling level of customer service. Sadly, I find this is all too common with most larger organisations.

Roger Nunns, Huddersfield.

[Graham Fee]

Despite repeated chasing, B & B took over 3 months (from April 25th to August 6th) to transfer my low interest B&B branch based ISA to the B&B esavings unit. Their complacency was staggering and it was as if the two sections of B&B were not part of the same company. At one stage they even had the audacity to write to me to say that as B&B had not transferred the funds to B&B esave unit within 30 days, I would have to re-apply and fill in all their forms again!

In one letter B&B esavings conceded receiving my application on 25 April but not even initiating the request to transfer the funds from the B&B branch section for over a month.
Complete shambles.

It was not much better with Nationwide. Yorkshire Building Society promptly advised me on 11 June that they had completed my requested transfer of ISA funds to Nationwide. Repeated telephone calls to Nationwide following this were met with assurances that I would receive the Isa certificate within a week or two. The certificate finally arrived on August 12th, two months after they had received the funds. Nationwide obviously doesn't want to be bothered by people chasing up their lost ISAs - they twice sent me a standard letter, with no Nationwide contact telephone number on, telling customers that there were delays in processing ISA applications.
So much for B&Bs and Nationwide's alleged commitment to the Banking Code then.

[Maggie]

On 21st April I completed transfer forms with the Leeds BS to transfer two cash ISAs from Bradford & Bingley. At the top of the Leeds document is the joke "Switching your cash ISA couldn't be easier". After a number of letters, phone calls & emails one of the ISAs was transferred, on 14th July. I wrote to the Leeds and emailed B&B about the second ISA in July and have phoned and emailed since but with no response at all - the ISA is still in my B&B account. B&B say they reply to emails within three days - they don't.

Maggie

[les bates]

All of the above! My wife and my B & By Cash Isas began on 28th April after their one year fixed deal matured. They then sat on it at the lower rate of interest until 17th June! Since then the money has fallen into the Nationwide 'Black Hole'.Nationwide are in overload again (just like last year) and cannot function with Cash Isa transfers. How about more resources from the Board's huge bonus packages and employ some more staff!!!

[diana]

As Brittania dropped the rate for its ISA I decided to find a new provider, seems many others did the same as Brittania had to take on extra staff to deal with the large number of transfers. They managed mine in 40 days, apologised and gave me increased interest from the day they received my transfer to compensate as it took longer than the 30 day guideline. Compared to many, a model of customer service. If only they had kept interest rates competitive.

[Alison Robertson]

Decided to transfer my ISA funds to Alliance and Leicester. Reluctantly agreed to see an adviser-essential they said.He completed forms and I signed on April 9th. Then nothing-made phone enquiries-was repeatedly reassured. Further phone calls- A and L blamed my current ISA provider. Then I received a letter dated 18th June from A and L telling me the forms were incorrectly completed-the forms comleted by their adviser over 2 months earlier! No response to my letter of complaint and request for reimbursement of lost interest.
Can anyone suggest an ISA with a reasonable rate that will not mess up the transfer process?

[Nicki McClure]

Dear Mr Budworth,
Further to your article in The Times on 12/7, here is my sorry tale.
I went into my local Lloyds TSB to open an ISA on 20th March. I arranged for the funds in my current Natwest ISA to be transferred to the new account - or so I thought.
Nearly 5 months later the money is still in Natwest. I have asked what is happening several times. I was assured that Lloyds had sent the initial request in good faith but that it must have been lost. They then sent a further request. I recently received a letter dated July 2008 from Bradley Green, Senior Manager ISA Centre apologising for the delay. One paragraph states that they will credit my new Cash ISA as soon as they receive the funds from my old provider and will backdate my interest to the date on the cheque from my exisiting provider!
It is difficult to know who is at fault here - Lloyds TSB or Natwest?
All I know is that I am losing interest through no fault of my own.
Interestingly, my son and I opened an ISA for him with Barclays the same day (March 20th) and his was up an running within 6 weeks after an initial short delay.

[Jill Beck]

I asked for my Alliance & Leicester ISA Issue 2 to be transferred to Issue 4, which offers a higher return, on 2 June 2008. It's now 2 August and the money has not been transferred. And that's within the same bank.

No wonder customers feel ripped off by banks and no wonder A&L's profits have been wiped out.

[alan l]

Incapable,incompetent and unavailable describes Nationwides ISA Transfer Teams! My wife & I attended a branch office to transfer our sizeable ISA's on 19th March. My wife's was completed successfully, albeit slowly, on 25th April but she was not notified by Nationwide until 3rd June! However, after cancelling my request I have still had 2 requests to complete an Application form which they have obviously lost and their last request for this was on 23 July, just one day after they advised me that they had asked my ISA holder for the funds! I have been waiting 4 weeks for an investigation to be completed but they have advised that it should be complete by 13th August, even though their leaflet states that initial complaint/enquiries will receive a response within 7 days!!!! The only thing working for Nationwide appears to be their advertising campaign.

[David]

Transferring a cash ISA from Natwest to Halifax was a nightmare, the Nawest end didn't do so badly but the Halifax staff left a very bad impression, complaints about delays and incompetence being met with contemptuous and surly replies. Although I only lost a few day's interest (though all those little bits will make the bank a handsome profit) it took about three months to complete a transaction that in theory could have been done almost instantly. And why, for heaven's sake, does the originating bank have to transfer funds by CHEQUE?

[Alanj Cooper]

On the 13 March 2008 I completed a form for the transfer of a TOISA with the C & G to an existing cash ISA at the Nationwide. The N/W acknowledged receipt of this on 1 April with a letter that stated that my account would be opened within 5 days of receiving the cheque. The cheque was transferred on the 8 May but I have still not received an acknowledgement from N/W that the money has been received and I have no idea where my money has gone. I have been now asked by N/W to complete an application 'as a requirement of the Inland Revenue' and that interest will commence from the date of the cheque or the date of application which ever is the later. Apart from being an absolute admin shambles the latest manoeuvre is mindboggling. What have N/W done with the Bankers Code? I intend to refer the matter to the FSA Ombudsman if the matter is not sorted to my satisfaction within 7 days.

[Telly, Essex]

I opened have also been trying to transfer ISAs into the Abbey since May. I have made 14 calls to their call centre, by the way do not use 0845 but 01908 93 69 00, I have used their complaints line twice, they never phone back, never do what they say. Their customer service is beyond a joke.

[D Russell]

There is a theme here. Virtually all of the main banks and building societies seem to have adopted a business model that removes the control of your account from a branch to a remote elcectronic site. The staff employed do not have the training, experience (intelligence?) to understand the product they are selling. There is a major dislocation bwetween the geeks writing the business programmes and the chavs at the end of the phone/ branch desk.
My wife and I both had cash ISAs with A&L. We both took timne off work, and had an appointmet with an "advisor" (on what - nail extension spray painting?) at our Cheapside, City of London branch - it might as well have been in the jungle!.
The staff employed by branches (and helplines) appear to be innumerate illiterate and unschooled in anything other than "Yeah / duh"?
Our applications were "lost" due to "unprecedented demand". We both had letters weeks later advising us that our accounts were "invalid". The "instant access" swipe cards we had been given - unwanted - were invalidated and inactive; So, after many hours of wasted time on phones to voicemail we took MORE time off work and went again to the branch. We had to re-apply for our ISAs, but, strange to tell, the high interest account rate had closed by now. Even though our appication forms had been sent through the same staff in the same office at the same time, my wife's account actually got transferred - hooray - but mine - a higher rate tax payer -did not.
I have since taken all of my money out of this wretched bank and put it elsewhere.
The big question for the regulator is WHY IS COMPETITION NOT WORKING?
I would happily forgo a margin of interest for any bank that looked after me as as an individual - a human being - and got it right first time every time.
If they can't / won't do it, I may have to start one (a bank) myself - any takers?

[Will]

I opened an Abbey Direct ISA in April of this year and requested the transfer of 3 previous Halifax ISAs into the new Abbey ISA. I have been told that the account was officially opened on April 23rd. Today is July 19th and I am still waiting for the transfer to be actioned.

I have spoken to Abbey on 3 separate occasions since opening the ISA and was told each time that the transfer had been actioned and that I would be receiving a letter confirming this. I was also told I'd be receiving confirmation that any interest I had missed out on would be backdated to the date the account was opened.

I have just come off the phone for a fourth time, only to be told that the transfer has still not been actioned and that they will have to call me back within 72 hours to explain why as there are no managers available today to help. I was also told, for the first time, that the onus is upon me to write to Abbey requesting that the interest be backdated and that they cannot send out a letter confirming this without a letter from me first.

Incompetent doesn't even come close to describing the service that Abbey are providing. I am perfectly willing to accept that the increased volume of customers opening savings accounts this year has led to a few delays and hiccups but there comes a point at which service is so bad that the banks ought to be penalised. As many others on this site have mentioned, they publicise their headline-grabbing interest rates to lure in new customers and once they have you they leave you to rot. It is a disgrace. Just don't get me started on my new Barclays ISA...

[Will]

I opened an Abbey Direct ISA in April of this year and requested the transfer of 3 previous Halifax ISAs into the new Abbey ISA. I have been told that the account was officially opened on April 23rd. Today is July 19th and I am still waiting for the transfer to be actioned.

I have spoken to Abbey on 3 separate occasions since opening the ISA and was told each time that the transfer had been actioned and that I would be receiving a letter confirming this. I was also told I'd be receiving confirmation that any interest I had missed out on would be backdated to the date the account was opened.

I have just come off the phone for a fourth time, only to be told that the transfer has still not been actioned and that they will have to call me back within 72 hours to explain why as there are no managers available today to help. I was also told, for the first time, that the onus is upon me to write to Abbey requesting that the interest be backdated and that they cannot send out a letter confirming this without a letter from me first.

Incompetent doesn't even come close to describing the service that Abbey are providing. I am perfectly willing to accept that the increased volume of customers opening savings accounts this year has led to a few delays and hiccups but there comes a point at which service is so bad that the banks ought to be penalised. As many others on this site have mentioned, they publicise their headline-grabbing interest rates to lure in new customers and once they have you they leave you to rot. It is a disgrace. Just don't get me started on my new Barclays ISA...

[Derrick Ott]

Following on from your article in The Times on Saturday 12 July 2008, I wish to express my frustration in the needless delay in the Halifax Building Society transferring my matured Cash ISA to Lloyds Bank.

I opened a new cash ISA with Lloyds on 7 April 2008 and instructed them to transfer my matured Halifax ISA to them. Lloyds have informed me that they have written to Halifax several times without success. Halifax on the other hand have claimed that they have not received any notification from Lloyds.

I thought the above might help your statistics.

Yours
Derrick Ott

[JB]

I want to transfer an ISA out of Nationwide, but have to give 60 days notice because it is a Members' ISA Bond, otherwise a 60 day penalty of loss of interest is imposed. Is this permitted procedure, please?

[Dennis Cartwright]

I opened a fixed rate Lloys ISA on 15 March, filling in the forms at the bank. The account was to be credited with balance in a Halifax ISA. It took 3 months for the money to be transferred. Lloyds blame Halifax and vice versa. Meanwhile I lost £118 in interest. How do I claim this back and frm who?

[Margaret Bentley]

I opened a cash ISA with Abbey by phone on 17th March 2008.All paperwork was returned to them on 19th March 2008.This was to debit my e-saver account with £3000 and effect two transfers. The two transfers have taken place with the usual discrepancies of receipt and credit dates. The £3000 has still not been debited and credited for the last tax year. I rang Abbey on 5th April as I was worried they had not opened the account and was told it would take 30 days. I wrote to Abbey on 17th May 2008 and have received no reply.I telephoned Abbey(0845 no) on 7th June 2008 and was promised they would backdate the ISA, they confirmed they had received my letter.I wrote again on 11th June and have still not received any reply. It's like banging your head on a brick wall.

[neil packer]

I have the same problems with an ISA Transfer from B & B to LLoyds
What can I do find where my money is, who is at fault and who i can complain to
The above parties give no hepful advise on whats wrong

[Daniel Shear]

It's not only ISA's that the financial institutions are slow to transfer. My fixed rate mortgage with Nationwide ended some months ago and I had arranged to take out a new mortgage with a different provider. It took way too long for the new mortgage to complete because the new mortgagee's lawyers were unable to obtain a redemption statement from Nationwide. Meanwhile I continued to pay Nationwide exorbitant interest at its standard variable rate for two months until it finally got round to issuing a redemption statement. I have calculated that this cost me in excess of £500 higher interest I paid to Nationwide at its SRV as compared to the lower rate on my new mortgage.

[Anne Saunders]

I requested a cash ISA transfer from NS & I to Nationwide on 15 May 2008, in person, by completing a form at the Nationwide Newbury Branch. Two months later I have been advised that Nationwide have delays as they are "a victim of their own success." Nothing has been done by Nationwide, NS&I have no record of a transfer request, and I have been waiting two months for the benefit of a 6.15% 1 year bond with the Nationwide, which I am told will NOT be backdated to the date of transfer request, ie 15 May 2008, as I had been previously advised. No-one answers the phone at Nationwide Newbury, 01635 64000. Can you help please? Many thanks.
Anne Saunders

[Malcolm Hopkins]

Sheer incompetance! My wife and I submitted applications to transfer cash ISA's from Barclays to Alliance & Leicester in the same envelope on 03/05/08. My wife's was actioned finally on 23/06/08 but there is no trace of mine - literally! A&L did not record applications received, just sent them on to Barclays. Barclays have no record of receipt. Which one is to blame? This is 21st Century banking by world leading institutions with no records, no audit trail? I now have to start all over again but lose the 1st year bonus percent difference on the accounts for the three wasted months.

[Monica]

Barclays made a mistake in the paperwork it submitted when it transferred my ISA to Icesave. I've got a copy of the paperwork Barclays mailed Icesave and they clearly failed to check a box indicating if the money they were sending was for the current or previous years (a very important box obviously). So Icesave had to return the paperwork and cheque and ask for corrected documentation. Icesave have been very helpful but there is not much more they can do. Barclays is refusing to do anything about it - it told me that it is about one month behind in processing new ISA requests so my issue goes to the back of this queue - even though this is clearly their mistake and could be easily fixed. I have written a formal complaint about this and reminded them they will now have to reissue the cheque to include the interest their mistake is costing me but haven't heard back (other to acknowledge receipt of my complaint). I can't believe Barclays is behaving so badly. If they had just responded the first time I called and offered to remedy their mistake right away I wouldn't have bothered with the one week's worth of interest. This has however now been going on for two months - and no idea when it will be resolved. I can't imagine I'll ever do business with Barclays again.

[Bill and Jane Middis]

On the 18 April my wife and I transfered our ISAs from M&S Money to Birmingham Midshires direct ISA 2 (Transfer In). After numerous phone calls we managed to get a statement dated 27.5.08 both ISAs had been credited to me. After more phone calls and a letter we are still waiting for the error to be corrected. So much for their "committment to excellent customer service", it has now been nearly 3 months and still it's not sorted out.

[Ramnik Shah]

Dear David Budworth

Well THANK you -at last someone seems to be listening!

The problem in our case is not with our previous ISA providers, but rather with the recipients of the transfer funds (while the mode of the transfer, by cheque rather than electronically, is of course a broader issue), namely Birmingham Midshires (BM). I can list a whole catalogue of formal communications and complaints that we have gone through, the upshot of which is that BM now admit (after some 8 weeks) that they did receive our money (a large sum) though they have yet to complete the account opening formalities, with the result that we can neither add to the funds (for the current 2008/09 tax year), nor withdraw any of them. They have however assured us that interest will be backdated to 8 May (the date of receipt by them of the Abbey cheques), but the point is, since they had not even banked those cheques as of 3 July, aren`t they losing the benefit of the money and thus incurring a double loss? There is clearly gross mismanagement taking place at BM. I have asked our MP to pass on my concerns to the Treasury Ministers and he has confirmed having done so.

[A.H.]

My wife opened an Barclays 2008 ISA which was acknowledged on April 15th but still has not been opened, Money is STILL sitting in our CA awaiting transfer. Never Again!!!

[Joseph Heinson]

I requested Barclays Bank in the first week in May to transfer a cash ISA to my Nationwide ISA account and although Nationwide have received the cash it has still not been credited to my account !

[R.J.W]

I opened a Lloyds TSB Cash ISA on the 23rd.March2008.The funds from my Halifax ISA investor were to be transferred asap,certainly within the 30 day period laid down by HM revenue.4months have now elapsed,the value of my Halifax ISA has fallen by £1500 but despite numerous conversations with both parties nothing happends.

[Mrs NIXON]

Under Power of Attorney for my 96 year old Mother I sought at the end of the last tax year to amalgamate two existing Isas of hers by closing one in Nat West and transferring it to that in Nationwide.Nat West duly did their bit.The Nat West Isa began its journey from them on 04/04/08.But by the time she died on 10/05/08 Nationwide had still failed to aknowledge its receipt.Unfortunately her Will bequeathed that account to a family member who because of Nationwide's incompetence is now several £1000s worse off.!

[George]

Transfer paperwork for my wife's ISA from the Abbey took 3 months to complete, during which her money seems to have been in limbo between banks? Whilst the capital was found, Abbey have ignored letters of complaint and the loss of interest is a huge irritant. We will never use them again.

[Colin Tabeart]

Dear Mr Budworth,

We read your piece in Saturday's Times with complete agreement, except we were disappointed you did not also single out the Halifax. The have given us, and still are giving us, the worst experience in some 50 years of investing.

My wife went to see a local personal representative of the Halifax on 13 March 2008 to request a transfer of her ISA from the Nationwide to the Halifax. We were told it would take "about 2 weeks". They lost the forms, mucked us about, and by mid April we told both Halifax in writing and the Nationwide to a personal representative that we did not wish to continue with the transfer. The Halifax completely ignored this letter and went ahead having eventually found the forms; unfortunately the Nationwide also ignored the instruction not to transfer, but apologised handsomely within 24 hours.

The Halifax, having received my wife's money (some 5 year's worth of savings) on 30 April have done absolutely nothing ever since. Some 2½ months later we still do not have a receipt for the money, or a certificate of investment. We submitted a formal complaint to their so-called "Customer Services" - what a misnomer - but have been told they have eight weeks to investigate - 8 weeks!!!! All we want is an A4 piece of paper that says what our investment is and what the rate etc is - a so-called Certificate of Investment, plus an apology, plus compensation for all the worry and hassle. We still have no proof of where our money is.

The Halifax is a complete and utter disaster, with absolutely no consideration for its customers. We have been treated with complete contempt, and we bitterly regret ever having started the process. Please warn your readers.

Yours sincerely,
Colin Tabeart

[Jeffrey Grigg]

I too am suffering at the hands of LloydsTSB. I am trying to transfer from the NS&I into their Lloyds fixed rate ISA. My original approach was on 25th March but despite three promises failed to get the necessary application form from them. Having eventually got one from a local branch this was submitted to Lloyds on the 9th May. I patiently waited for the 30days to expire and then contacted NS&I to see whether the transfer had been effected. I was told that they had received no application from Lloyds. They insist that my application was sent but must have got lost in the post. I submitted a fresh application on 25th June but have still not been told that the application has been effected. I have told Lloyds that when the tranfer is successful I expect them to backdate the transfer to at least the 10th May as I hold them entirely resposible for this debacle. Like many others I fail to understand why money transfers between banks are still using cheques when electronic tranfer could be done so easily. I await Lloyds response.

[Aurelia]

Cash ISA with Principality BS appears as 6.37% in The times last week, but on their web is at 6% !!!!

[Maurice F.]

(Date corrected to 6th May 2008)

At a meeting with my (Barclays) bank manager on 7th April, I authorised her to take £3,600 from my account for their 'Tax Haven ISA', but the account was not opened until 6th May 2008. I lodged a complaint and stated that I expected them to make good the interest I had lost. I also wrote to John Varley, the Chairman and CEO asking why, if they did not have the resources to open ISA accounts expeditiously, they did not advise people to go elsewhere, pointing out that they had earned interest themselves on my money, and no doubt thousands, if not millions, of other people's money.

I got so fed up with Barclays incompetent ISA management that I decided to transfer it to Nationwide, although the rate of interest is lower. Barclays closed the account on 5th June but I learnt that the cheque was only dated 19th June. Nationwide have confirmed that my ISA with them will be back-dated to the date of Barclays cheque, so I wrote a second letter to Barclays claiming another two weeks' interest.

I have still not yet formerly heard from Barclays that this interest will be paid, but I do not give up easily.

The amount of interest is small, but because of the Inland Revenue's petty rules, I cannot make good the loss as I have the maximum yearly amount - that can only be done between ISA providers.

Barclays also insist that ISA accounts can only be opened through a 'personal banker' which is very time-consuming.

Why transfers can't be done the same day is beyond me.

[Tony F]

I received notification from Nationwide that my ISA funds had been transferred to LloydsTSB on 20 March 2008. I then received a letter from Lloyds telling me that my ISA account had been credited on 6 June. No ISA certificate, no fund value, no interest rate. I complained to the ISA team and got no reply. My letter of complaint to Lloyds Customer Service Recovery is so far unanswered.
I do wonder if the banks are using the inertia in their own systems to draw in funds at an advertised high rate and then lower the rate before the funds can be transferred.

[Colin Gooday]

My wife asked Julian Hodge bank to transfer a cash ISA from Bradfgord and Bingley to themselves on 2nd April.

Julian Hodge have now requested the proceeds from B&B three times without success. I have phoned B&B and they have said that they have never received transfer requests from Julian Hodge Bank.

Obviously intentional delaying tactics, so it appears to me.

I have now got JH Bank to Fax B&B on 9th July with the request so we will now see what happens.

Needless to say the B&B Cash Isa, which had an attractive interest rate for a one year fixed term, has now reverted to an unattractive rate. You may find that this approach is what is behind most of the delays.

Nowt as cunning as mankind!

Colin Gooday

[Claire C]

I started the transfer process of several Cash Isa's to Nationwide in March. I am still waiting for the transfers to be completed. It is almost impossible to get through on the phone and the branch say they do not deal with them.
The transfers to Nationwide from the previous providers sometimes took a long time---Abbey was not too bad, transferring my money on 24th April: Barclays did not transfer it until 16th May; Bradford and Bingley not until 24th June.
Nationwide told me it had received the first two but has not yet been able to process them and send me my new ISA certificates. It can't find the third one and after first saying B and B hadn't sent it, Nationwide admitted it was probably stuck in their mail room waiting to be opened.
Over the weeks I have received several time-wasting, prevaricating letters, saying things like my application forms didn't specify which account I wanted, but the forms were filled in at the branch with me looking on and I am certain everything was in order. These letters must be just delaying tactics.
I complained that I might need access to my money shortly. The answer, said in a rather triumphant tone, was that "You can't draw it out of a fixed-rate bond". Well, of course you can, with some loss of interest, that is if it hasn't got lost in Nationwide's system. What will I do if I do indeed need this money?
I gather if I write to the ombudsman they can't do anything for weeks, and first you have to write official letters of complaint to Nationwide and allow them 8 weeks to respond.

[Mr J.gandhi]

My cash isa was transferred on time by previous provider but Nationwide did not ackowledge the receipt of fund nor open the account. Nationwide ISA management is very poor and hence FSA should look into this and force Nationwide to compensate for delay. There are others like Skipton offers better rate than Nationwide.

[Chris]

In April I applied for Lloyds TSB 6.5% 12 month fixed rate Cash ISA. I'm still waiting for the request to be sent to my existing bank, NatWest. The have apparantly sent it to another bank and now have lost the paperwork. What a joke!

[Frank T]

I saw a headlind grabbing ISA rate with Abbey in March of this. I applied for it using Abbey's online service. Nothing happened for some two to three weeks. I began to wonder if it was a delay with my previous ISA provider transfering the funds. It was sometime before I checked my account on line to see that my account began on the 15 April 2008. I then received a receipt slip showing the funds had been received by Abbey on the 2nd April 2008. I wrote a letter to Abbey asking where my money had been for nearly two weeks and that the delay in getting them into my account disadvantaged me due to loss of interest. And in effect the better rate was in effect wiped out due to this. I received a letter from Abbey showing the movements of my money. And they said that my account was opened on the 15 March and a request was sent to my previous provider. They went on to say that the money was received on the 10 April and was paid into my account on the 15 April, backdated to the 2nd April so as not to be disadvantaged.
But Abbey sent me the receipt showing that they received the cheque from my pvrevious provider on the 2nd April.
However my online account still shows the amount deposited and the account starting on the 15 April.
It makes me wonder if there is some dark unknown forces at work within these accounts that work defying all logic. I will wait and see at the end of the financial year to see what interest is paid and from when it is paid from. But I feel sure it will not be possible for customers to make a straightforward calculation multiplying the sum by the interest rate to make a simple equation.
I'll wait and see.

[Shreekant Buch]

I tried to transfer cash ISA from Bradford & Bingley to another provider with higher interest rates. Some how B*B are saying that they sent a cheque within the 30 days, but the cheque never reached the new provider. Letters have been written to remind B*B and they seem to be reluctant to transfer the funds. It seems that I have just managed to reslove the issue , but B&B said on the phone that they will only transfer the amount that they originally wrote the cheque for. Seems like I will have another fight on my hands to recover the loss of interest if they do not pay what is due to me.

I am having similar issues with Barclays ISA. 2 months down the line and they ahev not transfereed the funds as requested. I will not be opening another account with them ever again if this is the way Barcalys treat their customers with an account with them since 1973.

[Russell]

I think it is far too easy to point a finger at banks. The thing that they are guilty of is lack of planning, e.g. promoting a high cash ISA rate and not predicting that (an increasingly savings savvy) the public will rush to transfer leading to overloaded back office staff. I suffered a delay with Lloyds, lasting 3 months, but ended up in an interest positive situation as they are legally obliged to have transferred within a certain timeframer and therefore have made the interest up (plus the interest already paid over the same period by my original provider)

[Mrs S Fox]

I have had a long wait trying to open a cash ISA with Barclays Bank (approx 12 weeks from receipt of my money to opening account). They blamed it on huge response to the 6.5% they were offering.