Hi,
I opened a new ISA with Lloyds on 07-Apr-2008 and asked for them then transfer my A&L ISA into it (don't want my cash in A&L!!!).... However, 3 months on and it's still at A&L. I've spoken to Lloyds 3-4 times, been into the branches of both banks and had numerous letters & emails.
Anyone any advice? I am going to contact the Financial Ombudsman. The IR say it should take no more than 30 days and the bank staff said more like 3-4 days... so what ARE they doing?!?!
Frank
Full Version: Lloyds Isa Transfer - Saga
Is it LloydsTSB's 6.5% Fixed Rate ISA?
I applied for mine at the end of March (account was opened on the day) and I am still waiting for the money in my previous two ISAs to be transferred in.
Their customer service is a disgrace. They don't know what happened with my application. They say it probably got lost.
Last time I spoke to them they assured me that I would be getting the 6.5% starting from two weeks after the account was opened. I asked written confirmation of this, to which they agreed. That was three weeks ago and I have received nothing.
Seriously losing confidence in this bank. In different occasions they have told me that they would call me the following day, but they have not called for one week or not at all. Not the service you would expect when you are trying to deposit money with them.
In MSE they have the mother of all threads about this ISA and all the problems customers are having with it:
http://forums.moneysavingexpert.com/showthread.html?t=725969
Some people say they have received some goodwill compesation from Lloyds for all the troubles they have had to go through. This is the only thing preventing me from cancelling the transfers and pulling all the money I have in other accounts with Lloyds.
I applied for mine at the end of March (account was opened on the day) and I am still waiting for the money in my previous two ISAs to be transferred in.
Their customer service is a disgrace. They don't know what happened with my application. They say it probably got lost.
Last time I spoke to them they assured me that I would be getting the 6.5% starting from two weeks after the account was opened. I asked written confirmation of this, to which they agreed. That was three weeks ago and I have received nothing.
Seriously losing confidence in this bank. In different occasions they have told me that they would call me the following day, but they have not called for one week or not at all. Not the service you would expect when you are trying to deposit money with them.
In MSE they have the mother of all threads about this ISA and all the problems customers are having with it:
http://forums.moneysavingexpert.com/showthread.html?t=725969
Some people say they have received some goodwill compesation from Lloyds for all the troubles they have had to go through. This is the only thing preventing me from cancelling the transfers and pulling all the money I have in other accounts with Lloyds.
QUOTE (Frank Mason @ Jul 10 2008, 08:42 PM) 
Hi,
I opened a new ISA with Lloyds on 07-Apr-2008 and asked for them then transfer my A&L ISA into it (don't want my cash in A&L!!!).... However, 3 months on and it's still at A&L. I've spoken to Lloyds 3-4 times, been into the branches of both banks and had numerous letters & emails.
Anyone any advice? I am going to contact the Financial Ombudsman. The IR say it should take no more than 30 days and the bank staff said more like 3-4 days... so what ARE they doing?!?!
Frank
I opened a new ISA with Lloyds on 07-Apr-2008 and asked for them then transfer my A&L ISA into it (don't want my cash in A&L!!!).... However, 3 months on and it's still at A&L. I've spoken to Lloyds 3-4 times, been into the branches of both banks and had numerous letters & emails.
Anyone any advice? I am going to contact the Financial Ombudsman. The IR say it should take no more than 30 days and the bank staff said more like 3-4 days... so what ARE they doing?!?!
Frank
I can't beat your wait, thankfully, but did have a long wait myself (as have many others). See this thread. My case was resolved the next day after going into the branch and demanding loudly, but very politely, that someone explain to me where my money has disappeared to, and in the subsequent conversation with the manager pointing out that I would be very reluctant to deposit this year's allowance with them until my money was credited.
Again the situation i know of it took a person til last month to transfer from Abbey to Llyods starting April 10th. (so around 4 months)
Nothing you can do with current regulations.
Nothing you can do with current regulations.
6.5% Fixed Rate ISA.
Opened 7th April.
Filled in transfer form same day. 1st application lost.
Stash still sat happily in Natwest after 3 months and 4 days.
Letter written to ombudsman last week.
Tried to escalate complaint within Lloyds published procedure. They dont want to "own" my problem.
Letter from Lloyds promising me 6'5% from 9th March.
Totally bewildered and inept branch representative.
COMPLETE AND UTTER DISGRACE.
EDIT. April not March. Still flippin ages though.
Opened 7th April.
Filled in transfer form same day. 1st application lost.
Stash still sat happily in Natwest after 3 months and 4 days.
Letter written to ombudsman last week.
Tried to escalate complaint within Lloyds published procedure. They dont want to "own" my problem.
Letter from Lloyds promising me 6'5% from 9th March.
Totally bewildered and inept branch representative.
COMPLETE AND UTTER DISGRACE.
EDIT. April not March. Still flippin ages though.
Utter shambles .
I spoke to my Lloyds branch manager a few weeks ago and he confirmed that the funds were in from NS&I (it took over a month) and that the interest would be backdated. He said that I would be sent a full statement, but I'm still waiting. He confirmed that the Lloyds TSB ISA department had been inundated with transfers into the 6.5% fixed rate ISA and had a huge backlog.
Lloyds TSB phoned me up last week touting for business, I said quite a lot, in a short space of time
.
.I spoke to my Lloyds branch manager a few weeks ago and he confirmed that the funds were in from NS&I (it took over a month) and that the interest would be backdated. He said that I would be sent a full statement, but I'm still waiting. He confirmed that the Lloyds TSB ISA department had been inundated with transfers into the 6.5% fixed rate ISA and had a huge backlog.
Lloyds TSB phoned me up last week touting for business, I said quite a lot, in a short space of time
.
I had a letter two weeks ago, saying that my ISA had finally been transferred (opened early April and transfer request letter sent mid-April). I asked at the branch for a letter stating that my interest would be back-dated to the transfer-request date. The branch said O couldn't have this, so I rang the ISA dept and they told me they would send a letter. I made the call yesterday, so I'm still waiting for it.
Edit to add: the point is that you will get the interest from Lloyds for the transfer request date, so don't worry too much about the fact that it hasn't been moved yet. (Unless you're with B&B and they go under...
)
Edit to add: the point is that you will get the interest from Lloyds for the transfer request date, so don't worry too much about the fact that it hasn't been moved yet. (Unless you're with B&B and they go under...
)
I had a similar issue and length of dispute between A&L and Halifax. They really don't care about the quality of service for ISA-transferrals I'm afraid.
Nationwide are just as bad, I'm still waiting for them to setup the account opened on the 12th April.
12/04/08 Applied in branch with cheque and isa transfer from A&L and NW isa (older held account)
22/05/08 Letter saying they had just got my request and have asked A&L to transfer funds. They also state they will open account within 10 days of the transfer.
05/06/08 A&L get around to closing isa and transfering funds
I hear nothing for the rest of June so contact NW - they say they will look into it and get back to me.
10/07/08 Letter from NW saying they are 'experiencing delays' but dont worry, we will ensure thatyou are not financially disadvanted as a result of the delay! (apart from they will only pay interest from when the received the funds from A&L - so only 2 months lost interest then at higher rate compared both of my existing isa and low interest on my current account)
20/07/08 Account still not setup, cheque has still not been cashed and my existing NW isa is open with no sign of it being closed to transfer into the new isa bond.
12/04/08 Applied in branch with cheque and isa transfer from A&L and NW isa (older held account)
22/05/08 Letter saying they had just got my request and have asked A&L to transfer funds. They also state they will open account within 10 days of the transfer.
05/06/08 A&L get around to closing isa and transfering funds
I hear nothing for the rest of June so contact NW - they say they will look into it and get back to me.
10/07/08 Letter from NW saying they are 'experiencing delays' but dont worry, we will ensure thatyou are not financially disadvanted as a result of the delay! (apart from they will only pay interest from when the received the funds from A&L - so only 2 months lost interest then at higher rate compared both of my existing isa and low interest on my current account)
20/07/08 Account still not setup, cheque has still not been cashed and my existing NW isa is open with no sign of it being closed to transfer into the new isa bond.
QUOTE (hopester @ Jul 20 2008, 10:38 AM)
Nationwide are just as bad, I'm still waiting for them to setup the account opened on the 12th April.
12/04/08 Applied in branch with cheque and isa transfer from A&L and NW isa (older held account)
22/05/08 Letter saying they had just got my request and have asked A&L to transfer funds. They also state they will open account within 10 days of the transfer.
05/06/08 A&L get around to closing isa and transfering funds
I hear nothing for the rest of June so contact NW - they say they will look into it and get back to me.
10/07/08 Letter from NW saying they are 'experiencing delays' but dont worry, we will ensure thatyou are not financially disadvanted as a result of the delay! (apart from they will only pay interest from when the received the funds from A&L - so only 2 months lost interest then at higher rate compared both of my existing isa and low interest on my current account)
20/07/08 Account still not setup, cheque has still not been cashed and my existing NW isa is open with no sign of it being closed to transfer into the new isa bond.
12/04/08 Applied in branch with cheque and isa transfer from A&L and NW isa (older held account)
22/05/08 Letter saying they had just got my request and have asked A&L to transfer funds. They also state they will open account within 10 days of the transfer.
05/06/08 A&L get around to closing isa and transfering funds
I hear nothing for the rest of June so contact NW - they say they will look into it and get back to me.
10/07/08 Letter from NW saying they are 'experiencing delays' but dont worry, we will ensure thatyou are not financially disadvanted as a result of the delay! (apart from they will only pay interest from when the received the funds from A&L - so only 2 months lost interest then at higher rate compared both of my existing isa and low interest on my current account)
20/07/08 Account still not setup, cheque has still not been cashed and my existing NW isa is open with no sign of it being closed to transfer into the new isa bond.
I've had numerous emails, letters, even phone calls, from Lloyds and I've just posted my complain the the Financial Ombudsman, copied them on it too.
Shambolic. What kind of a business doesn't want to get your money? I really don't have a clue what to do next, if I could've moved it myself then there'd be no problem.
The saga continues. And next year we'll have the same thing when we try to move our ISAs to another provider. Deep joy!
Frank
My mother had similar problems with Nationwide > Lloyds transfer.
Took over 3 months, due to delays and lost cheques. I don`t want to give the whole story, as I want to remain calm. Needless to say, the whole episode was absolutely shambolic. Doesn`t give me much confidence when I hear that the UK has a world leading financial service sector, when two high street banks can`t organise a P up in a brewery.
And if I told you that a certain bank allowed my date of birth to be changed on my account (without my consent), you`d think I was making it up, wouldn`t you ? Well I`m not. And there`s more ..........
It`s that time of year when I have to find those tax certificates for the savings accounts that I`ve held, to give to my accountant. It seems than banks don`t automatically send these certificates (I thought they did). While chasing up the certificate for a regular savings account that I held with a very large organisation, it appears they don`t even have a record of my account, even though I have the statements and certificate of investment for the account. If they can lose a little account of mine, is it any wonder they lost £billions on dodgy credit deals ?
My experience with banks has been reasonably good over the years. The last 12 months has made me realise that they now employ Kermit, Gonzo and Miss Piggy (a load of Muppets).
Took over 3 months, due to delays and lost cheques. I don`t want to give the whole story, as I want to remain calm. Needless to say, the whole episode was absolutely shambolic. Doesn`t give me much confidence when I hear that the UK has a world leading financial service sector, when two high street banks can`t organise a P up in a brewery.
And if I told you that a certain bank allowed my date of birth to be changed on my account (without my consent), you`d think I was making it up, wouldn`t you ? Well I`m not. And there`s more ..........
It`s that time of year when I have to find those tax certificates for the savings accounts that I`ve held, to give to my accountant. It seems than banks don`t automatically send these certificates (I thought they did). While chasing up the certificate for a regular savings account that I held with a very large organisation, it appears they don`t even have a record of my account, even though I have the statements and certificate of investment for the account. If they can lose a little account of mine, is it any wonder they lost £billions on dodgy credit deals ?
My experience with banks has been reasonably good over the years. The last 12 months has made me realise that they now employ Kermit, Gonzo and Miss Piggy (a load of Muppets).
Well I'm back to square one, got sent a letter with a new ISA Xfer form from Lloyds.... So I went into the branch this morning and shouted a bit, demanded to see the manager and.... 5 mins later I did see him!
He apologised, the women who opened the ISA re-took my details, gave me her card and said it will be done in a few weeks and was probably caused by A&L not playing ball. Frankly, I don't care. Just do your job and get my money xfered.
None of this is rocket science.
Frank
He apologised, the women who opened the ISA re-took my details, gave me her card and said it will be done in a few weeks and was probably caused by A&L not playing ball. Frankly, I don't care. Just do your job and get my money xfered.
None of this is rocket science.
Frank
I too had to fill in a second transfer form as NatWest rejected the original one due to an "error". They discovered this "error" on the 23rd June. I filled in the form on the 7th April. I am assuming the "error" was not mine as they would have pointed this out by now.
NatWest have closed my account and now i wait for the cash to appear at Lloyds.
As i write this, i am unable to account for my missing £35k Cash ISA fund. Its disappeared.
Ombudsman has been alerted.
Shambles.
I have never known anything like this in all my life.
NatWest have closed my account and now i wait for the cash to appear at Lloyds.
As i write this, i am unable to account for my missing £35k Cash ISA fund. Its disappeared.
Ombudsman has been alerted.
Shambles.
I have never known anything like this in all my life.
UPDATE:
Abbey take up to 6 weeks to issue a tax certificate. Apparently, it has to be done manually. Did Santander sell all the computers when they took over ? (HSBC issued me a printout from my local branch. The "proper" certificate arrived in the post a few days later).
To be fair, the major banks must be too busy trying to find all the £billions they`ve recently lost, to deal with annoying things like their customers.
Abbey take up to 6 weeks to issue a tax certificate. Apparently, it has to be done manually. Did Santander sell all the computers when they took over ? (HSBC issued me a printout from my local branch. The "proper" certificate arrived in the post a few days later).
To be fair, the major banks must be too busy trying to find all the £billions they`ve recently lost, to deal with annoying things like their customers.
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