Jump to content
House Price Crash Forum

Lloyds Isa Transfer - Saga


Recommended Posts

0
HOLA441

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

Link to comment
Share on other sites

1
HOLA442

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.

Link to comment
Share on other sites

2
HOLA443
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 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.

Link to comment
Share on other sites

3
HOLA444
4
HOLA445

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. :angry:

EDIT. April not March. Still flippin ages though.

Edited by shindigger
Link to comment
Share on other sites

5
HOLA446
Guest The_Oldie

Utter shambles :angry:.

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 :lol:.

Link to comment
Share on other sites

6
HOLA447

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... :ph34r:)

Edited by Disillusioned
Link to comment
Share on other sites

7
HOLA448
8
HOLA449

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. :blink:

Link to comment
Share on other sites

9
HOLA4410
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. :blink:

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

Link to comment
Share on other sites

10
HOLA4411

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).

Link to comment
Share on other sites

11
HOLA4412

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

Link to comment
Share on other sites

12
HOLA4413

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.

Link to comment
Share on other sites

13
HOLA4414

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.

Edited by Prof
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information