Isa transfer loses me £720
An glitch led to a £720 headache when an Isa was transferred between NatWest and Santander
I had an Isa with NatWest which I wanted to transfer to Santander for a better rate. The transfer went through on 30 March but, somehow, the banks managed to write the amount wrongly as £3,086 instead of £3,806, a deficit of £720. I visited the branches of both banks. Santander said it would contact NatWest, which must have sent it the wrong amount. NatWest must have tried to send the balance because, on 15 April, it wrote to say Santander has refused the additional £720. Then NatWest decided to open another Isa for me for this lingering amount.
Aside from being against my wishes, I have already opened a 2010/11 Isa with Barclays, so NatWest has managed to break the Isa rules for me too. DT, Reading, Berks
NatWest said that Santander’s Isa transfer team ignored its covering letter resending the £720 and returned the money. Both banks started to investigate. The main transfer and the first £720 were sent electronically. NatWest sent a separate letter to explain the £720 but Santander did not match this up with the payment and sent it back.
This is when NatWest opened a current-year Isa. Santander says because the money came through an automated system, it was automatically rejected because its system showed that you already had a 2009/10 Isa from the main transfer.
NatWest sent the £720 yet again, this time by cheque, and Santander has now credited the missing money to your account. NatWest has closed the unnecessary Isa and has sent you a further cheque for £100 to apologise.
You can email Margaret Dibben at your.problems@observer.co.uk or write to Margaret Dibben, Your Problems, The Observer, Kings Place, 90 York Way, London N1 9GU and include a telephone number. Do not enclose SAEs or original documents. The newspaper accepts no legal responsibility for advice.
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