What a bunch of bankers

[mudskipper]

<rant>
Grrrrr. Decided to sort out my finances. Had a cash ISA with First Direct that was paying a princely 0.2% APR interest, so decided to move it to Santander who were offering a whopping 3%. Filled in the forms, got sent my Santander cashpoint card (who gives a cashpoint card with an ISA?) and login details. Got closing statement from First Direct, with 27-Jan, transfer all k2p2’s hard-earned dosh to Abbey shown as final entry. Checked my Santander account – zilch. Phoned several times and got fobbed off. Today thought I’d try First Direct to check they really had transferred the money. “Yes”, the man assured me, “we posted the cheque on the 28th.” Posted the cheque???? Since when have banks posted cheques to each other to transfer money? Next they’ll be telling me they keep it in a shoebox out the back. Rang Santander (again) who claim not to have received the cheque, but need to wait two weeks before another can be issued. Nice to know my nest-egg is sitting in a Royal Mail bag somewhere. And who, I wonder, is enjoying the interest on my savings in the meantime? I’m gobsmacked. A cheque FFS! Which century are we in?
</rant>

[Ruprect]

<rant>
Grrrrr. Decided to sort out my finances. Had a cash ISA with First Direct that was paying a princely 0.2% APR interest, so decided to move it to Santander who were offering a whopping 3%. Filled in the forms, got sent my Santander cashpoint card (who gives a cashpoint card with an ISA?) and login details. Got closing statement from First Direct, with 27-Jan, transfer all k2p2’s hard-earned dosh to Abbey shown as final entry. Checked my Santander account – zilch. Phoned several times and got fobbed off. Today thought I’d try First Direct to check they really had transferred the money. “Yes”, the man assured me, “we posted the cheque on the 28th.” Posted the cheque???? Since when have banks posted cheques to each other to transfer money? Next they’ll be telling me they keep it in a shoebox out the back. Rang Santander (again) who claim not to have received the cheque, but need to wait two weeks before another can be issued. Nice to know my nest-egg is sitting in a Royal Mail bag somewhere. And who, I wonder, is enjoying the interest on my savings in the meantime? I’m gobsmacked. A cheque FFS! Which century are we in?
</rant>

Hang on, if they posted a cheque, and the money has gone from the account, then someone has cashed it surely? It can't be sitting in a mail bag.

[TimberWolf]

So basically "the cheque is in the post".

[mudskipper]

Hang on, if they posted a cheque, and the money has gone from the account, then someone has cashed it surely? It can't be sitting in a mail bag.

No - they've closed the account, but assure me the cheque's not been cashed. I presume it's a pre-cleared cheque. Unbelievable!

[NeverBeenNorthOfTheM25]

It annoys me that the Banking system is just allowed to stay so antiquated .......... and all under the guise of 'security'.

I asked my bank the other day if there were any direct deposits due to come out the next day. They had no idea ........... I mean WTF???

[PAH]

So basically "the cheque is in the post".

I wondered where Jack Burton was these days.

[Moscow Mule]

It annoys me that the Banking system is just allowed to stay so antiquated .......... and all under the guise of 'security'.

I asked my bank the other day if there were any direct deposits due to come out the next day. They had no idea ........... I mean WTF???

What's a direct deposit? And why would a deposit come out of your account?

[mudskipper]

<rant>
And it seems that, 4 years later, things haven't changed much.

Decided to transfer some dosh from my Santander cash ISA to HL Stocks and Shares ISA.

Filled out the form and sent to HL.

Today noticed that the money has gone from the Santander ISA - twice!!!

Phoned HL as they are dealing with the transfer, and they tell me they're still waiting for the cheque to arrive

When it does, assuming there are two of them, then they'll cancel one. In the meantime my money is once again in a large black hole. No idea what happens if they only get one cheque.

I'll put money on the cock up being Santander's end, and at least two more phone calls to get it sorted...

</rant>

[d000hg]

I was just about to ask how you got 3% from Santander until I noticed this was from 2010

I just signed up for the princely rate of 2.3%, and I only get the extra .3% because I'm a 1-2-3 customer. Fixed for 2 years, AND you have to put in any 2014/15 contributions by the end of May. Which isn't ideal... maybe I'll take out one of those credit card deals to fill up the ISA and then pay it off in a month or two.

[original PM]

it is just that they want the money to be sat in their account and not in yours

so they can make money on it

just think how much dosh you can earn just sitting on millions for a few days