Online Banking Error - ISA stuffed
Discussion
I *would* turn this into a Lounge-style rant but I can't be arsed.
I wanted to transfer £850 from my Natwest Cash ISA today, so went online to do so. However, due to NatWest's crappy web page, where they deposit a zero in the "Amount" box before you start, I transferred £8500 instead. My error - but just a simple typo.
So, I called the branch to ask them to reverse it. After being punted around 3 different departments, I'm told that they can't reverse it as it would exceed my cash ISA allowance for the year. WTF??? The money was in the ISA 5 minutes ago and I just want the erroneous transaction reversed. The bank assure me that they can't do this due to HMRC rules.
Surely anyone with 1% common sense could look at the account and see what happened? Even tried calling the bank maanager but "he's on holiday".
Are they for real? Do I herewith lose ~3 years worth of ISA benefits? (Not that it's worth a whole hill of beans at today's rates, but still....) Seems idiotic to me. As I said to them, if I walked into a branch and asked them to deposit £8500 into my ISA, of course that wouldn't be allowed, and I understand that completely, but this is just a typographical error.
Anyone else heard of this?
I wanted to transfer £850 from my Natwest Cash ISA today, so went online to do so. However, due to NatWest's crappy web page, where they deposit a zero in the "Amount" box before you start, I transferred £8500 instead. My error - but just a simple typo.
So, I called the branch to ask them to reverse it. After being punted around 3 different departments, I'm told that they can't reverse it as it would exceed my cash ISA allowance for the year. WTF??? The money was in the ISA 5 minutes ago and I just want the erroneous transaction reversed. The bank assure me that they can't do this due to HMRC rules.
Surely anyone with 1% common sense could look at the account and see what happened? Even tried calling the bank maanager but "he's on holiday".
Are they for real? Do I herewith lose ~3 years worth of ISA benefits? (Not that it's worth a whole hill of beans at today's rates, but still....) Seems idiotic to me. As I said to them, if I walked into a branch and asked them to deposit £8500 into my ISA, of course that wouldn't be allowed, and I understand that completely, but this is just a typographical error.
Anyone else heard of this?
If it was to another NatWest account or an instant payment to another account, then I'd expect you're stuffed.
If it was to an account that doesn't take instant payment then it might be fixable, but I wouldn't bank on it (no pun intended)
Not used NatWest online banking, but I'd presume that you had to confirm the amount you wanted to move after putting in the initial amount and clicking 'go', so it is your fault and unfortunately there may be nothing that can be done about it.
If it was to an account that doesn't take instant payment then it might be fixable, but I wouldn't bank on it (no pun intended)
Not used NatWest online banking, but I'd presume that you had to confirm the amount you wanted to move after putting in the initial amount and clicking 'go', so it is your fault and unfortunately there may be nothing that can be done about it.
Edited by John MacK on Wednesday 23 September 18:22
C8PPO said:
However, due to NatWest's crappy web page, where they deposit a zero in the "Amount" box before you start, I transferred £8500 instead. My error - but just a simple typo.
That pre-filled in with zeros box is annoying. I did exactly the same paying a credit card bill online - so paid 10x too much. I've also had a couple of instances now where it seemed to me that everything was OK, but the payment just hasn't happened. NatWest say I hadn't confirmed it, but you can't really miss that step.I strongly suspect that you're stuffed in this case. I guess if the bank had made the mistake then they'd have to pay you compensation. Not the same error, but when I set up ISAs with NatWest this year in mine and wifeys names and they transferred money from my current account instead of reserve account (which I'd only set up because they siad I shouldn't keep quite so much in my current account) and then the next couple of transactions left me overdrawn. Took them a while to realise what they'd done but they waived all the charges before I even saw them.
Do you have Private Banking? I don't pay anything extra for it (it's not like a Premium Account) but the Private Banking poeple seem a lot more switched on.
Deva Link said:
Do you have Private Banking? I don't pay anything extra for it (it's not like a Premium Account) but the Private Banking poeple seem a lot more switched on.
I have an Advantage Private account but even they weren't able to help. My personal manager is on holidays and I wasn't even offered the option of a deputy/covering manager, just a transfer to standard Telephone Banking department. Not impressed.Years back My Bank once made a mistake accepting somemone else's money into my ISA and when they took it out I enquired if it would affect my allowance?
Long and the short of it was that it did and they couldn't figure out how to fix it.
Took them two weeks to send me a letter which fixed the problem, along the lines of
Dear Sir
We noticed that a payment you made on 04th Apr into your ISA was not infact credited to your account until the 30th April. As this would reduce the amount of your current years allowance we have rectified this to show it as being received the 04th. (In those days I had a portion of unused allowance which seems to be the only way they got round it).
Yours the Bank
(No help to your situation but thought I'd mention as mine was the bank's fault and they still couldn't fix it without a fudge.)
Long and the short of it was that it did and they couldn't figure out how to fix it.
Took them two weeks to send me a letter which fixed the problem, along the lines of
Dear Sir
We noticed that a payment you made on 04th Apr into your ISA was not infact credited to your account until the 30th April. As this would reduce the amount of your current years allowance we have rectified this to show it as being received the 04th. (In those days I had a portion of unused allowance which seems to be the only way they got round it).
Yours the Bank
(No help to your situation but thought I'd mention as mine was the bank's fault and they still couldn't fix it without a fudge.)
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