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MSE News: Cash Isa transfers slowly getting quicker
Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"Cash Isa transfer times have shortened following action by the OFT, though they still take over two weeks ..."
"Cash Isa transfer times have shortened following action by the OFT, though they still take over two weeks ..."
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A recent ISA transfer from Santander took just 7 days from posting the transfer form to the new manager. :T
Edit
Interestingly, the closing date at Santander was the same as the opening date at the other end. i.e. no loss of interest.
If only their customer service was as efficient.
. 
Warning: In the kingdom of the blind, the one-eyed man is king.
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transferred out from Barclays and it also took just 7 days from the day the form was sent - very impressed! It was a cash ISA going to a stock and shares one.0
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Was it a deliberate play on words by the MSE elves "Cash Isa transfers slowly getting quicker" :rotfl::rotfl:C'mon you Canaries!!0
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I've also done an ISA transfer out of Santander recently, it took 3 working days - I went into the branch on Wednesday and the money was with my new provider the following Monday. It was the best service I've ever received from Santander!0
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Delays before were due at least in part to cheques having to be posted from one institution to another. Once mine was sent to a completely different building society altogether from where it should have been. That took 6 weeks to sort out.
There was a lot of push by institutions to eliminate personal cheques yet even now many still insist on maturing accounts (non-ISA) being paid out by cheque rather than directly into a bank account which you might think would be safer, quicker, and cheaper all round.0 -
Delays before were due at least in part to cheques having to be posted from one institution to another. .
Cash ISA transfers are still made between institutions almost exclusively by cheque. As it's the safest method currently around to keep payment and paperwork together.
That's unlikely to change significantly until end of this year. This from the British Bankers Asscn website dated today :This work is continuing with the development of an electronic transfer system for Cash ISAs, expected to be available to BACS members later this year, followed by an industry-wide extension in 2013.If you want to test the depth of the water .........don't use both feet !0 -
I requested a cash ISA transfer from Santander to the Halifax on the 16th March 2011.The money was received by the Halifax 2 calendar months later on the 16th May!0
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I'm waiting on a form to arrive from Nationwide to transfer out of Smile - but N/wide say they pay interest from the date they get the form from me (hopefully arrive in the post tomorrow so I can drop it off at at branch on Friday rather than having to post it), so I have to admit I'm not too concerned about how long the transfer actually takes even though the site says 'about 4 weeks'
Cheryl0 -
I opened an ISA with SelfTrade. It took them 15 days to open the account and another 10 to transfer from Halifax. Then they said I wasn't eligible for a Kindle because it was too late. Cunning, very cunning.0
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Halifax started this latest, and thankfully expanding, practice of paying interest on an ISA from the date of receiving the transfer form. It must have proved popular and Halifax are to be commended for their innovation in this respect.
Since, under the ISA rules, the new manager is responsible for chasing up any delays, anyway, I don't see why the practice shouldn't be written into the ISA rules. If all managers did the same then there would be no loss of interest for customers and any gains/losses for the financial institutions would average out to nothing over the volume of transactions.
Anyone see any obstacles?Warning: In the kingdom of the blind, the one-eyed man is king.
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