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    • SouthLondonUser
    • By SouthLondonUser 10th Aug 17, 2:18 PM
    • 336Posts
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    SouthLondonUser
    Immediate ISA transfer: too quick? Risk of fraud?
    • #1
    • 10th Aug 17, 2:18 PM
    Immediate ISA transfer: too quick? Risk of fraud? 10th Aug 17 at 2:18 PM
    I have just opened a cash ISA with Charter Savings Bank. The whole process was quick and straightforward, including the transfer of my Virgin Money ISA. In fact, possibly too quick! I applied online, and in the application process I gave the details of my Virgin Money ISA, and said I wanted to transfer it entirely to my new Charter ISA. The whole thing happened in a couple of days. The efficiency is welcome; tbh I was not even aware it was possible to do these transfers online and so quickly. However:
    • I did not sign a single piece of paper
    • Virgin Money did not contact me to alert me of the transfer: no letter, no text, no email, no call, no flying pigeon, nothing
    This got me thinking: doesn’t this system lend itself to potential fraud? I don’t know about you, but I don’t check my ISA account every week. In fact, I may only check it a few times a year, because I know how much is there, and it’s cash, not volatile shares whose value changes every day.
    If someone had stolen my identity and made such a transfer, it could have been months before I realised.


    By contrast, I am transferring my stock and shares ISA from Iweb to Interactive Investors, and Iweb have sent me a letter to tell me they are processing it.

    Thoughts?
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