Time to transfer ISA

sceptic99

The ING account has now closed so waiting for NW to process and clear cheque into my account.

masonic....it took 9 working days (over xmas and new year period) between me handing in the form at the branch, to NW sending it to ING.....is that too long in modern banking terms?

masonic

sceptic99 wrote: »

it took 9 working days (over xmas and new year period) between me handing in the form at the branch, to NW sending it to ING.....is that too long in modern banking terms?

If you are saying it took 9 working days from the date you handed NW the form and the date ING processed it, then that sounds very good when you factor in seasonal postal delays.

sceptic99

no, 9 working days (18 actual days) from handing in form to NW to NW then sending ING a request for the funds.

A further 9 working days (11 actual days) for ING to close my account.

The final gap (which I am in now) is waiting for NW to process the cheque.

The 30 day period started when NW sent ING the request, so thats all ok. What I am wondering is whether the 9 working days for NW to take my form and then send it on to ING is too long?

masonic

sceptic99 wrote: »

no, 9 working days (18 actual days) from handing in form to NW to NW then sending ING a request for the funds.

If you believe that they sent the form on the 5th January, as they claimed, and you gave it to them on the 18th December, then that still seems pretty reasonable. It would presumably include the form being posted from the branch to their tax-free accounts dept, which could have taken a few days. It also wouldn't surprise me if they were not fully operational between Christmas and the 5th January. I think most of your delay would have been associated with setting up this transfer just before Christmas.

The final gap (which I am in now) is waiting for NW to process the cheque.

This is actually the bit where you may have some redress. Several ISA providers backdate interest to the day after the old ISA provider closes the account, whereas Natwest won't pay interest until 2 days into the clearing cycle. Several people have posted about their success in getting Natwest to give them a few days extra interest after complaining about this.

sceptic99

ok thanks. i will wait for the money to get into the account and give it a go!

JohnFB

Presumably if I am transferring ISAs with the same organisation then I shouldn't get these delays, or should I be more cynical. I intend to tranfer some money from my instant access ISA to my Fixed Rate ISA where the rate is about 6 times as much. They are both with Nationwide and I've had an email from them to say that I can do this.
I do find it a bit of a pain having to go into a branch to do all this as I can only get to one on a Saturday morning.

masonic

JohnFB wrote: »

Presumably if I am transferring ISAs with the same organisation then I shouldn't get these delays, or should I be more cynical. I intend to tranfer some money from my instant access ISA to my Fixed Rate ISA where the rate is about 6 times as much. They are both with Nationwide and I've had an email from them to say that I can do this.
I do find it a bit of a pain having to go into a branch to do all this as I can only get to one on a Saturday morning.

It should be a lot quicker, as most of the delays are down to information/funds being sent between providers. I've transferred an ISA into another account I had with the same provider and it was done there and then in branch.