how long does it take to transfer into a&L ISA?

codetown

hello,
has anyone had their ISA transferred to the A&L Direct ISA?

I opened up this A&L Direct ISA account and received a couple of days after in the post their written confirmation and the transfer form to put any past ISA money in. I gave this trasnfer form to Nationwide (my ex ISA provider) and after a few days I received a confirmation from them that money (with interest) and instructions had been sent to A&L, but nothing happened since then. Already 4 business days passed and my Direct ISA balance still is 0.

Any experience in transfer time to A&L ISA?

mossie70

Hi. Hmm, this seems a little strange. If the money is not transferred in the next couple of days I suggest that you getting contact with A&L. I would also re-confirm that Nationwide have actually sent your details (regarding the impending transfer) to A&L.

MPH80

I'm actually having trouble getting my IF ISA moved over to A&L too ...

But I think it's IF fault - I haven't heard anything from them at all - and the balance remains in my IF account.

It's been 2 weeks for me since I sent the form off ...

So I've contacted them this morning to find out what's going on.

M.

YorkshireBoy

MPH80 wrote:

I'm actually having trouble getting my IF ISA moved over to A&L too ...

But I think it's IF fault - I haven't heard anything from them at all - and the balance remains in my IF account.

It's been 2 weeks for me since I sent the form off ...

So I've contacted them this morning to find out what's going on.

M.

When I moved my ISA from IF to Halifax last October, the whole process took 3.5 weeks from start to finish - and they're part of the same organisation!

To be fair, IF had just dropped their rates by 0.45% so the Halifax (along with BoS and B&B who also had excellent rates) must have been inundated with transfer requests at the time.

Canny_mal

I'm in a very similar situation to you codetown. I sent the transfer form off to Abbey (my current ISA provider) a couple of weeks ago. I got a prompt reply back from them dated 23/1/06 stating my funds (including interest to date) had been sent to A+L in the form of a chq.

However, like you, when I looked at my A+L accounts online this morning my Direct ISA still shows a zero balance.

Canny_mal

I've just logged onto my A+L account again online and my ISA funds are now showing up in my Direct ISA account!

When I clicked to look at my statement it shows a reciept date of 26/01/06 (just 3 days after Abbey sent it) so I'm happy enough with that.

It is not showing as available funds yet due to the number of days banks wait before they clear a chq but I'm not wanting to withdraw anything so that's not a problem.

jem16

YorkshireBoy wrote:

When I moved my ISA from IF to Halifax last October, the whole process took 3.5 weeks from start to finish - and they're part of the same organisation!

To be fair, IF had just dropped their rates by 0.45% so the Halifax (along with BoS and B&B who also had excellent rates) must have been inundated with transfer requests at the time.

I'm in the process of changing from IF to the Halifax too - it's been over 3 weeks now. Last Saturday I got a letter from the Halifax saying that they had requested the funds. Yesterday I got an email from IF in reply to my email, saying that the Halifax hadn't requested the transfer yet!

codetown

I just had a confirmation:
A&L takes a little while (5-8 days) to update the accounts and online display for its Direct ISA. But the money will be then shown as it if was deposited the exact day they receive it, so very little interest should be lost.

In the case of Nationwide to A&L it is about 1 day lost of interest.

Strangely enough all the banks seem to exchage all ISA money among themselves via checks and not via BACS/CHAPS transfers. I remember reading somewhere last year that they were predicting noone would use checks anymore in 3 years. I wonder if the banks will be up to speed with electronic transfers by then!

andy_5-2

Completed the online ISA application 3 days ago, still no paper work sent but looked at my current account & the direct debit is set up already!

I too am ditching the First Direct ISA.

Canny_mal

Banks really do boil my blood when it comes to the time it takes them to clear chqs. This is an extract taken from the A +L Direct ISA terms and conditions...

6.2 Where a cheque is paid into your Account (permitted in
the Initial Subscription Period only and on transferring in
funds from an Existing Account at any time) You must
normally allow at least eight Working Days from the
time We receive the cheque before any withdrawal is
made against the cheque. Even after this time, We may
dishonour any payments You make if the cheque does
not clear for any reason. Interest will be earned from
the fifth Working Day after receipt.

Also.....

6.1 A transfer into Your Account by direct debit from a
current account held with another financial institution
will normally take five Working Days from the time We
receive the transfer at Our clearing centre before any
withdrawals can be made against it. Interest will be
earned from the fifth Working Day after receipt.

Particularly in the case of Chqs for transfers in from other financial institutions how on earth can a bank justify taking 5 days from reciept before they start paying interest and 8 WORKING days before they are cleared funds?

Milarky

Canny_mal wrote:

Particularly in the case of Chqs for transfers in from other financial institutions how on earth can a bank justify taking 5 days from reciept before they start paying interest and 8 WORKING days before they are cleared funds?

Because they can I'm afraid. The 'withdrawal of funds' period is a red herring - it's the fact that transfers involve loss of interest at all which is wrong. Halifax have said (although I haven't seen it in writing) that they will credit interest from date of closure of other ISA when receiving funds. If they can provide this level of service with your savings, then any provider can (and should) provide it also.