ISA funds missing from HSBC to Intelligence Finance

WLMJ

Hi all,

I opened ISA account with Intelligence Finace on 20/08, the same day I authorized HSBC to transfer current ISA to IF. HSBC did the transfer by chq on 26/08. But because I amended connecting account details on IF welcome pack, they said need to open another ISA account and only sent me the new welcome pack yesterday.

I rang HSBC who said the chq is with IF, IF said since new account is not open yet, chq was bounced back to HSBC?

Anyone has been through this before? Will the money just go missing between the two banks? I am sooooooo stressed about this:(

thanks

GiraffeMan

Until the cheque is reissued or returned to IF the funds will be sat on a "cheque issuing" account with HSBC. The cheque is probably either winding it's way back to HSBC or being held by IF who may have delays in account opening. Unfortunately with ISA transfers the institutions never seem to take ownership and blame each other.
Keep in their and hassle them both and make sure one of them covers your lost interest for the period since the the funds left your HSBC ISA to when your IF ISA is opened

WLMJ

yeah, I will again chase them both tomorrow. fingers crossed it will get sorted soon. Many thanks for your advice.

Llyllyll

WLMJ wrote: »

Hi all,

I opened ISA account with Intelligence Finace on 20/08, the same day I authorized HSBC to transfer current ISA to IF. HSBC did the transfer by chq on 26/08. But because I amended connecting account details on IF welcome pack, they said need to open another ISA account and only sent me the new welcome pack yesterday.

I rang HSBC who said the chq is with IF, IF said since new account is not open yet, chq was bounced back to HSBC?

Anyone has been through this before? Will the money just go missing between the two banks? I am sooooooo stressed about this:(

thanks

A similar thing is happening to me and remains unresolved.

3 months ago I transferred my ISA from Alliance & Leicester (the worst financial institution ever) to Aldermore. All went well and I received confirmation from both banks that all was ok, however a week later I received an account closure notice from Aldermore. On querying this in turns out someone (name withheld for now) at A&L arbitrarily decided to cancel the ISA transfer request without so much as a word from me.

10 weeks later and their internal investigation is ongoing and just to top it off, even though they cancelled the transfer (and I have a copy of the letter this individual sent to Aldermore) the funds have not been returned to the previous A&L ISA and so I have been without access (if I needed it) to over £7k of my money and it has not been earning any interest either.

I think that I should now call on the Ombudsman to sort this out.