How long to transfer ISAs?

beefturnmail

Hi,

How long does it usually take to transfer an ISA from one provide to another. I am transferring from Halifax to Alliance & Leicester (just got in before the 5.2% deal closed). I sent the form to Halifax 2 weeks ago, but the money is still showing as being in the Halifax account when I checked online today. I presume it's still with Halifax, so going to call them tomorrow to find out what's going on. I'm not sure if I should be annoyed or if it usally takes this long (I've never transferred before).

Any one had any experience with this?

Thanks

mary

Yes, an eternity! Applied on April 1st to transfer 4 x ISAS from Halifax to A&L. Had to fill out the transfer form 3 times in the end, as the first two never reached Halifax, yet posted to their address! I can see as of Thursday 5th May, Halifax is now closed, but the money's not showing yet in A&L. Ask them when you ring if there is any indication against your name whether there has been a request to transfer funds yet! Don't hold your breath for a speedy turnaround.

Ian_W

Similar circs to both of you, got in with Mrs W on the 11th as the offer was withdrawn on 12th - phew!!:whistle:
Took a few days for the customer ID to arrive so I made payments into both accounts on 18/4, transfers in from First Direct were credited to the account on 27/4 having posted the forms on the same day as the deposit.
Either the A&L form or FDs website it said transfers can take up to a month, so 9 days is not too shoddy IMO. When it showed on A&Ls online banking I really don't know as I only checked the account this week as I was expecting it to take quite a bit longer.

beefturnmail

Thanks for help.

Just spoke to Halifax today and (after a 20 minute wait) found out that they have received it but are still processing - they have a backlog to the 12th April apparently. Was told that if it takes longer than 30 days I am entitled to complain. 30 days seems a long time though - the account is supposed to be instant Access after all!

lisyloo

I have had problems too.
I posted one form (no sign).
Took second form into the branch (so it couldn't get lost in the post), no sign of that either.
I am now doing forms 3 and 4 (both directions).

For anyone thinking of making a complaint I would suggest keeping as many details as possible.
Times, dates, place, names etc.
Include surnames if possible as some call centres have 40 people called John.

The problem is that their system is entirely paper based. They record nothing on your account. So they can't tell you whether anything has arrived or been lost.

JEC

In the process of transferring from HBOS to A&L and am most dissatisfied with A&L. HBOS made a mistake on the original documentation and it was returned to them. Unfortunately nobody told HBOS separately from the return of documents about this and these got lost in the post... apparently. After two weeks they hadn't turned up with HBOS and A&L refused to confirm that they had actually posted them, only saying that they must have. Now, all this is sorted and the money wil go through, however when I ask about backdated interest, I am told no... I will only get interest from A&L when the money appears in my account, sometime later this week. The HBOS account was closed on 24/3. This is not good enough.

When I dare to point out to 'Chris from Retail Banking' who refuses point blank to give me a surname, that this is a flaw in their procedure, I am told that there is nothing wrong with their procedures. I wonder how long all this would have taken to resolve if I had not been monitoring it?

It appears that A&L have a policy of refusing to admit anything and being as obstructive as possible in the hope that the customer will give up and go away. I asked to speak to Chris-with-no-surname's manager. I was told he was unavailable. I asked to speak to their manager's manager. They too were apparently unavailable ... at 9.30 am...? I said I would prefer to speak to someone who was accountable. I was told I 'should' believe him that he was accountable. Why I should believe something from somebody who refuses to give a full name was not explained to me or why customer advisors felt that was an apporpriate manner to use with customers. I was even told that this phone call was going nowhere. At this point I asked for the address of the complaints dept. A letter has now been written.

regularsaver1

A&L should apply for the tranafer - not you having to do it yourself

if you transfer to halifax, they applyo for the funds from your existing Isa provider

Ian_W

@regularsaver1. A&L don't apply for the transfer, they send a form out when you open the account [or you can download it from the ISA section of their site] with instructions for you to send it to your present ISA provider. Personally I didn't find that a problem as you would have had to supply them with exactly the same details for them to do it.
@JEC. Whilst I take all your points about Chris and his manager, with some trepidation!! If HBOS messed up the form, that's hardly A&Ls fault they had to send it back.

regularsaver1

I think that the company you are transfering to should do it all for you - thats all

codetown

regularsaver1 wrote:

I think that the company you are transfering to should do it all for you - thats all

There is no rule on this. In any case it is the customer who has to decide what to do and has to communicate it. I find much more straightforward to go to my current ISA provider with instructions on what to do with the money THEY are holding rather than having to go to the new provider who will have to pass to the old provider etc. It is a shorter round and certainly quicker (you decide whan to show up in your current bank rather than having to wait for the new provider to get in contact with the old).

In the case described it should be the OLD provider HSBC to pay and backdate the interest as it was their fault.
I had a similar problem with an ISA from Nationwide refused by A&L and when the money when back to Nationwide they fairly backdated it (as effectively having the other party refused it, the money never moved at all!). So in your case you should insist with HSBC to have the interest back.
You cannot ask A&L interest on moeny that never entered their accounts.

regularsaver1

just feel if the provider wants your funds they should do it for you

and the holder could be holding your money- but in clearing rather than in your account