In a bit of a panic please help

zulander

Ive had an ISA with the halifax for years but just recently decided to move it to Abbey I have logged into my Halifax accout today and my ISA account has gone and so is the money - i then logged into the new Abbey account expecting the funds to be there but they aren't. Is this normal?

Lokolo

Money is moved by cheque.

Its most probably in the post somewhere.

Mr_K

Fear not you money will be between 'accounts' as Lokolo says. For some reason ISA transfers have to be done via cheque & post (yes, this is the 21st Century..) . They claim its to prevent fraud but I suspect its so the banks can earn themseves some interest on your money. If your new provider is nice they will backdate your interest to the point it left your previous account, don't hold your breath though.

rb10

Mr_K wrote: »

Fear not you money will be between 'accounts' as Lokolo says. For some reason ISA transfers have to be done via cheque & post (yes, this is the 21st Century..) . They claim its to prevent fraud but I suspect its so the banks can earn themseves some interest on your money. If your new provider is nice they will backdate your interest to the point it left your previous account, don't hold your breath though.

Many ISA transfers are now sent electronically, actually. I know that Halifax is taking part in this scheme, but I don't know about Abbey (it requires both parties to be doing this, otherwise they still go by a cheque in the post).

EdGasket

Allow 7 to 10 working days for it to show up after it 'disappeared' from the old account. If it's still not there then speak to your new provider to find out if they have received it and if not chase it !