first direct transfer question

The_White_Horse

i think the whole thing is a scam myself. your current provider has 30 days to send the new provider the funds. so, they close your account down, and keep the money for a few weeks, then send it on to the new provider. if they do that with thousands of people, its a nice little earner for nothing.

my current provider has closed down my account. nothing on FD yet. I don't even see an account with zero in it. I see nothing at all. still, better give it the full 30 odd days.

in this day and age, it should be an instant transfer.

The_White_Horse

oldfella wrote: »

info here .. http://www.bsa.org.uk/docs/presspdfs/isa_guidelines.pdf

10 days is the time the existing provider has to action the transfer,
the new provider has 5 days to apply the money to your account.

these are just recommendations. they don't have to be followed.

oldfella

these are just recommendations. they don't have to be followed.

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indeed - but if they miss them by a long way you have reasonable grounds for a complaint

certainly if they close the account and then take 30 days at no interest, I would complain

The_White_Horse

oldfella wrote: »

these are just recommendations. they don't have to be followed.

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indeed - but if they miss them by a long way you have reasonable grounds for a complaint

certainly if they close the account and then take 30 days at no interest, I would complain

but i think legally they have up to 30 days (i am not 100% sure of this, it is what I have been told, by an ISA Manager).

it may be bad customer service to take the full 30 days, but then, you are leaving them, so what do they care?

Baldur

The_White_Horse wrote: »

but i think legally they have up to 30 days (i am not 100% sure of this, it is what I have been told, by an ISA Manager).

See http://www.hmrc.gov.uk/isa/isa-bulletin2.htm

The 30 day rule

There have been a number of recent press articles about the time it is taking for ISA transfers to take place. The ISA transfer time limit – which should be specified in the terms and conditions – relates to the old manager. The ISA regulations make clear that it is the investor who stipulates the timing of the transfer and that the transfer:

'shall be subject to any reasonable business period (not exceeding 30 days) of the account manager required for the practical implementation of the instructions’.

The problems seem to be occurring where the investor approaches the new manager to start the ball rolling but the new manager delays contacting the old manager. We have been told that in some instances the new manager has maintained that the ISA rules allow them 30 days to contact the old manager. This is not correct. There is nothing about this in the regulations. It falls to managers to treat their customers fairly, which is central to the Financial Services Authority (FSA) philosophy, by not causing unacceptable delays which inevitably lead to complaints.

LGG_2

i currently have an ISA with natwest that matures around the middle of december. when would ppl advise i transfer (looking at FD) it out

Baldur

LGG wrote: »

i currently have an ISA with natwest that matures around the middle of december. when would ppl advise i transfer (looking at FD) it out

I usually complete my chosen new ISA provider's transfer form about a month before the maturity date and specify that I want the transfer to take place on the maturity date - that gives both the new provider and old provider adequate notice and (at least to date) has always minimised the time taken for transfers.

LGG_2

thanks........

lisyloo

On the FD form there are two options.
One is to transfer straightaway and the other is to transfer when all conditions are met, so they do cater for this.

amcluesent

Money has finally turned up in FD account, Nationwide initiated transfer in 22nd Oct.