Halifax slow ISA transfer - is it worth complaining?

edda

Should I bother to complain to the Halifax about the time taken to transfer my fixed rate ISA out? They obviously know how to stay just within the rules.

I opened a new fixed ISA with another provider over 3 weeks before my Halifax ISA was due to mature. The instructions were sent to the Halifax to transfer out on the maturity date and acknowledged by the Halifax nearly 3 weeks before the fixed rate ended.

The Halifax then sat on the ISA for 27 days (at 0.2%) before transferring the money out on the 28th day after maturity.

Would you complain - or just tell as many people you know about the time taken to complete the transfer?

Stompa

Oh dear, I'm also in the process of doing exactly the same thing. Mine too seems to be progressing very slowly, and I'm not very chuffed at the idea of earning just 0.2% for 20+ days.

cottager

Just for comparative info on TF times, I had two Halifax FRISAs which were both already just past maturity and earning lower interest when I arranged TFs to one new FRISA at Cheshire BS.
Cheshire received my forms on 15 December, and Halifax closed both the accounts on 31st.
I didn't think this was bad at all considering a normal weekend and then the Christmas break fell in the middle. Still haven't heard anything more from Cheshire yet though, confirming ISA is open and funded etc...

Milarky

cottager wrote: »

Cheshire received my forms on 15 December, and Halifax closed both the accounts on 31st.

Interesting. I went to Chelsea at about the same time in December. But the account did not mature until 6 Jan. I contacted Halifax shortly before 6th to check their receipt of transfer request. I was told yes they had the request already but were working on about a 4 days delay at that stage. They finally transferred on 11 Jan. Given a delay of five days occurred beyond the future date being requested (well, by implication - there was 'notice' to serve) it must be arguable that Halifax chose to transfer at a later stage. Yes, there are practicalities here and I'm not sure where the chips would fall. Perhaps I should ask for the rate made up to Chelsea's for those five days?

jennifernil

We transferred ours from Halifax to Northern Rock in December.

Accounts matured on the 15th, were closed by Halifax on the 19th, and not credited at NR till the 30th and 31st.

No idea who had the money in between, just know it was not earning us any interest!

missile

That seems to be par for the course. Had a slightly longer delay with ISA transfers from NS&I to Nationwide.

Stompa

Hmmm, mine's not looking too good. Halifax FRISA matured on 6th Jan, and I've just received a letter from Halifax (dated 22nd Jan) saying they had just sent a cheque to M&S. Looks like I'm going to end up having spent 3 weeks or more at 0.2%.

cottager

I wonder if that's M&S not sending the request off to Halifax very promptly, Halifax being slow, or a bit of both...

2010

While I`m sympathetic about this I do feel that people just sit back and let it happen and Halifax gets away with it.

Four weeks before my Halifax 1 year fixed rate was due to mature, I "opened" a 3 year fix with the Principality to transfer into.
The Principality contacted the Halifax about the transfer and Halifax confirmed to me it would happen.
The day of maturity arrived and I logged in to my Halifax account and could see the interest had been added but the new rate was POINT.2%

The following day I again logged in and and the ISA was still there at .2%.
I immediately rang them and asked why the transfer hadn`t taken place and they came out with the old chestnut of having 30 days to do the transfer.
Getting no joy there I made my way to my local branch,explained everything and told them if they wanted to hold my money for 30 days I wanted the same rate that the Principality was going to pay me,4.2%.
After refusing to leave the branch until it was sorted out,a phone call was made and I was told the tranfer is being actioned as we speak.
Later that afternoon I checked my accounts and the ISA was still there,BUT next day it had gone.
Loss of interest was 2 days at the Halifax (although they did pay .2% for those days)and 3 more while Principality completed the transfer.

Don`t let them get away with it, kick up a fuss, it`s your money.

Stompa

2010 wrote: »

Don`t let them get away with it, kick up a fuss, it`s your money.

Yes, I think you're right. Time for a 'sit-in' methinks!