How long is reasonable for a cash ISA transfer to take?

bobblebob

Im doing an internal transfer from one Halifax ISA to another. 2 weeks on still no transfer. Rang up a few days ago and she put another note on my record to say i had phoned and assured me the request had been submitted. She did say that the delay will be due to the sheer amount of transfer requests

Consumerist

bobblebob wrote: »

Im doing an internal transfer from one Halifax ISA to another. 2 weeks on still no transfer.

Whereas it must be accepted that paperwork can take a little time, especially at this time of year, you should find that the date of closure of the old account is the same as the date the funds were transferred to the new account. i.e. there is no reason why you should lose any interest during an internal transfer.

If this turns out not to be the case then, I would suggest you start the complaints procedure.

bobblebob

Ive been told the interest will be backdated to when i first requested the transfer. Its just a matter of waiting for it to change now

Consumerist

So, no worries then, unless you want to transfer again, right away.

smartpicture

UPDATE: My money has finally arrived at the new ISA provider, after just over a month of earning no interest. However - they've got the amount wrong, and 'lost' £3000 of my money!

So, first they take a month to action something that should take less than a week. Secondly, if I hadn't chased it up and found out they cheque was 'lost', my money would never have been credited, as they can't be trusted to do the job they promised to do and look after my money. And thirdly, they've now managed to do the transfer but lost £3000 in the process - again, if I wasn't constantly checking up on them, when would this mistake come to light?

And finally - how come that whenever financial institutions make a mistake or are inefficient, it always ends up being to their benefit, not mine???

bobblebob

How long do you think i should wait before contacting the bank again. I know i get backdated interest, and i know they said that they have loads of requests to get through, but its been 2 week today since my 1st request. I dont want to pester them but i would like to know when its going through

evenasus

A couple of years ago, I transferred a Bradford & Bingley ISA to a Northern Rock ISA. The whole process took 10 days! :T

bobblebob

Just checked and its been transfered