Halifax ISA promise

lisyloo

The Halifax ISA promise says

When you switch your cash ISA to us we will not wait for your current provider, we pay interest from day one of receiving your completed transfer application.

I have been told on the phone by Halifax that this is the date that the ISA processing center receive your form (which they also said should be the next day through internal mail).
Elsewhere (on here I think) I've read it's the day you hand in your form to the branch.

In my case there seems to have been a weeks difference (no explanation why).

Does anyone have any further information on this.
Could I insist it's the day I gave them the form on the wording above?

P.S. It's about £40 interest for a week.
My ISA transfer is in day 24 and that's not included the additional week where they passed the form around.

Baldur

Make a formal complaint under their complaints procedure, merely quoting their 'promise' (as opposed to hearsay evidence from postings here or elsewhere) and await their reply.

If unresolved within 8 weeks, consult the FOS.

lisyloo

Cheers.
Guess I'll have to record everything as I won't know what they've paid until 5th April.
So I'm keeping notes.
Luckily I looked at the name badge of the person I gave the forms to.

I personally don't think they can get away with saying they "received" it a week later if they sat on it or passed it round internally.

opinions4u

It says "the day received". It's not your problem if the branch has to send it somewhere else to be processed. The day you hand it in is the day the promise should begin. No ombudsman, court, or other body could rule against your interpretation.

I suspect you've spoken to a misinformed staff member on the phone.

Most likely the branch has to date stamp the form and that date stamp drives the backdating of interest.

Ring again, ask again, if necessary talk to a supervisor and, if still necessary, register a formal complaint. I think it will be resolved in one conversation.

lisyloo

Ring again, ask again, if necessary talk to a supervisor and, if still necessary, register a formal complaint. I think it will be resolved in one conversation.

Thanks for your advice but there is not really any point getting verbal agreements now.
We have quite a large amount between two of us so I'll want to check exactly what they've done when I see the interest (next year) anyway.
The only thing I can do now is record all the dates and details.

Mr_K

Thanks for this thread.

I am in the process of transferring/applying myself. I'll send the transfer form direct to the transfer team instead of relying on a Branch; looks as if they just put it in the post to the same team.

Milarky

Does the Halifax offer mean that (if you pick the 'right' provider - one that is inefficient or slow at doing the transfer) you actually stand to receive 'double' interest in some of the period?

I had assumed the date Halifax would apply would simply be the day after the date of closure - as confirmed by the previous provider?

lisyloo

Does the Halifax offer mean that (if you pick the 'right' provider - one that is inefficient or slow at doing the transfer) you actually stand to receive 'double' interest in some of the period?

Yes - which is why I haven't particularly chased this up.
It's been over 4 weeks for me now which is getting on for £200, so if you have a large sum this promise is worth something.

I had assumed the date Halifax would apply would simply be the day after the date of closure

Check out the Halifax promise.
The ougoing account won't get closed until the money has been xferred which might be 4 or possibly even 5 weeks down the line.
There is a 30 limit set by the Inland revenue, but there may be an additional gap between you handing in the form to when Halifax request the funds from your outgoing provider (a week in my case), so it could be up to 5 weeks.

Frogletina

I wish the promise had been there when I transferred my Isa from Nationwide. Halifax had to keep chasing them as they took ages to deal with the request.

lisyloo

oh dear oh dear.
Appauling service from Halifax.

5/10 - handed in form at Halifax branch
12/10 - transfer request sent to FD from Halifax
4/11 - asked Hailfax to chase it up.
They have not been able to get through to FD.
Meanwhile FD tell me they have no record of it.
Have checked the sort code and account number are correct.
Halifax have said they will "diarise" calling FD but it might take 2 days for someone to pick it up.

Thank goodness for their promise. I'm getting loads of dual interest.
Over 4 weeks and Halifax have no clue what's going on.

I did manage to confirm though that the start of the 12 month period is from when the deposit is received.
So any back dated interest is in addition to the 12 month period for the purposes of the reward rate.

opinions4u

I did manage to confirm though that the start of the 12 month period is from when the deposit is received.
So any back dated interest is in addition to the 12 month period for the purposes of the reward rate.

Ask for that in writing. Knowing their backdating system as I do, I doubt what they've told you is accurate.