ISA Transfer Missing

dmsu

Hi all

I've opened a ISA account with Halifax and requested a transfer from my old ISA account which is with Santander. I looked in my Santander account and they closed my ISA account, but there are no funds added to my Halifax ISA.

Does this take a few days to update?

Many thanks.

Lokolo

They send a cheque, so could take more than a few days, check in a weeks time.

dmsu

Thank you Lokolo

rb10

Lokolo wrote: »

They send a cheque, so could take more than a few days, check in a weeks time.

No, they send a BACS payment.

There should be a delay of around 3 working days between the Santander account being closed and the money being credited to the Halifax account.

Lokolo

rb10 wrote: »

No, they send a BACS payment.

There should be a delay of around 3 working days between the Santander account being closed and the money being credited to the Halifax account.

Sorry, it was Santander, so I had my doubts about them using an up-to-date technology. :cool:

bluegentoo

I also tranferred and ISA recently from Santander to Halifax. I received a letter initially from Halifax saying that they had requested the transfer from Santander and then a month later another letter from Halifax saying that they had still not been sent my money and had requested it again. It seems that Santander are using the maximum time that they can get away with to transfer funds in order to hang onto your money longer. The only good thing about this is that Halifax are crediting me interest from the day they opened my account when the first letter was sent and not from when they actually received the money.

Baldur

bluegentoo wrote: »

I also tranferred and ISA recently from Santander to Halifax. I received a letter initially from Halifax saying that they had requested the transfer from Santander and then a month later another letter from Halifax saying that they had still not been sent my money and had requested it again. It seems that Santander are using the maximum time that they can get away with to transfer funds in order to hang onto your money longer. The only good thing about this is that Halifax are crediting me interest from the day they opened my account when the first letter was sent and not from when they actually received the money.

My Santander to Halifax transfer was initiated on 6th April and completed with cleared funds on 14th April, which doesn't seem to support your 'hanging on to money' theory........

It's more likely to be due to simple ineptitude, from my experience of Santander.