Have i oversubscribed to this years ISA due to a bank balls up?

Nine_Lives

I had "old money" which i transferred to a Halifax ISA as it was the top paying ISA that allowed transfers in at the time. I had the current tax year (this was last year) with Barclays, as they were the top paying for the current year.
This matured & i filled out the forms to transfer across. I subscribed to this years ISA with Santander as they were the top paying (i maxed it out with £5340).

Just had a look in my Halifax ISA as i wondered about some dates & i saw this:



Notice it says "cheque" and the type is listed as "dep" for deposit.

Why can't they transfer it electronically anyway?

Have the banks ballsed up & i've ended up double subscribing this tax year now?

(photo is thumbnail. Click to enlarge)

molerat

No, Halifax admin is hopeless. I have the same on my account.

jem16

K_P83 wrote: »

Notice it says "cheque" and the type is listed as "dep" for deposit.

It will say that as the proceeds were deposited into the Halifax ISA.

Have the banks ballsed up & i've ended up double subscribing this tax year now?

No they haven't. They simply transferred the old money across which is perfectly ok and you haven't paid any new money into it.

Nine_Lives

That's good. Thanks for clearing up. That's unusual of me not to notice before, but then Halifax online had a bit of a touch up a while ago & some entries were different afterwards on mine.

Naf

When I worked for Santander, I noticed that the transfers out to other providers were sent in the form of a cheque. I gathered hat (for some ridiculous reason) its the standard way they transfer them between providers.

Mikeyorks

It's not that ridiculous. It's been the only way that the transfer documents and the related payment could be attached. Given the number of similar values transferred (and the volume) sending the payments via BACS and the documents by courier has had the potential of lots of mismatches.

They've been working on an electronic system for concurrent transfer of document / payment for a while. But until all ISA providers have / trust it - the old, but now speeded up, way still has favour.