Halifax -> Yorkshire Building Society

KDH_2

I read on another thread that YBS backdate interest to day the previous ISA was closed!!??

I hope so..... my Abbey was closed on 8/2/07 and funds not yet appeared in YBS

gelato_cat

I think interest gets backdated to the day after the money left the old account. Short of doing all the maths, though, how do I check this?

I posted my forms to YBS last week and today my Halifax ISA is showing as closed. When the money reaches my YBS account I'll post the details here.

Suze

ffacoffipawb wrote:

Forms sent to Halifax (requesting transfer) and YBS (opening account, after online application) sent to both organisations on Friday 2nd February.

Halifax account closed on 6th February (proceeds sent direct to YBS confirmed in letter).

Funds have appeared as TFR at YBS today, 15th February.

So 9 days lost interest to get 5.65% instead of 5.30%.

Rough estimate is break-even point of 6th July 2007 (ie extra interest exceeds the 9 days interest lost).

Excel spreadsheet derived based on a balance of £1,000. Obviously my ISA is a lot bigger than this (fully subscribed each year plus £9,000 from a TESSA):

Col 1 = Date
Col 2 = Daily Balance if not transferred from Halifax
Col 3 = Daily Balance if transferred to YBS
Col 4 = Lost Interest (becomes negative when YBS > Halifax)

Col 1

---

Col2

---

Col 3----Col 4
06/02/2007 1,000.00 1,000.00 0.00

<snip>

YorkshireBoy

It's been 7 working days since Halifax closed my ISA, and my funds are still not showing online at YBS.

YBS told me last week that they had an 8 day backlog. By yesterday, this had grown to 10 days.

A senior manager in their transfers department has assured me that they will credit my account (for interest purposes) based on the date stamp their postroom staff put on the paperwork - which, in my opinion, should be a maximum 2 days after the old provider posts it.

Stand your ground!

gelato_cat

I for one can't believe the banks/building societies do all this by post!

Let us know how you get on - sounds like it's not going to be as straightforward as I envisaged.

Just thought of something - Halifax may have closed my account, but it doesn't mean they've posted the paperwork... they don't move very quickly at the best of times (and probably have a lot of work on at the moment given their meagre rate rises ).

Suze

YorkshireBoy wrote:

It's been 7 working days since Halifax closed my ISA, and my funds are still not showing online at YBS.

YBS told me last week that they had an 8 day backlog. By yesterday, this had grown to 10 days.

A senior manager in their transfers department has assured me that they will credit my account (for interest purposes) based on the date stamp their postroom staff put on the paperwork - which, in my opinion, should be a maximum 2 days after the old provider posts it.

Stand your ground!

jeetster

I transferred from HSBC to YBS and YBS took about 3-4 weeks to process and have it show up in my YBS account. However I was told by the YBS customer service agent that they will back date the interest.

Rob_D

I posted my form to Halifax on Sunday 4th Feb, I phoned them today to confirm they had received my request because my account is still open. They have received it and are performing the transfer... slowly.

Sigh :rolleyes:

Rob

sniperpenguin

I thought I would jump in on this thread...

Im moving to YBS's e-ISA from HSBC, and I didnt need to initiate the transfer with HSBC. Filled in forms, gave them to my local branch who posted them off for me.

Didnt need to contact HSBC :S

ffacoffipawb

Got a postal receipt for the funds from YBS yesterday.

Receipt is dated 08/02/2007 (two days after Halifax closure).
E-ISA mini statement has transaction date of 15/02/2007 as "TFR".
It showed as cleared funds on 16/02/2007.

So looks like 8 days to clear Halifax's cheque!

KDH_2

Update on my transfer from Abbey to YBS

Abbey a/c closed 8/2/07
money appeared in YBS E-ISA a/c today 20/2/07

no indication that interest may have been backdated!?

YorkshireBoy

KDH wrote:

Update on my transfer from Abbey to YBS

Abbey a/c closed 8/2/07
money appeared in YBS E-ISA a/c today 20/2/07

no indication that interest may have been backdated!?

From your initial screen, if you click the "Continue" button on the ISA product, then click "View Mini Statement", you'll see an 'incorrect' transaction date (in your case, the 20th).

If you then click "View Statement(s), then select the current tax year and hit "Continue" you'll see 'true' transaction date for the deposit (in your case, possibly anywhere from the 10th to the 12th due to the weekend). This is the date that you start earning interest.

My own Halifax ISA was closed on 5th. My YBS 'incorrect' transaction date is the 19th (the date they posted it to my account - 8-10 working days delay remember), although my deposit started earning interest from the 7th Feb - as verified by the main statement screen (and by a YBS ISA transfer department senior manager in writing).

Moving from the Halifax to the YBS ISA has cost me 2 days interest. At a 0.35% differential, this will take approximately 30 days to recover - assuming the differential remains the same. I'm also now with a provider who has passed on the last two base rate rises IN FULL.