Think Santander/Halifax have cocked up an ISA transfer..?

Nine_Lives

So my gf opens up a 1yr fixed with Santander.

She has a "this years" ISA with Santander, which she transfers into the newly opened 1yr fixed.

She fills a form out to transfer all but £1 of her "old money" ISA with Halifax, which she instructs to be transferred into the Santander 1yr fixed.

Reason behind all but £1 is that she's had 3.2% on the account for some time, but needs the account credited to get the 0.2%, otherwise it'll only be 3.0%.

Logs on today to check whether the transfer has gone ahead...

The money doesn't show in Santander, but in her Halifax online account, it says "Account Balance N/A",

When she opens the account, the last entry is 9th May 2011 for £5.2k, yet she knows she made a withdrawal AFTER this date & that her actual balance is only £2.7k

Does this sound like something funny either either Halifax or Santander, or have others who've done the transfer experienced this?

Dave_save

I've had similar thing recently and experienced the same as her. Some of my transactions were missing and the old ISA account showed N/A on my Halifax online banking screen. The following morning they disappeared completely, so you have no access to the transactions, the interest rate applied or the interest amount. But all turned out OK. The new ISA was then loaded with the transfer amount and I've been told by Halifax I'll get a final statement for the old ISA. But, if you call the Halifax Help Desk, you'll find they are absolutely useless and have little knowledge of the whole end to end transfer process.

Nine_Lives

Thanks for that.

I've just got a funny feeling that someone has ballsed up & that they're going to transfer the WHOLE amount, rather than leaving £1 behind at Halifax.

I'm jumping the gun a bit now, but IF that does happen, can you complain & get the !!!! up rectified, or is it tough?
If tough, i would be expecting a significant payment by way of an apology.

Dave_save

I may be wrong but I'm not sure you can transfer part of an ISA. As far as I know the process is full transfer and closure of the old one. The transfer includes accrued interest which doesn't affect your FY ISA allowance.

Nine_Lives

My understanding was that applies to current tax year money only (that you transfer all or nothing), but that previous years ISA money, you can select how much you wish to transfer.

whiteside

Dave_save wrote: »

I may be wrong but I'm not sure you can transfer part of an ISA. As far as I know the process is full transfer and closure of the old one. The transfer includes accrued interest which doesn't affect your FY ISA allowance.

Yes you can split old years isas, it's only the current years allowance you can't split on transfer. Unless I'm mightily confused.

jennifernil

That's correct, I transferred part of my Halifax old ISAs and left the rest.

SG27

That's sounds normal, it's exactly what happened when I transferred my ISA to Santander. It took ages though after the money left Halifax. Another 8 days!

MoneySaverLog

This could also be down to the time of day that you log into internet banking as "Account Balance N/A" does show up from time to time if you log in during the early hours of the morning with lloyds tsb who use a similar internet banking system.

Nine_Lives

No, it was done right before i posted this thread.

Just checked now & it's vanished totally. Hasn't been credited to Santander yet.

I don't see why it's vanished & not just left £1 in there. Not going to be happy if the whole lot has been transferred!!!!!

rb10

It does look like someone has done the transfer for the whole amount.

Phone them up, I am sure they will without fuss pay you the extra 0.2% that you have missed out on.