Transfer times? A bit worried?

ADB100

I opened a Santander 2-year fixed-rate cash ISA on 6th April with the intention of transfering in two Barclays Cach ISA's that had gone over their introductory bonus rates. I filled two transfer forms in and posted them on 7th April. On 18th April I noticed that both ISA's had disappeared from Barclays online banking. I have checked each day since then but the Santander ISA still shows £0.00. How long should it take? Should I be worried?

Andy

evenasus

I transferred a Barclays ISA to the Santander 2 year account and the funds appeared in Santander the day after they disappeared from Barclays.

tanith

I opened a new Santander ISA 3wks ago today and it only showed the money going in as of yesterday.. so 3wks at least I'd say.. don't know why it takes that long when I'm transferring from another Santander ISA though!

ADB100

It seems there are a few posts from concerned transferers so I am not too worried yet.... IF Barclays sent a cheque then this should clear very shortly as it has been 3 working days since the money disappeared from them. I sent a message to Santander and the reply was it could take up to 15-days? If it hasn't appeared by Thursday I will start getting worried....

Chickabee

Seems like Santander are a bit on the slow side.
I requested transfer from Halifax which was issued by chq on 13/04/12 and it still hasn't been credited to my santander isa.
Does anyone know if Santander offer an isa promise where they pay you the interest for the transfer period?

Chrisesa

According to Santander's site re ISA transfers:

"Once we've received your completed form(s) we will forward them to your old ISA provider within 5 business days.
Allow up to 15 days from when we receive your form(s) for the transfer to take place.
Once the transfer is completed, we will confirm this to you in writing."

So at least 15 days (plus postage times from you to them) seems to be the expected maximum waiting time needed.

The BBA site states (re interest):
"Your new provider will backdate interest to the first day where interest no longer accrues on the funds being transferred from your old ISA. In addition, your new provider will start paying the new interest rate from day 16 at the latest regardless of whether the transfer has completed within the standard 15 business
day timeline (pended cases excepted)."
"Whilst the transfer should be completed within 15 business days any confirmation by post stating that your cash ISA has been transferred, is likely to follow after this time."

innovate

As posted in a previous thread, there is a good description of the transfer process etc on the Santander website, incl a link to the industry-standard ISA transfer timeline.

If you compare your request dates with the timeline, you will see that you have nothing to worry about as yet.

As and if your transfer takes longer than the max on the timeline, raise a formal complaint ([EMAIL="complaints@santander.co.uk"]complaints@santander.co.uk[/EMAIL])

My own transfer request was made on April 7, the money disappeared at Lloyds on the 19th, and was credited into Santander today. They tell me they will still need to re-credit it so I will receive interest from April 19.

evenasus

evenasus wrote: »

I transferred a Barclays ISA to the Santander 2 year account and the funds appeared in Santander the day after they disappeared from Barclays.

Having said the above, my husband's transfer, made at the same time, did not appear in his Santander account.

He rang Santander and they tracked his funds down. They were in a Santander holding account. Why? Who knows - the person on the phone had no idea why.

Anyway, they then transferred the funds to his account and confirmed they would pay interest from the day the funds left Barclays.