Old ISA accounts have been closed but no money showing in new ISA?

DannyWhoWorks

Hey Guys

Basically, I have opened a new Santanda ISA and filled a transfer form for two of my ISA's to be closed and be transfered into my new Santanda account.

I have checked my online banking and both accounts have now been closed and the money withdrawn.

I have checked my Santanda online account and none of the money is in the account! (Just the money I opened the account with).

The accounts were closed on the 23rd. It's now the 29th.

Should I be worried?

dzug1

Not yet - it can take a couple of weeks for the other institution to post their cheque to Santander and for Santander to bank it and credit your new account.

innovate

It's quite normal for money to vanish from the old provider for a few days before it shows in the new provider. If the old provider sent a cheque, it can take 3-5 working days for it to clear.

If it's still less than 15 working days since Santander(*) have received your transfer forms, may be give it just another working day or two before you ask them where your money is.

If over, file a formal complaint with [EMAIL="complaints@santander.co.uk"]complaints@santander.co.uk[/EMAIL].

In any event, they should be paying you interest from the day your money left your old provider.

*(NB. I assume you do mean Santander when you say Santanda)