Anybody transferring out of A&L direct ISA

masonic

humfer wrote: »

I have my (and my wifes) new account numbers with Abbey. I take it I just ring up A&L and ask them to transfer the balance over? Just was always under the understanding that you always let the new provider handle the transfer. Don't want to do anything that would risk loosing the tax free status

If you're concerned, phone Abbey first. The worst case scenario would be that Abbey refuse the funds and they get sent back to A&L, who would then have to reopen the account as it was. I'm sure Abbey wouldn't turn away the funds, though, just because they weren't expecting them.

MarkyMarkD

If the recipient account accepts transfers in, then there's no problem.

The bank sending the money will post a cheque to the recipient bank, along with the necessary documentation to show that it's eligible ISA money.

As Oldfella points out, it would make more sense to know the account number of the recipient account before telling your old bank to send the money, as otherwise it's far more likely to get lost in transit!

lisyloo

A&L transferred my money within a week. I thought that was pretty fast and I thought it was more convenient to do it over the phone.

StevieJ

MarkyMarkD wrote: »

I didn't know that A&L required you to instigate the transfer from their end, but it's not an uncommon thing and I'm not sure why you think it's bad.

Surely the whole point of having account security arrangements is that you require them to apply to any withdrawal from the account? Accepting a form from another bank/building society with no security information on it other than a signature is surely open to fraud.

A&L's online help for their Direct ISA account says, fairly clearly: If another financial institution tell you that you just need to fill in THEIR transfer form, that's their error, not A&L's fault IMHO.

I was in the Halifax today trying to open a Direct Fixed ISA and they are adamant that they will arrange the transfer, they stated that they never have any problems.

carpy

i'm transferring to Ruffler.

i've been accepted but don't have an account number yet.

will A&L accept my verbal request without an account number for the ISA i'm transferring to?

Ruffler told me just giving my ful name and date of birth should suffice

PBA

Just googled ISA transfers, and found various sites saying the same thing (including Martin's ISA guide). Any ISA transfer must be done on a transfer form from the new provider. Phoning up the old bank and asking them to close the old ISA risks you losing the ISA allowance, as once a withdrawal is made it can't be paid back in. A&L might prefer you to phone up as then they can try and sell you other products, but the HMRC guidelines state that they can't refuse to comply with a signed transfer form.

masonic

PBA wrote: »

Just googled ISA transfers, and found various sites saying the same thing (including Martin's ISA guide). Any ISA transfer must be done on a transfer form from the new provider. Phoning up the old bank and asking them to close the old ISA risks you losing the ISA allowance, as once a withdrawal is made it can't be paid back in.

Yes, it is true that you'd lose the allowance if you withdrew it, but that is not the same as transferring the ISA to a new provider and you obviously need to be clear that you are transferring and not withdrawing. If an ISA transfer is not accepted by the new provider (and this shouldn't happen as the new provider should agree to accept the money before it is sent), then I believe the old provider must reinstate the account as it was before the transfer was sent.

PBA wrote: »

A&L might prefer you to phone up as then they can try and sell you other products, but the HMRC guidelines state that they can't refuse to comply with a signed transfer form.

I've had a look at the ISA guidelines and the procedure set out for transfers is not obligatory - it is just a suggested set of 'best practice' recommendations.

Edit: In fact, I just found this in the ISA guidelines, Appendix J (http://www.hmrc.gov.uk/isa/isagn.pdf)

Scenario 2 - Where investor approaches old manager with request to arrange a transfer
(less common):
...

So HMRC have set out guidelines for exactly this situation.

purplestar133

humfer wrote: »

I have my (and my wifes) new account numbers with Abbey. I take it I just ring up A&L and ask them to transfer the balance over? Just was always under the understanding that you always let the new provider handle the transfer. Don't want to do anything that would risk loosing the tax free status

I tried to transfer from A&L using a transfer form, I didn't realise you had to do it over the phone. They sent the form back to me and asked me to ring up, it took them 9 days to do that. I rang them up and it took two minutes, they just took my security details and my account number with the new provider and said they would transfer my money, and that bit usually takes about 2 weeks.

I wish I'd read this thread before I started! Although they were quick on the phone, I'm not impressed with A&L. They seem to take ages to do anything, i remember it took ages to set the account up when I first opened it too.

djblamire

lisyloo wrote: »

A&L transferred my money within a week. I thought that was pretty fast and I thought it was more convenient to do it over the phone.

Anyone else know how long their transfers have taken ?

I called A&L to request the transfer on Thursday 26th, and just wondering how long it is likely to take (I know they quote 2 weeks, but it doesn't look to be taking that long).

Thanks
Daniel

anniecave

purplestar133 wrote: »

I tried to transfer from A&L using a transfer form, I didn't realise you had to do it over the phone. They sent the form back to me and asked me to ring up, it took them 9 days to do that. I rang them up and it took two minutes, they just took my security details and my account number with the new provider and said they would transfer my money, and that bit usually takes about 2 weeks.

I wish I'd read this thread before I started! Although they were quick on the phone, I'm not impressed with A&L. They seem to take ages to do anything, i remember it took ages to set the account up when I first opened it too.

Me too! And it's taken ages to transfer - I first applied to Abbey in March, I got a letter from Abbey to say they were requesting the transfer a couple of weeks ago, and yes I had to phone up A&L too.

So if I'd have gone into an Abbey branch and asked for the account to be set up, then phoned up A&L, it would all have happened much sooner. Never mind! We learn from these things...