Transfer to ISA beyond allowance

anonymouse44

Hi,

Yesterday I transferred some money from my Halifax savings account to my Natwest ISA in error. I intended to transfer the money to my Natwest current account but confused the account numbers. My ISA has reached it transfer limit of £5,640.00 so I assume is unable to receive the transfer. The money has gone from my Halifax account and I am slightly worried where the money is. Will the money be simply sent back to my Halifax account or will I have to take further action?

Any help on this is much appreciated,

Thanks

grumbler

My guess is that they don't control the limits and it is you who has to do this. If so, the money is in your ISA and you have to discuss the problem with Natwest.

innovate

Definitely worth talking to NatWest about it, or even to the HMRC who are generally a very helpful bunch).

http://www.hmrc.gov.uk/isa/faqs.htm#16

jonesMUFCforever

I can't speak about Nat West systems but there should be a procedure where the money is returned to the originator account if made electronically.
I would ask Nat West what they intend to do and timescales.

anonymouse44

Thanks for your replies. Turns out that NatWest automatically put the money into my current account with this description 'ISA SUBS EXCEEDED'. Problem solved.

innovate

wow, that's a very smart way to process excess ISA deposits. Well done NatWest.