Santander ISA Incorrect Date

ReBreatherSteve

Hi, first posting so please no flaming!!!

Last Friday (5th April) at about 8:15pm my wife electronically transferred £2,000 from her Llyods account into her Santander ISA account, when she checked online it showed the money in her ISA account with the date as 5th April.

At about 9:15pm she transferred £1,000 from her Halifax account into her Santander ISA account, again when she checked online it stated the date as 5th April.

All good.

At approximately 9:45pm on 5th April I use the Santander telephone banking service to transfer £2,140 from my Santander account into my wifes Santander ISA account, the telephone operator confirms the transfer but when my wife checks whilst the operator is still on the phone the transfer date in my wifes Santander ISA account shows 6th April even though the transfer took place on the 5th April.

When I challenge the Santander operator he assures me even though the date is incorrect it will still be applicable for last years ISA tax period.

When I raised a complaint the senior operator she said it had gone into this years ISA tax period and not last years. I obviously asked why the date was wrong and she is still looking into it.


Has anyone else had this problem?
What can I do to ensure it goes into last years ISA tax period?

Martin Lewis did state on his TV program last Friday night that we have until midnight on the 5th April to top up our ISA's.

Any help or advice would be appreciated.


Many thanks
Steve

YorkshireBoy

ReBreatherSteve wrote: »

Martin Lewis did state on his TV program last Friday night that we have until midnight on the 5th April to top up our ISA's.

I didn't see the program, but he was wrong to say that (if indeed he did).

For a start the PSRs say that a payment has until the end of the following working day to arrive in the destination account (so that could be today, Tuesday 9th April in the worst case scenario, for a payment initiated after Friday's cut-off for online banking).

What's happened here is that Friday has ended (in banking terms) at Santander, so they've dated the transaction for Saturday. See your T&Cs here...

Working day’ means any day other than a Saturday, a Sunday or English public holiday. The length of a working day for the purpose of making payments out of your account will depend on the payment cut-off times for the method used for making payments. The payment cut-off times will be different for branches, online banking and telephone banking.

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223428688943&cachecontrol=immediate&ssbinary=true&maxage=3600 (section 1, meaning of words)

Jegersmart

why leave it so late?

J

mulronie

Santander "close their books" for interest purposes at around 8.15pm - thus transactions effected after 8.15pm would show as posting the next day (unless the next day is a Sunday, in which case it would show Monday)

So while for interest purposes the funds will earn interest from the 6th April, for HMRC's purposes regards yearly ISA limit, Santander will report that the deposit was for the 12/13 tax year.

ReBreatherSteve

Jegersmart - Because we forgot all about the ISA's and to be honest it wasn't until we saw the Martin Lewis on Friday 5th April at 8:00pm that we thought - ho !!!!!! better do something.

YorkshireBoy - So how do you explain that my misses can transfer from external banks into Santander (twice) and it shows on her account with the correct date (5th April) but when I transfer Santander to Santander it show the following day (6th April)?

As Santander (in all 3 transactions) is the receiver and if the banking day has completed then all transactions would have the same date?

YorkshireBoy

ReBreatherSteve wrote: »

YorkshireBoy - So how do you explain that my misses can transfer from external banks into Santander (twice) and it shows on her account with the correct date (5th April) but when I transfer Santander to Santander it show the following day (6th April)?

Not all banks have the same "cut-off" time.

Some may be midnight, others 10pm, etc.

Some people exploit this fact by transferring their cash around each evening and at weekends...effectively earning double the interest on their money.

ReBreatherSteve

No I still don't get it.... I'll try and explain how I understand it...

The receiver (Santander) is the one who's systems state when the money was received therefore regardless of which bank sent the money the date should be the same?

If this is not the case then we could have a future date especially if it's sent from an Australian bank!

buckster

ReBreatherSteve wrote: »

Hi, first posting so please no flaming!!!

Last Friday (5th April) at about 8:15pm my wife electronically transferred £2,000 from her Llyods account into her Santander ISA account, when she checked online it showed the money in her ISA account with the date as 5th April.

At about 9:15pm she transferred £1,000 from her Halifax account into her Santander ISA account, again when she checked online it stated the date as 5th April.

All good.

At approximately 9:45pm on 5th April I use the Santander telephone banking service to transfer £2,140 from my Santander account into my wifes Santander ISA account, the telephone operator confirms the transfer but when my wife checks whilst the operator is still on the phone the transfer date in my wifes Santander ISA account shows 6th April even though the transfer took place on the 5th April.

When I challenge the Santander operator he assures me even though the date is incorrect it will still be applicable for last years ISA tax period.

When I raised a complaint the senior operator she said it had gone into this years ISA tax period and not last years. I obviously asked why the date was wrong and she is still looking into it.


Has anyone else had this problem?
What can I do to ensure it goes into last years ISA tax period?

Martin Lewis did state on his TV program last Friday night that we have until midnight on the 5th April to top up our ISA's.

Any help or advice would be appreciated.


Many thanks
Steve

Does it say what her contributions are to date when she logs into her Isa account? That way you should be able to see for yourself which year the payments have been allocated to.

ReBreatherSteve

Buckster - Yes it states it's in this financial year and not last, even when I queried it with the operator at the time of transfer he assured me it was in last years tax period. I even got this confirmed by the senior operator who recalled the recorded phone conversation.

YorkshireBoy

ReBreatherSteve wrote: »

The receiver (Santander) is the one who's systems state when the money was received therefore regardless of which bank sent the money the date should be the same?

My response to that is the same as I said earlier, namely...

What's happened here is that Friday has ended (in banking terms) at Santander, so they've dated the transaction for Saturday.

...but 'buckster' has provided a very good way of finding out if 'mulronie's' assertion is correct (it should be, because IIRC they're on the 'inside'). If it is, then there isn't a problem.

YorkshireBoy

ReBreatherSteve wrote: »

Buckster - Yes it states it's in this financial year and not last

So her 'contributions to date' for the 2013/14 tax year are £2,140 and it's showing £3,620 remaining allowance then?