ISA Transfer - Old ISA is now in Debt

willparkinson

I recently transferred an ISA from HSBC to Barclays. The money has successfully been transferred from the old ISA to the new ISA, however they transferred 10p too much so the old HSBC ISA now reads as 10p in debt. It may sound small, but its annoying.

How can I clear this debt when I can't pay into that ISA this tax year as I am paying into another one? Also will this small debt incur any interest?

isofa

I suspect Barclays or HSBC have screwed up, contact them, they can't transfer money you don't have, these aren't current accounts with overdrafts. HSBC should contact you to say you have requested a transfer and the account balance will be transferred and account closed. Barclays should write to you to confirm it's all been done correctly with the balance. If the balances don't tally, one or both has made an error, and it is up to them to sort it out, not you - just report the issue and put it in writing just in case.

westy22

I feel sure that HSBC will have transferred the correct amount due and that the 10p debit showing on the account is because they haven't yet credited 10p of extra interest.

If you check again in the coming days you should find that the account closes with a nil balance.