How I learned to stop worrying and love Interactive Investors

masonic

masonic wrote: »

My own cash transfer into II has been in play for less than a week, but already II has felt the need to secure message me to notify me they haven't yet had a response from Newcastle BS, saying they will write again but suggesting I should also give them a prod. Given my cash ISA only matured last Thursday, I'm not too concerned just yet (and I'm still half expecting a request for my passbook before anything moves).

Interestingly, I have received a letter from Newcastle BS today saying that they've actioned my request (presumably they are referring to the transfer - they don't go into any details). This letter is dated 31st July - 4 days (incl. Saturday) ago.

Yesterday, I received an urgent letter from TSB pleading with me to get in contact immediately if I didn't really want to transfer my account to Halifax for a free £100. This was dated 28th July - 6 days (incl. Saturday) between then and delivery. I think it would already have been too late to do anything, since the switch completed this morning.

Both of these letters were posted using 3rd party carriers. I can only assume financial companies are using the same super-saver delivery options when communicating with each other. If, when ISA managers communicate with each other, there is a 4-6 working days lead time each way then is it any wonder things move so slowly?!