ISA transfer issues..your view please..

C_Mababejive

Hi all..

I shall throw this enquiry out to the court of popular opinion to see what all you ladies and gents think.

I held a cash ISA with bank A. After some mulling i decided to transfer it to bank B and sent off the relevant form to bank B. The form was sent to bank B on a Friday so wouldnt have been received until Monday or Tuesday at the latest.

However over the weekend some other issues came to light and i decided on balance to leave the isa with Bank A.

I used the secure message facility on Bank A account to message them,explain and request a stop on the transfer. They acknowledged receipt of my request.

At the same time i also emailed bank B and told them of my change of heart.

I subsequently found that the tranfer proceeded anyway.

grumbler

What do you want? Just transfer it back.

Two banks were involved.
Messaging and emailing isn't the fastest way of communication. And the only 'confirmation' you have is that they received the request.

agrinnall

How specific were you able to be about the recipients of the message/email? If it was just sent to general addresses then I wouldn't be at all surprised for it to take 48 hours to get to the right person, by which time as you found the transfer will have gone ahead.

Bank A have nothing to do with it really, the transfer is controlled by the receiving bank, so if you feel strongly about it you could use bank B's complaints process.

C_Mababejive

grumbler wrote: »

What do you want? Just transfer it back.

Two banks were involved.
Messaging and emailing isn't the fastest way of communication. And the only 'confirmation' you have is that they received the request.

The email response on the Monday from bank A was specific and not just computer generated. I also followed it up with a phone call a few days later.

What do i want? I would like to know if my expectations are reasonable in that i issued a written request as to what was to happen with my money and they appear to have said ok, no problem,then disregarded it.

GingerFurball_2

Why on earth did you email?

Lokolo

http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf

Section 11.33

agrinnall

C_Mababejive wrote: »

The email response on the Monday from bank A was specific and not just computer generated. I also followed it up with a phone call a few days later.

What do i want? I would like to know if my expectations are reasonable in that i issued a written request as to what was to happen with my money and they appear to have said ok, no problem,then disregarded it.

But as I pointed out, it's nothing to do with bank A, your instruction to initiate the transfer was to bank B, and they would have contacted bank A to complete the process. I'm not convinced that bank A could have taken any instruction from you at that point. You should have made better contact with bank B and obtained confirmation from them that the transfer would not continue.

C_Mababejive

Lokolo wrote: »

http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf

Section 11.33

Thanks for that. Yes i did indeed make positive contact with banks A and B. At this stage im not going to pursue it as bank B does have a better rate. I just find it troubling that despite telling them both, they just went ahead anyway. Although i wasnt aware of the ISA managers big book of rules, it appears i did what was required but they didnt.

Oh well, lesson learned. Bank A is worse off, Bank B is better off and I'm a bit better off.