Funds Missing - ISA at Annual Limit

Nib

Hello all, I was looking for some advise to see if anyone had been in a similar situation. On Wednesday night, I tried to transfer some money from a joint current account into my husband's ISA. The two accounts are with two separate banks. The money has left the joint account but has not hit the ISA. Neither has the money been bounced back into the joint account. I think the ISA may have rejected the funds because the annual limit had been reached. However, I am now in a situation where the money has gone missing and both banks are doing a good job at pointing the finger at one another.


A 'Payment in Error' process has been initiated by the bank I sent the money from. My worry is that I am getting conflicting information from their customer service team; one person told me there is no guarantee that I will get my money back and they will leave it to 'best endeavours' whereas someone else told me that, as it is not my fault, I will definitely get it back but it might take 5 weeks. I have quadruple checked and the ISA bank details I used on the transfer are 100% correct. The bank who hold the ISA have told me on several occasions that they have no record of the incoming payment.


Does anyone have any experience like this where they have tried to pay into an over subscribed ISA? I'm worried that this money has now vanished forever.....

eskbanker

Nib wrote: »

I am getting conflicting information from their customer service team; one person told me there is no guarantee that I will get my money back and they will leave it to 'best endeavours' whereas someone else told me that, as it is not my fault, I will definitely get it back but it might take 5 weeks. I have quadruple checked and the ISA bank details I used on the transfer are 100% correct. The bank who hold the ISA have told me on several occasions that they have no record of the incoming payment.

I can understand your concern but just give it some time for the processes to work, i.e. no need to keep making multiple calls to both banks, when it has only been one working day so far.

Unless I'm missing something, it is your fault if you've tried to oversubscribe into an ISA, but regardless of fault, the money won't just be lost, it will be available again once the banks sort it out between them, this just isn't instantaneous....

Nib

Thanks for the response. I understand that the process has to work and that the banks can't just take my word that the money has disappeared. There was no malice behind trying to put the money into the ISA, it was down to authentic ignorance that the ISA had reached its annual limit. I hope, as you say, that the banks will be able to resolve it between themselves

sorcerer

are you sure it's gone missing, it can take 3-5 days for a bacs transfer to take place. Or did you do a faster payments?