Td direct transfer to iweb very slow

philng

Can see this getting messy as iweb say they have contacted iii 3 times to chase up the transfer and iii deny receiving contact.

Now iii say they they have contacted iweb but awaiting their response.

Will give it a week before chasing or raising a formal complaint as there is no way i am paying any of the new charges at iii.

EdGasketTheSecond

A family member's few trading account shares have been transferred to x-o but now appear in both the x-o trading account and ISA account i.e. doubled up! There is no sign of the bulk of the shares which were in the TD ISA, they have totally disappeared from both ends! Not happy.

philng

Nothing surprises me. Iii advised they are receiving high numbers of transfer out requests and it seems they have not planned for this.

Iweb told me that they are receiving high numbers of transfer in requests from iii.

All as a result of the changes in charges at iii.

bowlhead99

bowlhead99 wrote: »

I am moving one of my ex TD accounts to Youinvest. Like you I had that email soon after I had the confirmation from the transferee broker that they had received my request.

That was 6 November ; this week 22 November I had a confirmation from TD/ii that 'the following securities have been transferred' ; the item listed was just my nominal amount of cash, £30 or so. As of earlier this week (ii website offline today) the cash was still showing on the ii account while as of today the cash isn't showing in my Youinvest account.

But as you say, it's not 6 weeks yet so I will wait and see what happens to the rest and when.

As an update, the cash appeared in my transferee account on Monday 28th and the rest of the holdings were visible on Tues 29th and no longer show at TD/ii. So timescale was 3-4 weeks all in, well within the 'usually within 6 weeks but could be longer'.

All the assets were UK listed investment trusts / investment companies though, no open ended funds (and no issues with share classes not being available at the transferee etc.).

EdGasketTheSecond

Was that an ISA or trading account?

Family member's complete ISA portfolio still missing and obviously unable to trade anything!

bowlhead99

EdGasketTheSecond wrote: »

Was that an ISA or trading account?

Family member's complete ISA portfolio still missing and obviously unable to trade anything!

It was an unwrapped trading account (legacy TD); I still have a second unwrapped legacy TD trading account which is linked to my legacy TD ISA, have not started the move process on those but may do so soon.

I think I can't justify the fees on either of the remaining accounts as they are both relatively low after a property purchase, but the trading functionality is better than most rivals (lots of markets, extended settlement, multicurrency cash etc). I recently liquidated a holding of Tencent shares with no intention of going back in any time soon which means I no longer need to look out for a rival that offers cheap HK dealing.

System

My shares left my TD ISA yesterday afternoon and appeared in my IG ISA this morning. Except that a number of shares from a recent automatic dividend reinvestment worth about £300 are still in my TD ISA. How difficult is it for TD/ii to check that all the shares have been transferred?

EdGasketTheSecond

How long is a reasonable time to be left with no shares in either account? Been over a week now; no response from ii; x-o say they will notify when complete.

JohnRo

Economic wrote: »

I had to remind them about the transfer incentive.

Wise word. I phoned IG on the 29th and was (quite flippantly) assured the bonus would be paid at the end of the month.. it wasn't.

I wasn't expecting red carpet treatment but I think it's reasonable to expect them to honour their own incentive offers.

The search for the next platform switch in a few months time has started...

philng

Update:

Still no progress with transfer of shares in ISA at III. Telephoned IWEB who are blaming III for not providing Valuation & then contacted III who say Valuation was provided 9 Nov. I have asked for proof of this but III say they will have to check if they are able to provide this.

IWEB say they have had no response to 3 letters over the last 5 weeks & III deny receiving these letters.

So both companies are blaming each other. III guy said IWEB must have lost it-he actually came across as really arrogant!

IWEB say they have spoken to III yesterday on phone but III were not prepared to provide the information required in a timely manner. They said it will just have to go in to the normal queue!

Raised a Complaint with both IWEB & III as me as the customer is sat in the middle of it with no progress being made. Neither company really understood that there is a customer in the middle of this.

Both companies think they have done nothing wrong but seemed unable to offer a resolution hence the formal complaint being raised.