Td direct transfer to iweb very slow

JohnRo

It sounds like an awful situation to be in, my plan was to use IG for the transfer bonuses then look to move elsewhere later. iWeb being one of the most likely places.

I've never had a problem with iWeb personally but then I didn't transfer in when I first opened my account with them.

I had a quite long chat on the phone yesterday with a chap from TD/II about account closures post transfer and it seems they must be requested by the account holder, via secure message or telephone. That conflicts with what I had been told previously but he seemed to know what he was talking about.

FWIW he also said the new TD/II charges won't start applying to client accounts until mid January.

greenglide

I had a quite long chat on the phone yesterday with a chap from TD/II about account closures post transfer and it seems they must be requested by the account holder, via secure message or telephone. That conflicts with what I had been told previously but he seemed to know what he was talking about.

They closed both of my accounts automatically at the end of the transfer to HL.

It seems logical to do this - the online access is still there and, presumably, I can open another account / accounts within this at any time.

JohnRo

I've transferred three accounts off TD/II in total, two GIA and one ISA and none have closed automatically but I say that because I've phoned to check soon after transfer completed so don't know whether they would have otherwise closed or not once the dividends had been settled.

xylophone

Well, so far (since 31 October), two REITS show on iWeb but no funds (although transferred a week ago according to II) - cash still sitting in II as they are

now waiting on them (iWeb) providing us with their bank details to allow us to send them the cash balance.

I'll leave it a day or two more before contacting iWeb for an explanation......

philng

Further update:

Received e mail at 741am saying they had cancelled wife transfer-no explanation!!!

2nd e mail asking us to contact III re one line of stock IWEB can't accept (Banco Santander)-Contacted IWEB who confirmed that this stock is acceptable.

Contacted III yet again to explain the mess-Coming back to me later today.

Also on my transfer they state they have transferred my cash balance of X but they have used balance as 12/10/17 & not current balance which has increased with 5 subsequent dividends.

WOW what a mess!

xylophone

WOW what a mess!

I'm afraid....I'm very afraid.......:eek:

cloud_dog

xylophone wrote: »

Well, so far (since 31 October), two REITS show on iWeb but no funds (although transferred a week ago according to II) - cash still sitting in II as they are

now waiting on them (iWeb) providing us with their bank details to allow us to send them the cash balance.

I'll leave it a day or two more before contacting iWeb for an explanation......

When the OH transfer had ISA cash outstanding iWeb explained that cash is usually the very last thing to come across. It wasn't 100% clear if the transfer of cash was done via ye 'ole style by cheque. It took just over a week for the cash to resolve itself (i.e. all stocks transferred and just waiting for the ISA cash)

EdGasketTheSecond

ii transfer out experiences:
Family member has had ISA cash transferred but no shares.
Another member has had his shares lost - gone from old ISA account for two weeks and not appeared in new account
My own transfer hasn't budged despite submitting the form a month ago. Was told Cash had been completed; it hasn't moved. Was told the cash transfer would be 'rebooked'; it hasn't moved. Total chaos.

philng

Just confirms my initial thoughts of the incompetence of III & why I believe I have chosen the correct decision to transfer out.

The incompetence is unbelievable & not a firm I want to trust holding mine & wife investments.

The guy I spoke to at III on Monday was actually arrogant & suggested IWEB must have lost the Valuation sent 9th November. All he wanted to do was blame IWEB. However he was unwilling to provide me evidence that the valuation had been sent.

It is only today after my calls yesterday (and raised complaint) that we are receiving e mails saying they are sorry for us leaving despite initiating the transfer 6 weeks ago.

Anyway formal complaints have now been raised with both III & IWEB so I am sure they will now have regulatory timescales in which to resolve the issues.

buffman

I too are having similar issues with TD Direct claiming to have sent a valuation but Iweb not receiving it (though I have received conflicting responses from TD Direct - firstly apologising for the delay and later saying it was sent ages ago!)

Are they dragging this out so that we will have to pay their fees?