ISA transfer from Vanguard to Coventry not possible

Hello,

I am trying to transfer a Stocks and Shares ISA from Vanguard to a cash ISA with Coventry BS without any success.

Vanguard are saying they are poised to do the transfer electronically and don't have a cheque book.

Coventry BS say they only accept cheques for stocks and share ISA providers.

Do I have grounds for complaint? And is it worth bothering?

I was thinking I could just try transferring from Vanguard to another Cash ISA provider then transfer again to Coventry. Obviously this is not ideal but might be less effort than going through the complaints process and get me to my desired outcome more quickly.

Comments

  • HappyHarry
    HappyHarry Posts: 1,536
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    You don't have grounds for complaint, Coventry can put whatever incoming payment restrictions on that they want to.

    For example, they won't accept transfers of previous years' ISAs for their two main ISA offerings.

    A transfer via another ISA provider should work, though it will take more time.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
  • Alexland
    Alexland Posts: 9,639
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    Interesting problem. I can see why Vanguard wouldn't want to do cheques. Suggest you go with a more modern cash ISA provider.
  • HappyHarry wrote: »
    You don't have grounds for complaint, Coventry can put whatever incoming payment restrictions on that they want to.

    For example, they won't accept transfers of previous years' ISAs for their two main ISA offerings.

    My Coventry ISA allows transfers in, this is a problem with the transfer interoperability of the 2 ISA providers. The gov.uk website suggests you have grounds from complaints complaint if an ISA transfer takes longer than 30 working days... obviously this one will.
    A transfer via another ISA provider should work, though it will take more time.

    It will take less time than the infinite amount of time it will take to transfer direct from Vanguard to Coventry ;-)
  • Alexland wrote: »
    Interesting problem. I can see why Vanguard wouldn't want to do cheques. Suggest you go with a more modern cash ISA provider.

    Agreed - I cant remember the last time I wrote a cheque.
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