SVS Securities - shut down?

manted

My2penneth said:

We submitted 2 cash withdrawal requests (one in my name and one in the wife's). This was early on Aug 5th (half past midnight) I noticed that the cash balance on my account had been reduced this morning (Sat 8th) but has not yet arrived at my bank.
I've just checked my wife's account for her, there has been no progress. Both requests were emailed to ITI within a few minutes of one another.

Was that for Non ISA accounts and did you attach a bank statement with your request ? I havent sent them a bank statement with the request, but looks like might need to do. If only they were responsive to emails !

My2penneth

manted said:

My2penneth said:

We submitted 2 cash withdrawal requests (one in my name and one in the wife's). This was early on Aug 5th (half past midnight) I noticed that the cash balance on my account had been reduced this morning (Sat 8th) but has not yet arrived at my bank.
I've just checked my wife's account for her, there has been no progress. Both requests were emailed to ITI within a few minutes of one another.

Was that for Non ISA accounts and did you attach a bank statement with your request ? I havent sent them a bank statement with the request, but looks like might need to do. If only they were responsive to emails !

Both were non ISA accounts. 

In the emails (that had the withdrawal forms attached),  I mentioned that the bank account that the funds were to be sent to was the same as that provided for ID verification during on boarding.  

As the cash balance on my account has been reduced, then I'm hoping that the transfer is in progress and that they are not going to ask for more details/ another copy of a bank statement. 

Maybe by Monday the cash will arrive. We will have to wait and see. 

shiznit76

ahouse185 said:

I still cannot log in to the ITI site, it keeps telling me that my user name or password are invalid, but I know that they are correct. So even if I wanted to do something, I can't.
Frustration and anger.

use your ITI username "ITIXXXXX" for some reason they stopped using email address for login and reverted to that

ahouse185

OK, I will try using that, but why can they not tell us this? Thanks.

snipkin

I checked my two ITI accounts this morning, Sunday 9/8 (both still 'processing'). My cash balance has now reduced on my non-ISA account so it looks like my cash withdrawal is finally happening. My cash withdrawal form was emailed last Tuesday 4/8 at 11.00am followed by a bank statement requested by ITI on Wednesday 5/8 at 3.00pm. Their IT system is rather 'hit and miss' because on the initial 'dashboard' page the cash balance is not reduced - but it is reduced on the detailed account page listing my holdings!! This is just so characteristic of the whole shabby ITI 'experience'. So, it looks like it will take almost one week to get the cash in my bank account (rather then the 48 hours stated by ITI).

rugby7170

I can into my phoenix account with the same portfolio value as about 10 days ago. That's weird to start with. But it now says "onboarding approved " What on earth does that mean ? All i want to do is sell a few shares and then take out the money. 

My2penneth

rugby7170 said:

I can into my phoenix account with the same portfolio value as about 10 days ago. That's weird to start with. But it now says "onboarding approved " What on earth does that mean ? All i want to do is sell a few shares and then take out the money. 

Your onboarding account ( ITIxxxx) is a just that. Your assets have been transferred to ITI and the onboarding is complete ( " approved".

Next step, you will be assigned a Phoenix account ( PXxxxx ) and that will take 48 hrs ( yeah,  right) to be approved.  You will get one Phoenix account for every on boarded account.

You will be able to buy and sell shares using Phoenix and your share holdings will be live ( prices will be correct,  15 min delay - hence valuations will correct from the temporary state that they are in at the moment where prices are wrong).

Have a browse through the last 10 pages of this board. 

ransell1

I have had days of constantly trying to get access, had lots of e-mail claiming problem solved with the same log in links and account details. ITI XXXXX details supplied  that are suggested above as a cure. No. In the time taken from beginning to end of this process my share have halved.When will this be fixed I wonder.

johnburman

ransell1  remember to apply to transfer out to a new broker in any event. It will take a month to do (or more)

sweeter_strudel

johnburman said:

ransell1  remember to apply to transfer out to a new broker in any event. It will take a month to do (or more)

Interactive Investor have said 7 weeks to get my trading account out of ITI..... This is still to be confirmed as ITI have not confirmed the receipt of the transfer request.