Withdrawing funds from Virgin Money S&S ISA

ChrisJ1988

Hello I requested to withdraw most of my money from Virgin money S&S Isa on the 15th Jan and they said they would send a cheque out in a few days. I have received a letter today asking the reason for the withdrawal. I feel this is irreverent do I have to tell them, can they withhold my money?

I feel like this is just delay tactics.

What are peoples thoughts?

davidwatts

First thoughts are just tell them (unless, of course, you are planning to do something massively illegal or hugely immoral)! Which do you think is most likely to speed up the process of getting your money, complying or digging your heels in?

Most likely explanation I can think of (based on recent experience) is that this is just an extra level of security that it's really you requesting the withdrawal, e.g.you did it online or over the phone so they send you something you need to sign and return to verify it's all genuine. That would seem reasonable enough.

My thoughts are not worth worrying about and just get on with it.

cattie

It could possibly be to ensure you're not withdrawing the cash to put into another isa, as if you were intending to do that, the cash you withdraw will lose it's tax free benefit. They possibly want to make you aware of this & to advise you to do an isa transfer instead with your chosen bank to be able to maintain the tax free status.

george4064

ChrisJ1988 wrote: »

Hello I requested to withdraw most of my money from Virgin money S&S Isa on the 15th Jan and they said they would send a cheque out in a few days. I have received a letter today asking the reason for the withdrawal. I feel this is irreverent do I have to tell them, can they withhold my money?

I feel like this is just delay tactics.

What are peoples thoughts?

How did you make the initial withdrawal request? Was it online, over the phone or via a written letter?

What are you reasons for withdrawing the money?