Confused by mixed iWeb transfer messages, which is right?

isayhello

I setup a new account today on iWeb and began a transfer from a HL S&S ISA.

When I selected HL as the provider, a message popped up which said the transfer could all be handled electronically and I wouldn't need to post anything. Later in the process I was asked to print a form or have it posted, I chose post and was shown a message that I would receive a form that I need to sign and return after which they'll start the transfer. I have 2 questions:

1 - Will I need to post a form back to them or has the transfer gone through electronically and I don't need to do anything else? their customer service is closed till Monday so I can't call.

2 - I wasn't at any point asked for the £100 setup fee, when will this happen? I did provide debit card info, will they just use that to automatically deduct?

masonic

Even if the transfer is electronic, the provider may require a signed transfer authority to start it.

The account opening fee will be taken in line with what's published on their website: "The £100 account opening charge will be taken within 10 working days after opening your account from the debit card you register your Share Dealing Account or ISA with."

isayhello

masonic said:

Even if the transfer is electronic, the provider may require a signed transfer authority to start it.

Sure, I just remember the message when I selected HL said that I wouldn't need to post anything but then the later message seemed to contradict that.

I did some transfers with Vanguard this year and they were able to do it all electronically, so I was hoping for the same.

masonic

isayhello said:

masonic said:

Even if the transfer is electronic, the provider may require a signed transfer authority to start it.

Sure, I just remember the message when I selected HL said that I wouldn't need to post anything but then the later message seemed to contradict that.

I did some transfers with Vanguard this year and they were able to do it all electronically, so I was hoping for the same.

I've carried out transfers to iWeb from a couple of different providers, one of which I know carried it out electronically, but both required a wet signature from me. If you receive a form to sign it would be advisable to do so. Either way, hopefully you're aware you'll be in for quite a lengthy process, based on recent accounts of people trying to transfer to iWeb.

isayhello

masonic said:

I've carried out transfers to iWeb from a couple of different providers, one of which I know carried it out electronically, but both required a wet signature from me. If you receive a form to sign it would be advisable to do so. Either way, hopefully you're aware you'll be in for quite a lengthy process, based on recent accounts of people trying to transfer to iWeb.

That is what I've read, so I decided to move the smaller pot first to just test it out. I assume you're never out of the market for long though while the process is happening if it takes weeks or months.

Would you recommend returning anything by post to iWeb by signed delivery?

Alexland

masonic said:
Either way, hopefully you're aware you'll be in for quite a lengthy process, based on recent accounts of people trying to transfer to iWeb.

I was thinking of giving iWeb the adult ISA transfer request now for when my children's Fidelity Junior ISAs mature at age 18 in the 2030s...

isayhello said:

Would you recommend returning anything by post to iWeb by signed delivery?

No, royal mail don't seem to bother getting signatures anyway. If anything it might delay the letter or cause it to be lost if the postperson can't find anyone at the address to take it. Then that person might delay or lose it as they don't usually get given transfer letters...

masonic

isayhello said:

I assume you're never out of the market for long though while the process is happening if it takes weeks or months.

It depends if you are transferring the investments or transferring as cash. If investments then you aren't out of the market at all, if cash then you could be out of the market for quite some time.

isayhello

It's as cash, I hadn't invested it in any funds yet 

Mothman

You will need to be patient as iWeb seem to be in a right old pickle with ISA transfers. Their website now says to allow 15 weeks for transfers, I'm currently at 13weeks into a transfer from Fidelity to iWeb and so far no progress. Have chased a couple of times by web chat but they have been unable to give any update. Hopefully as yours is a cash transfer it will be quicker.

masonic

If you don't want to be out of the market for weeks on end, then you could consider investing the cash, cancelling the transfer and then resubmitting as an in specie transfer. That way at least you won't be out of the market while the transfer is in progress.

isayhello

masonic said:

If you don't want to be out of the market for weeks on end, then you could consider investing the cash, cancelling the transfer and then resubmitting as an in specie transfer. That way at least you won't be out of the market while the transfer is in progress.

Thanks I will consider doing that, I'm hoping because it's cash it might be quicker though.

Might be a silly question but does in specie need me to hold a fund that iWeb offer as well? or they reject the transfer?