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Marcus ISA Transfer
Comments
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nor is there any immediate recourse from the providers if it takes longer.
https://www.moneysupermarket.com/savings/isa-transfers/Transferring between cash ISAs
The process should take up to 15 working days. If it takes longer, contact your new provider to complain. They are obliged to cover any loss of interest.
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While they're obliged to transfer within 15 working days, I wasn't aware that there was actually an obligation to cover loss of interest as such, although there is a recommendation for the new provider to pay it from day 16 if that's before completion:xylophone said:nor is there any immediate recourse from the providers if it takes longer.https://www.moneysupermarket.com/savings/isa-transfers/Transferring between cash ISAs
The process should take up to 15 working days. If it takes longer, contact your new provider to complain. They are obliged to cover any loss of interest.
https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#cash-isa-transfershttps://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693198/Appendices.pdfAppendix B (PDF, 364 KB, 9 pages) contains guidance produced by the industry on best practice for cash ISA to cash ISA transfers. While we recommend that managers adopt these procedures, they are recommendations only and are not prescriptive. However, the timetable above must be adhered to.
The new ISA provider should apply the transferred funds to the customer’s account.
Interest on the transferred funds should be backdated either to the date on the cheque, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier.
For electronic payments, interest on the transferred funds should be backdated either to the date the payment was initiated, inclusive, or to the date which represents ‘day 16’ of the transfer process, inclusive – whichever is earlier.
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It's a long and winding road....
E-mail from Marcus
We wanted to let you know that we've received a request from your new ISA provider to transfer your Cash ISA from us to them
Your Cash ISA will now be frozen and you won't be able to take any money out or add any more money to it. If you do try to put money in your Cash ISA, we'll send it back to the account you sent it from.
Once we've transferred your savings to your new provider, we'll contact you to let you know. We'll also close your Cash ISA and let you know when we've done this.
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I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.1 -
2010 said:I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.No, electronic funds transfer can only be used if an electronic messaging system is used by both providers. Otherwise the paperwork is the rate limiting step, and a transfer cheque should be included with the transfer paperwork. Cynergy Bank maintains a list of banks who are part of the BACS ISA Transfer Service, which allows electronic transfers. Marcus / Goldman Sachs is not on that list.1 -
How long does BACS take?masonic said:2010 said:I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.No, electronic funds transfer can only be used if an electronic messaging system is used by both providers. Otherwise the paperwork is the rate limiting step, and a transfer cheque should be included with the transfer paperwork. Cynergy Bank maintains a list of banks who are part of the BACS ISA Transfer Service, which allows electronic transfers. Marcus / Goldman Sachs is not on that list.
I always assumed it was three working days.
Sent Wed arrive Friday.0 -
Usually same day to the holding account of the receiving ISA manager. They'll use Faster Payment for the funds transfer if available, but the BACS ISA Transfer messaging system is a prerequisite.2010 said:
How long does BACS take?masonic said:2010 said:I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.No, electronic funds transfer can only be used if an electronic messaging system is used by both providers. Otherwise the paperwork is the rate limiting step, and a transfer cheque should be included with the transfer paperwork. Cynergy Bank maintains a list of banks who are part of the BACS ISA Transfer Service, which allows electronic transfers. Marcus / Goldman Sachs is not on that list.
I always assumed it was three working days.
Sent Wed arrive Friday.
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It`s hard to believe that Marcus will resort to a cheque, we`ll see.masonic said:
Usually same day to the holding account of the receiving ISA manager. They'll use Faster Payment for the funds transfer if available, but the BACS ISA Transfer messaging system is a prerequisite.2010 said:
How long does BACS take?masonic said:2010 said:I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.No, electronic funds transfer can only be used if an electronic messaging system is used by both providers. Otherwise the paperwork is the rate limiting step, and a transfer cheque should be included with the transfer paperwork. Cynergy Bank maintains a list of banks who are part of the BACS ISA Transfer Service, which allows electronic transfers. Marcus / Goldman Sachs is not on that list.
I always assumed it was three working days.
Sent Wed arrive Friday.0 -
They apparently insisted on being provided with a hard copy transfer authority form with wet signature, so a cheque would be true to form. Coventry do support electronic transfers, so would not routinely ask for that.2010 said:
It`s hard to believe that Marcus will resort to a cheque, we`ll see.masonic said:
Usually same day to the holding account of the receiving ISA manager. They'll use Faster Payment for the funds transfer if available, but the BACS ISA Transfer messaging system is a prerequisite.2010 said:
How long does BACS take?masonic said:2010 said:I would have thought that once the current provider has received the request from the new provider, the funds are sent electronically.
The 15 day rule was probably drawn up when ISA first came out and they used the post with cheques.
In the past the delays that I`ve encountered were mainly due to the volume of applications for a new ISA issue.
It will be interesting to know @xylophone, now that Marcus have been informed, how long they take and what method of delivery they use.
No doubt you`ll let us know.No, electronic funds transfer can only be used if an electronic messaging system is used by both providers. Otherwise the paperwork is the rate limiting step, and a transfer cheque should be included with the transfer paperwork. Cynergy Bank maintains a list of banks who are part of the BACS ISA Transfer Service, which allows electronic transfers. Marcus / Goldman Sachs is not on that list.
I always assumed it was three working days.
Sent Wed arrive Friday.
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They apparently insisted on being provided with a hard copy transfer authority form with wet signature,
I assume so - I initiated the transfer on line at the beginning of this month and had to wait for Coventry to send me a pre-filled transfer request form for signature - this was returned to Coventry on the day of receipt (7/9).
I suppose that Coventry sent the form to Marcus - I received the e-mail above yesterday.
If Marcus post a cheque to Coventry I suppose it won't arrive before (say) Tuesday/Wednesday - then three days to clear so I guess the transfer might not complete until after next week end...
The suspense is killing me.....
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