Marcus ISA Transfer

2010

My main concern would be the length of time the money takes to get from Marcus to the new provider and how many days interest would be lost.

masonic

xylophone said:

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.....

In the past I've known a certain S&S ISA provider adding a cheque clearance cycle delay before the money was available, but that shouldn't really be happening with cheques issued by banks, and the interest should be backdated to the date on the cheque so that there is no overall void period for interest. With the image clearing system, a cheque often becomes available funds on the working day after it is processed.

eskbanker

2010 said:

My main concern would be the length of time the money takes to get from Marcus to the new provider and how many days interest would be lost.

But, as per the info posted on the previous page, there shouldn't be any days' interest lost, however long the transfer takes....

xylophone

Step by step...

My Marcus account (checked today) shows 26/9 

Full transfer out - cheque issued to new provider

2010

xylophone said:

Step by step...

My Marcus account (checked today) shows 26/9 

Full transfer out - cheque issued to new provider

Thanks for that, do let us know when it reaches your new provider and when they start paying interest on it.
Must say very disappointed with Marcus issuing a cheque in this day and age. 

xylophone

Just an update - transfer in still not showing in my Coventry account so I gave them a ring - at the moment there is nothing to show that the cheque has been received!

I am promised a call back tomorrow - interest will be paid from the date on the cheque apparently.

Lesson - if transferring from a provider not "on the system", don't hold your breath!

2010

xylophone said:

Just an update - transfer in still not showing in my Coventry account so I gave them a ring - at the moment there is nothing to show that the cheque has been received!

I am promised a call back tomorrow - interest will be paid from the date on the cheque apparently.

Lesson - if transferring from a provider not "on the system", don't hold your breath!

Thanks for the update.
I started my request for a Marcus transfer today by posting the paperwork needed to my new provider.
Good to know they will pay interest by the date on the cheque.
After this I won`t have any Marcus accounts, already closed their easy access.

southone

2010 said:

xylophone said:

Just an update - transfer in still not showing in my Coventry account so I gave them a ring - at the moment there is nothing to show that the cheque has been received!

I am promised a call back tomorrow - interest will be paid from the date on the cheque apparently.

Lesson - if transferring from a provider not "on the system", don't hold your breath!

Thanks for the update.
I started my request for a Marcus transfer today by posting the paperwork needed to my new provider.
Good to know they will pay interest by the date on the cheque.
After this I won`t have any Marcus accounts, already closed their easy access.

What did you need to put on transfer form just the sort code and the 8 digit marcus account number? nother else

2010

southone said:

2010 said:

xylophone said:

Just an update - transfer in still not showing in my Coventry account so I gave them a ring - at the moment there is nothing to show that the cheque has been received!

I am promised a call back tomorrow - interest will be paid from the date on the cheque apparently.

Lesson - if transferring from a provider not "on the system", don't hold your breath!

Thanks for the update.
I started my request for a Marcus transfer today by posting the paperwork needed to my new provider.
Good to know they will pay interest by the date on the cheque.
After this I won`t have any Marcus accounts, already closed their easy access.

What did you need to put on transfer form just the sort code and the 8 digit marcus account number? nother else

Yes.
Sort code: 406437 and your account number.

xylophone

I had the call from the Coventry - it seems that the cheque arrived this morning and I should see the transfer in recorded on the account at some point this week - interest will be backdated to the date of the cheque.

I'll update idc - seeing's believing!