Marcus ISA Transfer

southone

I opened up a Coventry ISA two weeks ago after four days I got a form from Coventry to fill out and return which I did Friday I received notification from Marcus I would started the transfer procedure I will get back to me when it’s completed and how to how to contact them if it wasn’t me

xylophone

I opened up a Coventry ISA two weeks ago after four days I got a form from Coventry to fill out and return which I did Friday I received notification from Marcus I would started the transfer procedure I will get back to me when it’s completed and how to how to contact them if it wasn’t me

As you will see from my previous, transfer from Marcus to Coventry was a slow process.

I had an existing ISA with the Coventry and applied to transfer in from Marcus on 1 September - I received form for signature on 7th September and returned the same day.

Marcus sent Coventry a cheque dated 26th September

Apparently it turned up for processing on 4th October and I saw the money in my Coventry account on 6th October.

Coventry told me that interest would be backdated to the date of the cheque.

searching4bestrates

searching4bestrates said:

I think I've managed to transfer my ISA out of Marcus and into Nationwide by going into branch.

(Possibly) helpful hint: "Marcus by Goldman Sachs" isn't searchable on their systems. The account needs to be described as Goldman Sachs International Bank.

I was advised it would take 2 weeks for Marcus to transfer the funds over to Nationwide...

For such a user-friendly online only account, I do find it crazy that their ISA is so restrictive/old fashioned with respect to transfers.

Marcus ISA transfers do seem to be glacial (I suppose the postal strikes don't help either).

It is now 24th October and the transfer still hasn't completed. I have received email correspondence from Marcus that things are progressing.

xylophone

Marcus ISA transfers do seem to be glacial (I suppose the postal strikes don't help either).

The postal strikes certainly don't help as the cheque/paperwork from Marcus to the receiving institution will presumably sit about in post box/sorting centre for longer than normal.

But I am still waiting for a (presumably electronic) transfer from Yorkshire  BS to Coventry BS - two weeks and counting.....!

xylophone

But I am still waiting for a (presumably electronic) transfer from Yorkshire  BS to Coventry BS - two weeks and counting.....!

After a couple of weeks with no action and frustration with telephone wait, I sent the Coventry a secure message - the reply was that the Yorkshire had refused the transfer on the grounds that they could not identify my account!

I knew that I had supplied all details requested by Coventry  correctly as I had a copy of the form and sent in a complaint.

A member of the complaints team rang me back and said that they had written to me on 11th October informing me of the problem - no such letter has arrived to date!

After some discussion ( and I am yet to receive a promised call back from Yorkshire BS), it seems almost certain that the problem arises from the fact that the Coventry form asks for either sort code and account number of the ceding organisation or reference /roll number.

The form does not accept all three.

I had supplied sort code and account number ( in the case of the Yorkshire, the reference number is the same as account number plus 07).

It seems ( I shall be confirming with the Yorkshire once I have spoken to them) that the reference number is what is required.

I hope this may help others.....

cricidmuslibale

xylophone said:

But I am still waiting for a (presumably electronic) transfer from Yorkshire  BS to Coventry BS - two weeks and counting.....!

After a couple of weeks with no action and frustration with telephone wait, I sent the Coventry a secure message - the reply was that the Yorkshire had refused the transfer on the grounds that they could not identify my account!

I knew that I had supplied all details requested by Coventry  correctly as I had a copy of the form and sent in a complaint.

A member of the complaints team rang me back and said that they had written to me on 11th October informing me of the problem - no such letter has arrived to date!

After some discussion ( and I am yet to receive a promised call back from Yorkshire BS), it seems almost certain that the problem arises from the fact that the Coventry form asks for either sort code and account number of the ceding organisation or reference /roll number.

The form does not accept all three.

I had supplied sort code and account number ( in the case of the Yorkshire, the reference number is the same as account number plus 07).

It seems ( I shall be confirming with the Yorkshire once I have spoken to them) that the reference number is what is required.

I hope this may help others.....

It undoubtedly will help others! I’m very sorry for all the hassle and ‘toing and froing’ that you have had to put up with in order to sort this very messy situation out!

southone

I moved a ISA from YBS to Paragon electronically and it only took a couple of days but I seem to remember I filled in sort code and account number and added the (07) number in other roll number box

isasmurf

YBS need the 10 digit account (roll) number. For accounts that are a roll number you do not normally need the sort code and account number

Transfer your Yorkshire Building Society ISA to another provider

If you want to transfer your ISA to another provider, you need to contact them first and they will liaise with us on your behalf. They will need your 10 digit YBS account number.

xylophone

YBS need the 10 digit account (roll) number. For accounts that are a roll number you do not normally need the sort code and account number

Yes - on my YBS passbook it shows

Sort Code

Account number (say)12345678

Reference Number  (say) 12345678 07

The Coventry ISA Transfer Form asks for either sort code and account number or roll (reference) number.

You can't input both.

Having spoken to YBS this morning, it is clear that the reference/roll number is what is required.

I'll know for next time!

fireball

Well, xylophone, you were lucky that the Coventry backdated interest.  I recently transferred an ISA from Marcus to Santander.  The speed was just as glacial as your transfer.  But Santander refuse to backdate any interest, leaving me with a 14 day period when neither Santander nor Marcus paid any interest.