iWeb Offering £100 Cashback (Negating the £100 Account Opening Fee)

granta

alewin said:

Sea_Shell said:

alewin said:

Thanks for all the replies.
I spoke to iWeb yesterday and they said that they never requested a cash transfer from Santander. They did say however that the wording in the letter they sent them might have confused them. They are going to contact them to try and get it sorted, have not got back to me yet. See what happens.

The letter they sent me mention's requesting a cash transfer, even payment by cheque. As I stated before, Santander had already sold the Fund in the ISA before I received the letter from iWeb.
 

Hi @alewin

Did this get resolved?

Hi there,

Yes finally got resolved in the end.
The cash from Santander finally appeared in my IWeb account a few days after their second letter stating that they are still waiting to hear from Santander regarding the Stocks transfer along with a valuation. This was at the end of January and when I phoned after that, they said not to touch it and raised a complaint for me.

Then in the course of just over a week they admitted it was their fault, had sent the wrong form to Santander.
They received the fund details from Santander along with the number of units and invested the cash back into the same fund. They bought back at a higher fund price than when it was sold but made a credit so I ended up with the same number of units, with no loss to me. Not sure how they achieved that but it worked out in the end and even paid some compensation direct to my bank account as well.

To IWeb's credit, when it became apparent what had happened, they were friendly (were friendly anyway) and professional to sort out and put me back in the same position with no loss.

That is good to hear they resolved it and put you back to a no loss position.

I too have just discovered that a wrong letter has been sent to my old provider requesting a cash transfer. But I was able to intercept the instruction in time (having found out by chance) so the transfer has been cancelled. But they have offered to raise a complaint. It's a puzzle why wrong letters keep being sent.

Sea_Shell

granta said:

alewin said:

Sea_Shell said:

alewin said:

Thanks for all the replies.
I spoke to iWeb yesterday and they said that they never requested a cash transfer from Santander. They did say however that the wording in the letter they sent them might have confused them. They are going to contact them to try and get it sorted, have not got back to me yet. See what happens.

The letter they sent me mention's requesting a cash transfer, even payment by cheque. As I stated before, Santander had already sold the Fund in the ISA before I received the letter from iWeb.
 

Hi @alewin

Did this get resolved?

Hi there,

Yes finally got resolved in the end.
The cash from Santander finally appeared in my IWeb account a few days after their second letter stating that they are still waiting to hear from Santander regarding the Stocks transfer along with a valuation. This was at the end of January and when I phoned after that, they said not to touch it and raised a complaint for me.

Then in the course of just over a week they admitted it was their fault, had sent the wrong form to Santander.
They received the fund details from Santander along with the number of units and invested the cash back into the same fund. They bought back at a higher fund price than when it was sold but made a credit so I ended up with the same number of units, with no loss to me. Not sure how they achieved that but it worked out in the end and even paid some compensation direct to my bank account as well.

To IWeb's credit, when it became apparent what had happened, they were friendly (were friendly anyway) and professional to sort out and put me back in the same position with no loss.

That is good to hear they resolved it and put you back to a no loss position.

I too have just discovered that a wrong letter has been sent to my old provider requesting a cash transfer. But I was able to intercept the instruction in time (having found out by chance) so the transfer has been cancelled. But they have offered to raise a complaint. It's a puzzle why wrong letters keep being sent.

Oh dear, they're getting themselves in a hole it would seem.    Inexperienced staff maybe?

Was yours a 'one fund' transfer, or multiple funds (within the same ISA account)?

One of mine was sold to cash before I could intercept.   Just waiting to see what arrives at iWebs end this week.


ETA - I've done some 'back of an envelope calculations, and if they sold for the price i think they did, and didn't convert on same day, with price movements last week, I could be out of pocket by nearly £700.  

granta

Sea_Shell said:

granta said:

alewin said:

Sea_Shell said:

alewin said:

Thanks for all the replies.
I spoke to iWeb yesterday and they said that they never requested a cash transfer from Santander. They did say however that the wording in the letter they sent them might have confused them. They are going to contact them to try and get it sorted, have not got back to me yet. See what happens.

The letter they sent me mention's requesting a cash transfer, even payment by cheque. As I stated before, Santander had already sold the Fund in the ISA before I received the letter from iWeb.
 

Hi @alewin

Did this get resolved?

Hi there,

Yes finally got resolved in the end.
The cash from Santander finally appeared in my IWeb account a few days after their second letter stating that they are still waiting to hear from Santander regarding the Stocks transfer along with a valuation. This was at the end of January and when I phoned after that, they said not to touch it and raised a complaint for me.

Then in the course of just over a week they admitted it was their fault, had sent the wrong form to Santander.
They received the fund details from Santander along with the number of units and invested the cash back into the same fund. They bought back at a higher fund price than when it was sold but made a credit so I ended up with the same number of units, with no loss to me. Not sure how they achieved that but it worked out in the end and even paid some compensation direct to my bank account as well.

To IWeb's credit, when it became apparent what had happened, they were friendly (were friendly anyway) and professional to sort out and put me back in the same position with no loss.

That is good to hear they resolved it and put you back to a no loss position.

I too have just discovered that a wrong letter has been sent to my old provider requesting a cash transfer. But I was able to intercept the instruction in time (having found out by chance) so the transfer has been cancelled. But they have offered to raise a complaint. It's a puzzle why wrong letters keep being sent.

Oh dear, they're getting themselves in a hole it would seem.    Inexperienced staff maybe?

Was yours a 'one fund' transfer, or multiple funds (within the same ISA account)?

One of mine was sold to cash before I could intercept.   Just waiting to see what arrives at iWebs end this week.


ETA - I've done some 'back of an envelope calculations, and if they sold for the price i think they did, and didn't convert on same day, with price movements last week, I could be out of pocket by nearly £700.  

It was a single fund transfer and the share classes match so no issue there. Just a an error with letters! 
Good luck with yours and hopefully they will rectify/compensate for the error

masonic

Sea_Shell said:
ETA - I've done some 'back of an envelope calculations, and if they sold for the price i think they did, and didn't convert on same day, with price movements last week, I could be out of pocket by nearly £700.  

You can rule out a conversion taking place if the fund was sold. A conversion involves the fund house directly exchanging one class of units for another class of units without any cash being involved.

Sea_Shell

masonic said:

Sea_Shell said:
ETA - I've done some 'back of an envelope calculations, and if they sold for the price i think they did, and didn't convert on same day, with price movements last week, I could be out of pocket by nearly £700.  

You can rule out a conversion taking place if the fund was sold. A conversion involves the fund house directly exchanging one class of units for another class of units without any cash being involved.

Where you say "fund house" would that be Rathbone?   Rather then either platform?

gizz_10

OK so I finally got my log in details for iweb on Friday and requested my transfer immediately - Yesterday i saw on Fidelity's platform that the transfer was in progress.  Today Fidelity shows a 0 balance and no investments - but iweb is still not showing anything in the account at all.  For those who transferred into iweb from Fidelity - was there some delay showing the investments on iweb's platform?  I'm slightly freaked out that i cannot see my investment anywhere and no info whatsoever within iweb about any transfer status in progress or anything.  Is there somewhere specific i need to look for this?

Sea_Shell

I think it shows in iWeb next working day, if in specie transfer.

Don't panic....yet 😉

PloughmansLunch

I have a Vanguard GIS account and understand I can transfer my holdings to iWeb, and assume I can do the same with CMC. This may be a silly question, but what about the robo-investing platforms with multiple fragments of various funds like Wealthify & Nutmeg - could they be transferred too at some point in the future or best to just cash them in?

gizz_10

Sea_Shell said:

I think it shows in iWeb next working day, if in specie transfer.

Don't panic....yet 😉

You were right Sea_Shell - its arrived today on the iweb platform - exactly the right amount of units. Phew - all done and dusted in less than 5 working days.  Now just to wait for my £100 credit.

mears1

ColdIron said:

Unfortunately you can only subscribe to (pay new money into) an ISA with cash (obviously you can transfer shares from ISA to ISA) so you would need to sell, transfer then repurchase. x-o is pretty reasonable so you might be best to open an ISA with them

Edit:

• Can I transfer shares I already own into an ISA account?

• Unfortunately the current Regulations do not allow you to transfer shares directly into your ISA but under HMRC rules you can take advantage of your ISA allowance without having to subscribe any new money by using a process known as "Bed and ISA". You simply instruct us to sell shares you already hold and transfer the proceeds (up to the annual allowance limit) to your ISA – the proceeds are then used to buy back your shares.
  
  
• All you need to do is open an ISA account, if you haven't got one already, and then complete this form with details of which shares you would like to Bed and ISA from your nominee account, and email it to deal@jarvisim.co.uk.

https://www.x-o.co.uk/isa-account.html

N.B. The bit in italics sounds very like a subscription to me

 Would transfers of Cash Isas from previous tax years (over £5k) count to get the free £100 cashback or does it have to be new money either in this tax year or into an non-isa account?
 The post above seem to say it is new money but other posts seem to say previous transfers are OK.