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

jimmeee

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.
 

I think iWeb are lying.

I've also started a stock transfer.  I've also received a letter that looks similar to your picture.  My one doesn't specify cash transfer at all.  It talks about how they will contact Vanguard to get a valuation of holdings and check that they can transfer in stock.

Here is my one:

alewin

Thanks for the image of your letter jimmeee.

Things seem to be getting worse as I received a letter from iWeb today, dated the 24th. It states that they are still waiting to hear from Santander regarding the Stocks transfer along with a valuation and that the ISA transfer will be cancelled if they do not hear from them in ten days. This is after I had already told iWeb on the phone early last week that Santander had sold my Fund into Cash and which iWeb said they will sort it with them. The, now Cash, from my Santander ISA is showing as being was paid out yesterday, the 25th. The ISA now has zero balance.

I had already spoken to Santander on Monday 23rd and they stated that they going to transfer the Cash as that is what iWeb requested. Will have to ring iWeb again tomorrow, my balance there is still showing zero as well. Looks like iWeb are still waiting for information regarding a Stocks transfer which was my original request to them.

Should have tried to cancel the transfer, but I had already paid iWeb £100 to open the ISA and I wanted the cashback to offset it.

hoc

alewin said:

Thanks for the image of your letter jimmeee.

Things seem to be getting worse as I received a letter from iWeb today, dated the 24th. It states that they are still waiting to hear from Santander regarding the Stocks transfer along with a valuation and that the ISA transfer will be cancelled if they do not hear from them in ten days. This is after I had already told iWeb on the phone early last week that Santander had sold my Fund into Cash and which iWeb said they will sort it with them. The, now Cash, from my Santander ISA is showing as being was paid out yesterday, the 25th. The ISA now has zero balance.

I had already spoken to Santander on Monday 23rd and they stated that they going to transfer the Cash as that is what iWeb requested. Will have to ring iWeb again tomorrow, my balance there is still showing zero as well. Looks like iWeb are still waiting for information regarding a Stocks transfer which was my original request to them.

Should have tried to cancel the transfer, but I had already paid iWeb £100 to open the ISA and I wanted the cashback to offset it.

Don't cancel. Document everything. They will not only make things right you will get a nice payout from this.

Sea_Shell

jimmeee said:

I think iWeb are lying.

I've also started a stock transfer.  I've also received a letter that looks similar to your picture.  My one doesn't specify cash transfer at all.  It talks about how they will contact Vanguard to get a valuation of holdings and check that they can transfer in stock.

Here is my one:

I've not even had a letter for my Fidelity to iWeb transfer.    I've had nothing, other than confirmation via webchat that its "in hand".

I initiated the transfer on 7th January.     How long did your letter take to come?

digannio

I had some hesitancy before deciding to switch an ISA portfolio from ii to iweb but decided to take the plunge. I've got to say it went like clockwork and was completed within a few days without any problems. Glad I had a shadow portfolio on Trustnet for the book prices for my funds which iweb say they will update for me on the account page through the chat function. Just waiting for the £100 now.

jimmeee

Sea_Shell said:

jimmeee said:

I think iWeb are lying.

I've also started a stock transfer.  I've also received a letter that looks similar to your picture.  My one doesn't specify cash transfer at all.  It talks about how they will contact Vanguard to get a valuation of holdings and check that they can transfer in stock.

Here is my one:

I've not even had a letter for my Fidelity to iWeb transfer.    I've had nothing, other than confirmation via webchat that its "in hand".

I initiated the transfer on 7th January.     How long did your letter take to come?

The letter probably came 1-2 weeks after I opened the iweb isa online.  The transfer from Vanguard is now completed so probably around 4 weeks or so in total.

They sent me a letter confirming everthing is done.  The bizarre thing is they didn't transfer the tiny bit of cash over.  Even though it was meant to be a full transfer of stock and residual cash.

Just waiting for my £100 now.  Anyone know how long does it take for them to credit it?  Terms say up to 30 days.

Sea_Shell

Thanks.

I think I'm going to have to ring them on Monday.   "Radio" silence is making me nervous!!

I initiated a switch on 7th Jan. 

wmb194

jimmeee said:

Sea_Shell said:

jimmeee said:

I think iWeb are lying.

I've also started a stock transfer.  I've also received a letter that looks similar to your picture.  My one doesn't specify cash transfer at all.  It talks about how they will contact Vanguard to get a valuation of holdings and check that they can transfer in stock.

Here is my one:

I've not even had a letter for my Fidelity to iWeb transfer.    I've had nothing, other than confirmation via webchat that its "in hand".

I initiated the transfer on 7th January.     How long did your letter take to come?

The letter probably came 1-2 weeks after I opened the iweb isa online.  The transfer from Vanguard is now completed so probably around 4 weeks or so in total.

They sent me a letter confirming everthing is done.  The bizarre thing is they didn't transfer the tiny bit of cash over.  Even though it was meant to be a full transfer of stock and residual cash.

Just waiting for my £100 now.  Anyone know how long does it take for them to credit it?  Terms say up to 30 days.

Cash can sometimes take a while to turn up because the stockbroker/platform will want to keep the account open for a while in case dividends turn up. IIRC AJ Bell only transferred the cash to iWeb after a couple of months and this was the reason it gave me for the delay.

Sea_Shell

Sea_Shell said:

Thanks.

I think I'm going to have to ring them on Monday.   "Radio" silence is making me nervous!!

I initiated a switch on 7th Jan. 

I was just going to ring them, but checked Fidelity first, and they have my two funds as pending transfers out.  

One "in specie" is "priced" and the other, which needs converting to a different class within the fund, as "Ordered".

They have "settlement dates" of the 1st and 2nd of Feb respectively.

So we have movement!

Sea_Shell

Sea_Shell said:

Sea_Shell said:

Thanks.

I think I'm going to have to ring them on Monday.   "Radio" silence is making me nervous!!

I initiated a switch on 7th Jan. 

I was just going to ring them, but checked Fidelity first, and they have my two funds as pending transfers out.  

One "in specie" is "priced" and the other, which needs converting to a different class within the fund, as "Ordered".

They have "settlement dates" of the 1st and 2nd of Feb respectively.

So we have movement!

So the 'in specie' fund (HSBC) is done and dusted (last week - 3rd), all moved over and all looks to be in order.

However, still no movement on the Rathbones fund that needs a share class transfer.   Still showing as 'ordered' (at Fidelity's end)

So that will have been another two weeks on Monday.    

Awaiting £100 refund of the initial fee too, as I'm assuming the part transfer counts (as over £5000)