Marcus ISA - WARNING

subjecttocontract

My other half submitted an ISA transfer to Santander on 1st April to transfer a Marcus ISA. Marcus sent the ISA money to Santander by cheque on 21st April. Today is 1st May.......nothing has happened.........she is still waiting. Ok there have been a few weekends & bank holidays but, for heaven's sake........does it really have to take this long. Bare this in mind if you ever open a Marcus ISA !!!

MikeJXE

There has only been 5 working days between 21st and today plus allow 2 for posting if it hasn't got lost in the post 

A bit early to blame Marcus 

eskbanker

subjecttocontract said:

My other half submitted an ISA transfer to Santander on 1st April to transfer a Marcus ISA. Marcus sent the ISA money to Santander by cheque on 21st April. Today is 1st May.......nothing has happened.........she is still waiting. Ok there have been a few weekends & bank holidays but, for heaven's sake........does it really have to take this long. Bare this in mind if you ever open a Marcus ISA !!!

How do you know exactly when Santander passed the request to Marcus, when the cheque arrived with Santander, etc?  For the sake of argument, unless you have a detailed chronology, it could be that the bulk of the delay is Santander's responsibility rather than Marcus's?  Cash ISA transfers should complete within 15 business days, so it's clearly a bit over that now, but it's always going to be a busy time of year for ISA providers!

xylophone

Electronic ISA transfer from Marcus to a new provider is not available.

Transfer from Marcus is on the slow side because of the need for a "wet" signature and the time taken for the cheque from Marcus to new provider to be processed.


https://forums.moneysavingexpert.com/discussion/comment/79575832/#Comment_79575832

subjecttocontract

Application posted to Santander April 1st.......Marcus sent cheque to Santander April 21st. = 13 working days. 

eskbanker

subjecttocontract said:

Application posted to Santander April 1st.......Marcus sent cheque to Santander April 21st. = 13 working days. 

Yes, you already said that, but the question was about exactly when Santander sent the request to Marcus - if that was on the 2nd then it would be appropriate to hold Marcus accountable for the delay, but if, for the sake of argument, Santander only sent the request to Marcus on the 20th, that would be an entirely different story, so the reason for asking about dates was to establish whether it's appropriate to be pointing the finger at Marcus....

subjecttocontract

eskbanker said:

subjecttocontract said:

My other half submitted an ISA transfer to Santander on 1st April to transfer a Marcus ISA. Marcus sent the ISA money to Santander by cheque on 21st April. Today is 1st May.......nothing has happened.........she is still waiting. Ok there have been a few weekends & bank holidays but, for heaven's sake........does it really have to take this long. Bare this in mind if you ever open a Marcus ISA !!!

How do you know exactly when Santander passed the request to Marcus, when the cheque arrived with Santander, etc?  For the sake of argument, unless you have a detailed chronology, it could be that the bulk of the delay is Santander's responsibility rather than Marcus's?  Cash ISA transfers should complete within 15 business days, so it's clearly a bit over that now, but it's always going to be a busy time of year for ISA providers!

I'm certainly not going to have sympathy for any ISA provider who takes more than a calender month to complete a transfer just because it's a busy time of the year for them. 

subjecttocontract

eskbanker said:

subjecttocontract said:

Application posted to Santander April 1st.......Marcus sent cheque to Santander April 21st. = 13 working days. 

Yes, you already said that, but the question was about exactly when Santander sent the request to Marcus - if that was on the 2nd then it would be appropriate to hold Marcus accountable for the delay, but if, for the sake of argument, Santander only sent the request to Marcus on the 20th, that would be an entirely different story, so the reason for asking about dates was to establish whether it's appropriate to be pointing the finger at Marcus....

No, actually I didn't say it was 13 working days.......so I'm saying it now.

eskbanker

subjecttocontract said:

eskbanker said:

subjecttocontract said:

Application posted to Santander April 1st.......Marcus sent cheque to Santander April 21st. = 13 working days. 

Yes, you already said that, but the question was about exactly when Santander sent the request to Marcus - if that was on the 2nd then it would be appropriate to hold Marcus accountable for the delay, but if, for the sake of argument, Santander only sent the request to Marcus on the 20th, that would be an entirely different story, so the reason for asking about dates was to establish whether it's appropriate to be pointing the finger at Marcus....

No, actually I didn't say it was 13 working days.......so I'm saying it now.

Congratulations on successfully counting days on a calendar, but that continues to evade the point, i.e. what evidence supports your apparent view that the delay is primarily Marcus's fault rather than Santander's?

financehelp23

subjecttocontract said:

My other half submitted an ISA transfer to Santander on 1st April to transfer a Marcus ISA. Marcus sent the ISA money to Santander by cheque on 21st April. Today is 1st May.......nothing has happened.........she is still waiting. Ok there have been a few weekends & bank holidays but, for heaven's sake........does it really have to take this long. Bare this in mind if you ever open a Marcus ISA !!!

Hi, I got the same issue when opened an account in the end of March and need a paper form transfer. Santander got a cheque on 21st Apr but only cleared on 3rd May. It is over 30 days. Did you receive any interest for 21st Apr to May? Also, have you received £50 voucher? 

subjecttocontract

* Marcus sent a letter (by post) telling us they had sent the money to Santander on 21st April.
* Santander credited the new ISA account on 4th May = 12 days no interest.
* £50 voucher received 5th May

No interest for 12 days = £27 loss.
It could have been worse......on £80K it would have been a loss of £109.

I guess the lesson Iearnt is ....avoid putting ISA money into any account that doesnt do electronic transfers.