Barclays to Virgin ISA transfer rejected

subjecttocontract

Reading this thread leaves me feeling as though I've had a lucky escape by not opening a Barclays ISA.

gwapenut

xylophone said:

And then they'll reject it because you didn't respond to the text they didn't send, asking you to authorise it if it's more than 50k.

We'll have to see what happens - the amount is not over £50k.

Of course, even if it were, the authority to "pull"  (transfer) given to the recipient organisation should be sufficient.

According to ISA rules, yes it would be sufficient. Sadly for my wife, it was insufficient. Like I said a while back, they out-fooled my foolproof process. I believe it is deliberate obfuscation to increase profits while ISAs languish in 1% accounts 

xylophone

https://forums.moneysavingexpert.com/discussion/comment/80508450/#Comment_80508450

The people at Barclays are clowns, or they are deliberately obfuscating the transfer to hold on to the money. I

Probably not either of these - more likely ill trained or there is some systems flaw at Barclays that causes the  rejections in certain cases.

.

I'll shortly be finding out whether or not I'll be one of the victims!

gwapenut

I reckon you'll be ok as you're transferring less than 50k, unless there's a new category of excuse I'm not yet aware of.

You're following the procedure I thought would be foolproof for my wife, and hers has now transferred with only the authorisation excuse being trotted out to squeeze a couple more weeks out of her money.

flaneurs_lobster

My new VM Fixed 5.5% is open and part-funded. Do chaps here happen to know if I will receive notification (presumably email) when this account is going to be closed to subscriptions? Or is it a fixed period from first opening or first funding? 

KPI talks of the product going "off sale", is that off sale to me or to the whole market?

I may have new funds to add in the next week or so but not certain. 

Ta.

youngretired

I received a text from Virgin saying the date that I could no longer fund the account, on the day they withdrew the product..

It's 30 days from when they withdraw the sale of the product.

flaneurs_lobster

youngretired said:

I received a text from Virgin saying the date that I could no longer fund the account, on the day they withdrew the product..

It's 30 days from when they withdraw the sale of the product.

Thanks for that. So as long as I'm sure that I'm OK to receive SMS from VM I've got a rolling 30-day forward window for funding?

EDIT I've just checked for texts from VM, I have one that says

Thanks for opening a Virgin Money Fixed Rate Cash ISA Exclusive Issue 9. Please note, you can only add money until 5pm on 18/01/2024.......

I opened the ISA on 20/12. Is that a deadline on first funding or on all funding?

youngretired

My understanding would be on all funding, but when I arranged my 2nd transfer in on the phone on the 27th December (where 1st was declined) I was told that the deadline is for new money and as long as they have the transfer request before then, then that's OK but I would double check that.

youngretired

"We’ll send a text to the mobile number you provided us with in your application to tell you the closing date for adding money to your account. Remember, after that date you can’t add any more money until after the fixed period ends. If we receive any money after this date, we will have to return it to you."

Under T&C's so I would say all funding.

Aidanmc

My Barclays ISA matures on 26 Jan.

I received this letter stating maturity options.

I intend to transfer to Virgin FR ISA

The bottom paragraph seems to imply that they will transfer the ISA to another provider on maturity if requested.

From this thread it seems requesting transfer before maturity can cause issues.

Has anyone who requested ISA transfer before been successful, or is it best to wait until the Barclays Isa changes to Easy access isa upon maturity?