Transferred ISA funds not arrived in Metrobank ISA

Hello everyone, I am new here and looking for some advice [I hope I am posting this in the correct forum]

I opened an ISA with Metrobank after seeing their excellent rates and subsequently completed some forms in branch to enable the transfer of about £5k from my previous ISA provider. Metrobank said it would take about 2 to 3 weeks, but no money has landed yet.

I have just taken a look at Trustpilot and the reviews on this bank are shocking   :/

Is it normal for funds to take this long to be transferred to an ISA from one provider to another?

Thank you in advance.


Comments

  • dunstonh
    dunstonh Posts: 115,720
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    I opened an ISA with Metrobank after seeing their excellent rates and subsequently completed some forms in branch to enable the transfer of about £5k from my previous ISA provider. Metrobank said it would take about 2 to 3 weeks, but no money has landed yet.
    Everything slows down over the Christmas period due to bank holidays and postal services being held up.

    I have just taken a look at Trustpilot and the reviews on this bank are shocking   
    Trustpilot is unreliable.   And why are you blaming Metrobank when it could just as easily by the ceding bank?
    What does the ceding bank say when you ask them why it hasn't left them yet?
    Is it normal for funds to take this long to be transferred to an ISA from one provider to another?
    Its not abnormal.  

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • 1spiral
    1spiral Posts: 65
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    I transferred an isa before xmas. It left the previous account on 20th Dec but wasn't credited to metro until 3rd Jan. I'm currently trying to get then to tell me how they are calculating the interest on all of this but you can't talk to the isa team directly you have to do it through customer services and the first response didn't actually answer my question.
  • ForumID
    ForumID Posts: 4
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    dunstonh said:
    I opened an ISA with Metrobank after seeing their excellent rates and subsequently completed some forms in branch to enable the transfer of about £5k from my previous ISA provider. Metrobank said it would take about 2 to 3 weeks, but no money has landed yet.
    Everything slows down over the Christmas period due to bank holidays and postal services being held up.

    I have just taken a look at Trustpilot and the reviews on this bank are shocking   
    Trustpilot is unreliable.   And why are you blaming Metrobank when it could just as easily by the ceding bank?
    What does the ceding bank say when you ask them why it hasn't left them yet?
    Is it normal for funds to take this long to be transferred to an ISA from one provider to another?
    Its not abnormal.  

    Thank you for your response,  the preceding has closed the account already. 
  • dunstonh
    dunstonh Posts: 115,720
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    ForumID said:
    dunstonh said:
    I opened an ISA with Metrobank after seeing their excellent rates and subsequently completed some forms in branch to enable the transfer of about £5k from my previous ISA provider. Metrobank said it would take about 2 to 3 weeks, but no money has landed yet.
    Everything slows down over the Christmas period due to bank holidays and postal services being held up.

    I have just taken a look at Trustpilot and the reviews on this bank are shocking   
    Trustpilot is unreliable.   And why are you blaming Metrobank when it could just as easily by the ceding bank?
    What does the ceding bank say when you ask them why it hasn't left them yet?
    Is it normal for funds to take this long to be transferred to an ISA from one provider to another?
    Its not abnormal.  

    Thank you for your response,  the preceding has closed the account already. 
    The next part is then when did they close it.  The money would typically leave them the same or next day.
    If they used the electronic transfer system, then its usually quick.   If the paper system and royal mail were used then its slower.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • sheslookinhot
    sheslookinhot Posts: 1,942
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    ForumID said:
    Hello everyone, I am new here and looking for some advice [I hope I am posting this in the correct forum]

    I opened an ISA with Metrobank after seeing their excellent rates and subsequently completed some forms in branch to enable the transfer of about £5k from my previous ISA provider. Metrobank said it would take about 2 to 3 weeks, but no money has landed yet.

    I have just taken a look at Trustpilot and the reviews on this bank are shocking   :/

    Is it normal for funds to take this long to be transferred to an ISA from one provider to another?

    Thank you in advance.


    You should check reviews before you give retailers your custom.
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  • ForumID
    ForumID Posts: 4
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    Thank you for responding @dunstonh and @sheslookinhot


  • xylophone
    xylophone Posts: 43,884
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    When the electronic transfer system is used, the transaction can be very speedy, overnight when my Barclays ISA transferred to Skipton BS.

    On the other hand, my transfer from Marcus ( a cheque in the post to the new provider) took  a couple of weeks.
  • ForumID
    ForumID Posts: 4
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    Newbie
    @xylophone - thank you for responding

    I have since received the funds. It was the slower process you described, cheque in the post.
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