What happens if I transfer too much to an ISA?

doriangray23

I made a mistake and should be due to have £20,001 in my ISA instead of just 20.

The transaction hasn't completed (definitely the correct amount, I tested first with a smaller sum), but the money is nowhere now so I've messaged both building societies. I know it can take some time (the advised timescale has elapsed), but now I've realised my error I'm more concerned.

What's going to (or should) happen?

Reed_Richards

Do you mean "deposit" or "transfer"?  You can transfer any amount from an old ISA to a new one; there's no limit.  

Martyn_H

I assume you funded an ISA with new money rather than 'transferring in' the proceeds of an old ISA. Nothing terrible will happen. It was an honest mistake that likely happens all the time. Just phone the receiving society and ask them to return the £1.

doriangray23

Martyn_H said:

I assume you funded an ISA with new money rather than 'transferring in' the proceeds of an old ISA. Nothing terrible will happen. It was an honest mistake that likely happens all the time. Just phone the receiving society and ask them to return the £1.

Sorry, yes - deposit. I will do this - thank you!

Malchester

A couple or 3 years ago I accidentally deposited £1 over my £20000, left the £1 in the account, and never heard anything so I guess nothing will happen. 

boingy

It's a good job you only went £1 over. If you go over by more than a tenner they send out a sinister black van with darkened glass and park across the road from your house. 

doriangray23

Malchester said:

A couple or 3 years ago I accidentally deposited £1 over my £20000, left the £1 in the account, and never heard anything so I guess nothing will happen. 

I wish mine had done that!!! Now they're all bouncing it back and forth to each other... New problem, new post. Might ask if they'll do this instead though.

35har1old

Martyn_H said:

I assume you funded an ISA with new money rather than 'transferring in' the proceeds of an old ISA. Nothing terrible will happen. It was an honest mistake that likely happens all the time. Just phone the receiving society and ask them to return

There was a recent post and they were struggling to have the money returned the total amount was in limbo.
Some providers will return all of the money not just the overpayment