ISA Transfers by Cheque

Hal17

I am in the process of doing a Cash ISA transfer from Principality Building Society to Virgin Money.

I was advised that Principality had closed my old ISA account 3 days ago. When I checked with Virgin to see where the funds were, they advised that they are waiting for a cheque to arrive!!

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

eskbanker

Hal17 said:

I am in the process of doing a Cash ISA transfer from Principality Building Society to Virgin Money.

I was advised that Principality had closed my old ISA account 3 days ago. When I checked with Virgin to see where the funds were, they advised that they are waiting for a cheque to arrive!!

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

The cash ISA transfer process was originally very much driven by cheques to physically move the money from old to new providers, and hence the three week timescale permitted in the legislation, but electronic transfers are increasingly commonplace now, with larger providers at least....

masonic

Hal17 said:

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

I'm pretty certain people have been complaining about ISAs being transferred via cheque almost as long as I've been a member of the forum. You should count yourself lucky, do a forum search about electronic transfers involving Virgin Money and you'll find these have been even slower due to the fact there are three different entities under the hood and it is unclear where the request should be sent. See for example https://forums.moneysavingexpert.com/discussion/6427431/isa-transfer-from-virgin-money-to-barclays-declined-cannot-locate-account-how-to-proceed/

eskbanker

masonic said:

Hal17 said:

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

I'm pretty certain people have been complaining about ISAs being transferred via cheque almost as long as I've been a member of the forum.

Out of curiosity, I had a look, and found this post along those lines from 19 years ago in April 2005, actually not long before you joined if your profile info is accurate!

https://forums.moneysavingexpert.com/discussion/comment/431695/#Comment_431695

Hal17

masonic said:

Hal17 said:

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

I'm pretty certain people have been complaining about ISAs being transferred via cheque almost as long as I've been a member of the forum. You should count yourself lucky, do a forum search about electronic transfers involving Virgin Money and you'll find these have been even slower due to the fact there are three different entities under the hood and it is unclear where the request should be sent. See for example https://forums.moneysavingexpert.com/discussion/6427431/isa-transfer-from-virgin-money-to-barclays-declined-cannot-locate-account-how-to-proceed/

Thanks Masonic, it was your post that I found. 

Money_Grabber13579

masonic said:

Hal17 said:

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

I'm pretty certain people have been complaining about ISAs being transferred via cheque almost as long as I've been a member of the forum. You should count yourself lucky, do a forum search about electronic transfers involving Virgin Money and you'll find these have been even slower due to the fact there are three different entities under the hood and it is unclear where the request should be sent. See for example https://forums.moneysavingexpert.com/discussion/6427431/isa-transfer-from-virgin-money-to-barclays-declined-cannot-locate-account-how-to-proceed/

I’ve completed 3 ISA transfers into Virgin (from Leeds) and one of them was competed, with funds in the account next day. The others were competed in 2 days.

masonic

Money_Grabber13579 said:

masonic said:

Hal17 said:

Wow - I googled this to see what I could find and the MSE forum had discussed this back in 2017. Seems progress is a little slow. 

I'm pretty certain people have been complaining about ISAs being transferred via cheque almost as long as I've been a member of the forum. You should count yourself lucky, do a forum search about electronic transfers involving Virgin Money and you'll find these have been even slower due to the fact there are three different entities under the hood and it is unclear where the request should be sent. See for example https://forums.moneysavingexpert.com/discussion/6427431/isa-transfer-from-virgin-money-to-barclays-declined-cannot-locate-account-how-to-proceed/

I’ve completed 3 ISA transfers into Virgin (from Leeds) and one of them was competed, with funds in the account next day. The others were competed in 2 days.

Yes, it is generally getting the money out of Virgin Money that people have found to be a nightmare, as that is when Clydesdale Bank (who currently use the VM brand) deny knowledge of the ISA.

But perhaps people taking out VM fixes today will have Nationwide running the show by the time they mature.