HSBC S&S to Virgin Cash Flexclusive - funds lost in transfer

Emily_Joy

Back in early April, I submitted a request to Virgin to transfer uninvested funds from HSBC GIC ISA. I have not heard anything for a long time, but around 10th of May I received a letter through the post from Virgin that they are going to chase it. Then a letter arrived from HSBC saying they rejected request because they couldn't match my signature. On 18th of May I visited HSBC branch and resolved this. Assistant told me that the transfer will go ahead. The funds indeed left HSBC on or before 25th of May, but it appears they haven't been credited to Virgin account. My guess is that this is because deposit window closed on the 7th of May.

The sum is not very large, but I certainly wouldn't want to lose it. I also would prefer it to sit in Virgin account earning interest. So currently I am slightly out of pocket and believe that HSBC could have communicated better.

How do I chase it? If I don't do anything, should it come back to HSBC?

eskbanker

Contact Virgin to chase it, it's their responsibility as the receiving provider to manage the process.

Emily_Joy

Thanks - about 2 months after the transfer request has been submitted, the funds have been finally credited to Virgin ISA

nottsphil

Emily_Joy said:

Thanks - about 2 months after the transfer request has been submitted, the funds have been finally credited to Virgin ISA

But how many days interest did you lose? I want to transfer two old cash ISAs into my new 5.05% VM 1 year fix but am put off by this post and others on a thread that I can't find.

Emily_Joy

nottsphil said:

Emily_Joy said:

Thanks - about 2 months after the transfer request has been submitted, the funds have been finally credited to Virgin ISA

But how many days interest did you lose? I want to transfer two old cash ISAs into my new 5.05% VM 1 year fix but am put off by this post and others on a thread that I can't find.

Apologies - I saw your post only now. Cash ISA transfer to Virgin was completely hassle-free, I transferred something like 35K earlier this year. Only S&S uninvested funds transfers proved to be problematic, and HSBC doesn't appear to communicate very well.