Conflicting advise - Skipton to IWeb transfer.

j_netprofit

I have a cash ISA with Skipton which is maturing on the 17th of August. 

I'd like to transfer this into my IWeb S&S ISA. 

I called Skipton this morning to ask when I should get in touch about starting to process as the 'do nothing' default locks the cash into another 1yr fix. They told me I would need to speak with IWeb to start the process. 

I call IWeb who tell me it's Skipton that needs to start the process!

I'm a bit worried as to why and how one of the employees of either company is wrong, I mean surely they should be experts? I've not made an ISA transfer before but have read about them on here and it appears some are painstakingly slow while others are seamless. 

I've still got plenty of time I guess but any advice is welcomed, especially those who have transferred from Skipton to an IWeb S&S.

eskbanker

ISA transfers need to be driven by the receiving provider, not the sending one.

How to transfer your ISA

To switch providers, contact the ISA provider you want to move to and fill out an ISA transfer form to move your account.

https://www.gov.uk/individual-savings-accounts/transferring-your-isa

mebu60

Assuming iWeb accept transfers-in then they as the receiving organisation have to initiate the transfer. As you already have an iWeb account have you looked online to see if there is a form or other process to complete?

I would also suggest instructing Skipton to transfer the ISA to an EA ISA with them. Personally I would do that first then instruct IWeb re the transfer after 17 August. 

Albermarle

mebu60 said:

Assuming iWeb accept transfers-in then they as the receiving organisation have to initiate the transfer. As you already have an iWeb account have you looked online to see if there is a form or other process to complete?

I would also suggest instructing Skipton to transfer the ISA to an EA ISA with them. Personally I would do that first then instruct IWeb re the transfer after 17 August. 

As above in bold. This is the safest course of action. 

I'm a bit worried as to why and how one of the employees of either company is wrong, I mean surely they should be experts? 

Call centre staff are often anything but experts !

j_netprofit

mebu60 said:

I would also suggest instructing Skipton to transfer the ISA to an EA ISA with them. Personally I would do that first then instruct IWeb re the transfer after 17 August. 

Good idea, in my head I was being a bit anal and tried to see if it was possible to do with zero delays, like getting the money into IWeb by Monday 19th...but that's not going to happen is it.

mebu60

jay_ftw said:

mebu60 said:

I would also suggest instructing Skipton to transfer the ISA to an EA ISA with them. Personally I would do that first then instruct IWeb re the transfer after 17 August. 

Good idea, in my head I was being a bit anal and tried to see if it was possible to do with zero delays, like getting the money into IWeb by Monday 19th...but that's not going to happen is it.

Not without a lot of unnecessary stress and even then probably not! You'd hope the funds would be visible in a Skipton EA Cash ISA for the Monday then you can instruct iWeb as you will have the new account number. 

j_netprofit

So I've sent off my paperwork to IWeb (it required a wet sig) and it can take upto 5 weeks. Is there a way (other than simply calling) to find out if the process has began at all? I mean, for all I know Royal Mail lost the letter. Or am I being overly concerned? 

Longtime listener, first time caller. Longtime ISA user, first time transferee. 

dunstonh

So I've sent off my paperwork to IWeb (it required a wet sig) and it can take upto 5 weeks.

I didn't realise that IWeb are so old fashioned.

 Is there a way (other than simply calling) to find out if the process has began at all?

No.

I mean, for all I know Royal Mail lost the letter. Or am I being overly concerned? 

Have they said they are using Royal Mail?   Most would use the electronic system at best or use emails and certified docs.

You are almost certainly being overly concerned.

wmb194

dunstonh said:

So I've sent off my paperwork to IWeb (it required a wet sig) and it can take upto 5 weeks.

I didn't realise that IWeb are so old fashioned.

It depends on the provider it's being transferred from. At least my last two Isa transfers into iWeb were fully electronic and didn't require me to send in a wet signature. The (share) transfers were quick, too.

masonic

dunstonh said:

So I've sent off my paperwork to IWeb (it required a wet sig) and it can take upto 5 weeks.

I didn't realise that IWeb are so old fashioned.

It is the perogative of the sending provider (in this case Skipton BS) to require a wet ink signature on a transfer authority.

Skipton may not require it, those applying to transfer need to note what is stated during completion of the web form, as the submission always ends in a copy of the authority to either print for your records or print sign and return if requested during the application.

Of the three transfers I've done into iWeb, only one actually needed the paper form to be returned.

The web form also states indicative timescales for your selected provider, which supersedes the general information provided in the final confirmation.

j_netprofit

Landed today, all pretty seamless really and only 7 business days!