Transferred into the wrong acct by doing so also overpaid into an ISA...

hallmark

Somebody I know has a Coventry ISA, opened this year, that they paid £19K into when they opened it.

They also have a Coventry instant access type acct with £1k into it.

They've just transferred £4k from NW and accidentally transferred to the ISA (it was meant to be xfrd into the IA account).

The money hasn't shown up yet in the Coventry account.

Any idea how best to fix this? And whether they'll need to speak to NW, Coventry, HMRC, or all of them...?  Im not sure what to advise them.

Hopefully Coventry won't accept the transfer as it was a fixed-rate ISA and the top-up period ended awhile ago. But not sure that'll be the case



Thanks

eskbanker

ISA providers should have validation to prevent more than £20K being deposited into an ISA within the same tax year, so it ought to be rejected without further action being necessary by the sender - if a fixed term product outside its funding window then that's two reasons to decline it!

boingy

hallmark said:

Somebody I know has a Coventry ISA, opened this year, that they paid £19K into when they opened it.

They also have a Coventry instant access type acct with £1k into it.

They've just transferred £4k from NW and accidentally transferred to the ISA (it was meant to be xfrd into the IA account).

The money hasn't shown up yet in the Coventry account.

Any idea how best to fix this? And whether they'll need to speak to NW, Coventry, HMRC, or all of them...?  Im not sure what to advise them.

Hopefully Coventry won't accept the transfer as it was a fixed-rate ISA and the top-up period ended awhile ago. But not sure that'll be the case



Thanks

Given your last sentence it will almost certainly be rejected and the payment bounced back. Give it a few days.

hallmark

thanks for the replies.

it was indeed rejected and is already back in the NW account.