Current account switching service

Wishaw_Man

Recently I sold part of a stocks and shares ISA. The initial lump sum I had previously paid into the ISA was from a Bank A current a/c I had over five years ago.

Five years ago I used the current a/c switching service to switch to the Bank B and subsequently used the switching service again to switch to Bank C two years after that.

The ISA proceeds were paid by my provider into Bank A despite more recent payments into that ISA coming from Bank C.

My question is will this payment into Bank A end up going through two switches into Bank C the one I wanted it to be paid into. My ISA provider say it will likely bounce back to them in a couple of days and then they will pay it to Bank C but I'm not so sure (there customer service is poor).

From what I can gather on the web current account switches since September 2013 are subject to an indefinite payment redirection period (rather than the previous 36 months) but I cant ascertain whether it will redirect from one bank, to another and then to another.

Any help would be appreciated

Middle_of_the_Road

How will the new switching rules work?

The new rules will see all customers entitled to a MINIMUM redirection period of three years. However, the rules will also stipulate that there should be a minimum of 13 months between the last stray payment and the date the redirection period ends

https://www.moneysavingexpert.com/news/2017/01/redirection-period-for-payments-to-old-bank-accounts-to-be-extended-/

retiredbanker1

Would it not be simpler to update your servicing account with the ISA holder?

Wishaw_Man

retiredbanker1 said:

Would it not be simpler to update your servicing account with the ISA holder?

I have updated the details but the payment had already been made to the old account. They said if the payment bounces back to them they will forward it to my new account. I'm just not sure a) whether this will happen and b) how long it will take

retiredbanker1

Might take a long time if it is sitting in a suspense account somewhere especially with Easter around the corner .