Monument ISA transfer in.

1spiral

Can anyone that has had an ISA transfer to Monument complete in the past day please advise how long it took. I'm in the process of transferring an isa to them but it will take me above the FSCS protection limit and need to initiate a partial transfer out to lower the balance.

I'm wanting to gauge when that might be as I'm going on hols soon and would rather like to initiate the transfer out before I go.

flaneurs_lobster

Not in the last day but a transfer I did last week from Virgin took 2 days.

You may not want to but accounts can be accessed even when on holiday!

1spiral

flaneurs_lobster said:

Not in the last day but a transfer I did last week from Virgin took 2 days.

You may not want to but accounts can be accessed even when on holiday!

I'm currently on day 4 so hopefully not too long now then although I suspect they probably had a glut of transfer in requests over Easter.

I wouldn't need to access the account whilst away but if the funds aren't there beforehand, I'd need to initiate a transfer from another party which is more problematic.

northernstar007

on day 9 (working days exc bank holidays), also from VM

1spiral

northernstar007 said:

on day 9 (working days exc bank holidays), also from VM

Ouch, that would be too long for my predicament but I'm aware that VM do have issues so hopefully mine won't be that long.

bripat

Mine took 4 working days .

JuicyBrat

1spiral said:

Can anyone that has had an ISA transfer to Monument complete in the past day please advise how long it took. I'm in the process of transferring an isa to them but it will take me above the FSCS protection limit and need to initiate a partial transfer out to lower the balance.

I'm wanting to gauge when that might be as I'm going on hols soon and would rather like to initiate the transfer out before I go.

Not in the past day, but last week...took 2 days from Charter to Monument - you can also read my (rather long) post about the process if it helps 0:)

1spiral

So just noticed that my Coventry Acc had closed so contacted them to find out when. They advised me they transferred the funds on Weds but Monument have rejected the transfer (although still holding the funds). Contacted Monument to find out why it failed. CS rep could not see why. Suggested I initiate the transfer again. I advised her that the funds are currently still with you.

She is now looking into what has gone wrong although as we are now nearing the end of Friday, I expect that to not happen now till Monday.

allegro120

1spiral said:

Can anyone that has had an ISA transfer to Monument complete in the past day please advise how long it took. I'm in the process of transferring an isa to them but it will take me above the FSCS protection limit and need to initiate a partial transfer out to lower the balance.

I'm wanting to gauge when that might be as I'm going on hols soon and would rather like to initiate the transfer out before I go.

I initiated full balance transfer from Virgin to Monument on 11 April.  Still waiting, no updates from neither side of transaction.  Tomorrow it will reach the 'up to 15 days' promise, I guess I'll have to call Monument on Monday to chase it up. 

northernstar007

allegro120 said:

1spiral said:

Can anyone that has had an ISA transfer to Monument complete in the past day please advise how long it took. I'm in the process of transferring an isa to them but it will take me above the FSCS protection limit and need to initiate a partial transfer out to lower the balance.

I'm wanting to gauge when that might be as I'm going on hols soon and would rather like to initiate the transfer out before I go.

I initiated full balance transfer from Virgin to Monument on 11 April.  Still waiting, no updates from neither side of transaction.  Tomorrow it will reach the 'up to 15 days' promise, I guess I'll have to call Monument on Monday to chase it up. 

i called vm today on day 9, said its been approved at there end and waiting for it to be transfered
was told if its not went throught by next fri give them a call
sounds to me its vm thats holding transfers up

1spiral

OK so update from Monument. They have returned the funds to Coventry and I need to re initiate the transfer.

Coventry have told me I can't do that without speaking to their ISA transfer team (open 9-5 Mon-Fri) as the account is now closed. So since Weds 23rd, the funds have not been accruing interest anywhere and won't do so until Monday now at the earliest.

All Monument have said is that it is a technical error that has now been fixed.

Why they couldn't retain the funds and post them manually rather than sending them back to Coventry, I don't know.