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Plum ISA transfer - account frozen despite completion

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Uriziel
Uriziel Posts: 130 Forumite
Sixth Anniversary 100 Posts Name Dropper
edited 2 May at 1:25PM in ISAs & tax-free savings
I have requested an ISA transfer from Plum to Monument a while ago. Yesterday they sent me a message stating that this has now been completed and that the funds are now with Monument.
However the funds still show up on Plum and the account has been frozen. Monument have said that they initiated the transfer but that they have not had a response from Plum.

Does anyone understand what is going on? I have written to Plum last night and still have not received a response.

Comments

  • masonic
    masonic Posts: 27,334 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 2 May at 11:58AM
    How long ago? More than 10 working days?
    It would be unusual to have sent the funds, but not update the balance of the account.
  • Uriziel
    Uriziel Posts: 130 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    masonic said:
    How long ago? More than 10 working days?
    It would be unusual to have sent the funds, but not update the balance of the account.
    It has been over 10 working days. Plum sent me a message saying that the transfer is complete and the funds are in my Monument but the Monument account is empty and the 20k are still showing up in the Plum account but it is frozen.

  • masonic
    masonic Posts: 27,334 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 2 May at 12:11PM
    It is probably time to raise a formal complaint. Though there are an additional 3 working days for Monument to apply the funds having received them (and 2 working days for first class post assuming a paper transfer), the money hasn't left your account yet as far as you can see, and Monument has confirmed non-receipt. If the money turns up at Monument in the meantime, you can always withdraw the complaint, but I wouldn't delay starting that clock ticking.
  • Uriziel
    Uriziel Posts: 130 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    The balance now is 0 but the money is still not in the Monument account... it really feels like they literally stole the money. There has not been any response from them either.
  • masonic
    masonic Posts: 27,334 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Uriziel said:
    The balance now is 0 but the money is still not in the Monument account... it really feels like they literally stole the money. There has not been any response from them either.
    I would take that as a good sign. The transfer was probably made yesterday, so it should be credited Tuesday or Wednesday next week.
  • Uriziel
    Uriziel Posts: 130 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    It still has not been credited to the Monument account so I have written to them and they told me they are reaching out to their tech team...
  • NSE2971935
    NSE2971935 Posts: 1 Newbie
    First Post
    Did you ever get this resolved? I'm going through the same scenario at the moment.
  • frosch411
    frosch411 Posts: 124 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I'd be interested on a resolution, too, as I'm having a hard time with my Plum cash ISA to Wealthify S&S ISA.. sigh.

  • Uriziel
    Uriziel Posts: 130 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Did you ever get this resolved? I'm going through the same scenario at the moment.
    It turns out that Plum had done the transfer within two weeks and Monument simply could not find the money as it apparently was in an account they usually do not check. I had to ask Plum for a transfer confirmation before Monument bothered to check more thoroughly though. Until then they kept saying that Plum does not reply.
  • frosch411
    frosch411 Posts: 124 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Uriziel said:
    Did you ever get this resolved? I'm going through the same scenario at the moment.
    It turns out that Plum had done the transfer within two weeks and Monument simply could not find the money as it apparently was in an account they usually do not check. I had to ask Plum for a transfer confirmation before Monument bothered to check more thoroughly though. Until then they kept saying that Plum does not reply.
    I wonder if it's the same for Wealthify for my transfer, with added "bonus" it's a cash ISA to S&S ISA transfer 🤪
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