Plum ISA transfer - account frozen despite completion

Uriziel

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.

masonic

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

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

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

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

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.