Trading 212 >>>>Vida ISA transfer

booneruk

SDMSE said:

@MSE_Martin Please STOP recommending Vida. Its been over a week since I took your advice to put some of my ISA pot into a fixed rate Vida ISA and I have no idea where my money has gone. For me, its a lot of money! Vida say its T212 and T212 say they have transferred it. I don't know what to do!

Where did you see this recommendation?

Aidanmc

SDMSE said:

@MSE_Martin Please STOP recommending Vida. Its been over a week since I took your advice to put some of my ISA pot into a fixed rate Vida ISA and I have no idea where my money has gone. For me, its a lot of money! Vida say its T212 and T212 say they have transferred it. I don't know what to do!

Its a nightmare for sure, but not everyone seems to be experiencing issues.

So T212 sent the ISA funds to Vida?

Did Vida reject the payment due to what they claim to be incorrect reference?

The funds then returned to T212 but don't actually end up in your T212 Cash ISA account....in some 212 holding account? That seems to be what happeded to my transfer.

Emailing those 'customer care heros' at T212 is beyond useless. You need to direct your email to 'Transfer Operation Specialist'.

Also, make a complaint with Vida

SDMSE

Aidanmc said:

SDMSE said:

@MSE_Martin Please STOP recommending Vida. Its been over a week since I took your advice to put some of my ISA pot into a fixed rate Vida ISA and I have no idea where my money has gone. For me, its a lot of money! Vida say its T212 and T212 say they have transferred it. I don't know what to do!

Its a nightmare for sure, but not everyone seems to be experiencing issues.

So T212 sent the ISA funds to Vida?

Did Vida reject the payment due to what they claim to be incorrect reference?

The funds then returned to T212 but don't actually end up in your T212 Cash ISA account....in some 212 holding account? That seems to be what happeded to my transfer.

Emailing those 'customer care heros' at T212 is beyond useless. You need to direct your email to 'Transfer Operation Specialist'.

Also, make a complaint with Vida

All of your message reflects the journey I have been on. Yes - Vida cite an incorrect reference and blame T212. So interesting that you have heard this before! I didn't know about a holding acct or 'Transfer Operation Specialists'. But that is the nub of my complaint. Why would I know? They're the experts. I have complained to Vida who are refusing to reinstate the lost interest because its not their fault, not that they seem to be proactive about finding the money either. Apparently an email to Trading212 is all that's required and that was only sent after I had phoned up. I have now spoken to Vida 3 times and emailed them twice. My first phone call was initiated by an email from Vida telling me the transfer hadn't gone through - nothing about what they were going to do about it. So I called in a panic because the money was showing in my T212 account. Then I called again because the money still hadn't appeared, and they said they had sent an email. Then they phoned me to tell me it wasn't their fault it was T212. They had 15 days to make the transfer and they would escalate my complaint through their complaints process. I pointed out that no one would expect to lose 15 days of interest when they do a transfer. This process has always seemed super slick to me. 10 days of high stress BUT today I can see that the money has arrived in my Vida account 😥. Now I need to decide whether I reward them for poor service by leaving it there. To be fair, Vida's staff have always been good when I spoke to them.

Aidanmc

After 6 weeks my ISA transfer from T212 to Vida is complete........

SDMSE

Aidanmc said:

After 6 weeks my ISA transfer from T212 to Vida is complete........

6 weeks! That's ridiculous. I hope you didn't lose any interest on your money?

Aidanmc

SDMSE said:

Aidanmc said:

After 6 weeks my ISA transfer from T212 to Vida is complete........

6 weeks! That's ridiculous. I hope you didn't lose any interest on your money?

I was loosing interest as my funds were not showing in T212 when they were returned by Vida.

I've since made a complaint to Vida, they have admitted being at fault, are backdating the interest and gave me £75 for the inconvience.

TomJ

I am thinking of doing this, as they are now the top paying flexible ISA if you've already had Chip and T212 accounts; I take some consolation from the poster who reckons they've got better.  However, I'm curious as to how how quickly withdrawals and deposits are handled.

Yarrows

TomJ said:

I am thinking of doing this, as they are now the top paying flexible ISA if you've already had Chip and T212 accounts; I take some consolation from the poster who reckons they've got better.  However, I'm curious as to how how quickly withdrawals and deposits are handled.

I think I'm the poster you mention I also withdrew around £800 a couple of weeks ago to pay a bill. Withdrawals are to the linked account you give them the details of when you apply for the ISA.

I made the mistake of requesting the withdrawal out of hours on a Friday night (just didn't think) and the money didn't transfer till the Monday morning. If I remember right, they say "by the end of the next banking day" but the money was in my linked account before lunchtime on the Monday (I also got a text at 8am on the Monday saying the request was being processed). As the money had already shown in online banking as being withdrawn on the Friday, I assume I missed out on some interest there.

So in my experience withdrawals are good as long as you remember to do them in banking hours!

I also set up 2 other ISAs with them and used the "move money" option in online banking to fund them from the EA ISA I first set up, which was close to instant. I then had a moment of clarity (there's a theme here...) and I've emailed them asking if that counts against my allowance for this year. In case I'm not the only person who might do that, I'll come back here when I have the answer!

Editing to add that I've been told that moving money between Vida ISAs using the "move money" function doesn't affect my ISA allowance.

SDMSE

Aidanmc said:

SDMSE said:

Aidanmc said:

After 6 weeks my ISA transfer from T212 to Vida is complete........

6 weeks! That's ridiculous. I hope you didn't lose any interest on your money?

I was loosing interest as my funds were not showing in T212 when they were returned by Vida.

I've since made a complaint to Vida, they have admitted being at fault, are backdating the interest and gave me £75 for the inconvience.

I have received a long letter from their complaint handler basically saying it wasn't their fault. The letter is full of inaccuracies - they state 2-3 days to clear accounts whereas i was told 15 days, they claim voicemails being left that weren't - and some of the copy is unreadable as it is under their marketing headers.  Apparently their system messages the customer before their own management team are alerted, which means a lot of stress for the customer. For me the stress of neither T212 or Vida showing the money in either account for 10 days. No backdated interest for me. I would NOT recommend them!

Aidanmc

SDMSE said:

Aidanmc said:

SDMSE said:

Aidanmc said:

After 6 weeks my ISA transfer from T212 to Vida is complete........

6 weeks! That's ridiculous. I hope you didn't lose any interest on your money?

I was loosing interest as my funds were not showing in T212 when they were returned by Vida.

I've since made a complaint to Vida, they have admitted being at fault, are backdating the interest and gave me £75 for the inconvience.

I have received a long letter from their complaint handler basically saying it wasn't their fault. The letter is full of inaccuracies - they state 2-3 days to clear accounts whereas i was told 15 days, they claim voicemails being left that weren't - and some of the copy is unreadable as it is under their marketing headers.  Apparently their system messages the customer before their own management team are alerted, which means a lot of stress for the customer. For me the stress of neither T212 or Vida showing the money in either account for 10 days. No backdated interest for me. I would NOT recommend them!

I would continue to FOS with the complaint. I'll be checking if i received the backdated interest when its due at end of June ( i selected monthly interest for this reason).

They said they would though in the letter.