Monument partial transfer out / Charter Bank transfer in

esselle_aitch

Hi All,
I’ve recently opened a new cash ISA with Charter Bank Savings and want to fund it by doing a partial transfer out of my Monument cash ISA (which I opened a month or so ago). I have not subscribed any new money for this current tax year to any ISA yet. The monument ISA was also funded by transferring out previous years ISAs. I received an email from Monument earlier saying that Charter Bank have cancelled the transfer request and that I should check with them for more details. I’ve just logged into my Charter account and there’s a message saying that they’ve cancelled the request because Monument have advised that this transfer would exceed the current year’s subscription. If I want to proceed with a new ISA transfer then I now have to complete a transfer request form and send by post but this is not easy for me as I don’t have a printer. I don’t want to go through the hassle of doing all that for it to be rejected again. Please can someone explain the rules as I can’t see how the transfer would be exceeding the current year’s subscription when I haven’t paid any new money into an ISA for this tax year yet?! What is my best course of action to take now? TIA for your help!

1spiral

Seems to me that you need to speak to Monument to find out if they think you have subscribed any funds this year and if they do, get them to rectify it. 

I can't really understand how transferring out from Monument can ever result in them stating you've exceeded current years funds though, because they only have sight of what you have with them and for them to state that, it would've had to have been whilst you were with them and should've been rejected before transferring out. Only Charter can make that judgement based on what you have with them + what you're adding.

Once rectified, speak to Charter, tell them what the issue was and that it has been rectified (hopefully it is) and ask them to reinitiate your original request rather than starting a new request.

esselle_aitch

1spiral said:

Seems to me that you need to speak to Monument to find out if they think you have subscribed any funds this year and if they do, get them to rectify it. 

I can't really understand how transferring out from Monument can ever result in them stating you've exceeded current years funds though, because they only have sight of what you have with them and for them to state that, it would've had to have been whilst you were with them and should've been rejected before transferring out. Only Charter can make that judgement based on what you have with them + what you're adding.

Once rectified, speak to Charter, tell them what the issue was and that it has been rectified (hopefully it is) and ask them to reinitiate your original request rather than starting a new request.

Thanks, I’ll give that a go - wish me luck! Interestingly, when I look in my Monument account it does say that the allowance used for this year is £0k and allowance remaining is £20k. So they’ve definitely made an error with rejecting my transfer it seems. 

esselle_aitch

I’ve just spoken to Monument who said they have a bug within their partial transfers out system! They’re unable to do automated transfers so I need to ring up the new provider and ask them to do a manual transfer request via email and the fund will be applied over manually. Hope this is safe!

1spiral

esselle_aitch said:

I’ve just spoken to Monument who said they have a bug within their partial transfers out system! They’re unable to do automated transfers so I need to ring up the new provider and ask them to do a manual transfer request via email and the fund will be applied over manually. Hope this is safe!

Ah so your problem is the same as mine although I don't know why Charter have told you it's an over subscription error.