Monument Flexible - not treating flexible money correctly

Archerychick

I’m about to transfer out of Monument where I have an easy access flexible ISA. I withdrew a small amount of money in May, and today have put this back into the account. 

However they are showing this as new money, rather than the replacement funds from earlier years .

Ive contacted them to query this today, but I wondered if anyone else has had a similar issue & if so how did you resolve it?

thanks 

masonic

IIRC, a similar problem was found with Trading212. Corrected when raised as an issue, although a bit of back and forth was required.

Edit: this was the thread https://forums.moneysavingexpert.com/discussion/6611259/trading-212-flexible-cash-isa-replaced-deposits-wrongly-allocated-to-current-tax-year

Archerychick

Thanks. I thought I’d seen something recently. Will report back…

Archerychick

As expected their email response tells me their actions are correct 🤦‍♀️. I’ve now shared the Gov links with them to explain that they’re wrong!

clairec666

Archerychick said:

As expected their email response tells me their actions are correct 🤦‍♀️. I’ve now shared the Gov links with them to explain that they’re wrong!

I got the same response from Trading 212 - they were insistent that I had made deposits "this year" despite repeatedly highlighting to them the relevant parts on the .gov page.

Archerychick

Their second reply was hilarious, telling me what I’m telling them 🤦‍♀️ -

masonic

With that spelling and grammar, you can at least be confident it wasn't AI generated

So problem solved if they now look at your account and see the error.

Archerychick

masonic said:

With that spelling and grammar, you can at least be confident it wasn't AI generated

So problem solved if they now look at your account and see the error.

Indeed! I’m hopeful that when they actually look at my account they’ll put two and two together 🤞

wiseonesomeofthetime

But the app only shows a TOTAL balance in the ISA, not separate entities, so when you withdraw, you cannot specify that it comes from the "old money", though obvious to us that it would.

Sounds like a coding issue to me.

slinger2

The regulation about flexible ISAs says:

"Any withdrawal of a cash amount in any year is to be deemed to be made first out of a current year’s subscription."

"Any replacement subscription is to be deemed to be a replacement first of any withdrawal of a cash amount made out of a previous years’ subscription."

So if you've not made any "subscriptions" into this account for the current year, a withdrawal will be from previous years' money and a later payment is deemed to be a replacement of that money (up to the amount previously withdrawn).