Tembo to Paragon transfer issue

stulaunch

Tembo let me know that funds had been send to Paragon last week, kept checking, but did not appear in my account. Checked with Paragon by secure message on Friday and now told; I can confirm that we received confirmation of transfer from Tembo stating they sent us the funds on 9th September. However, we have not received these funds. We are looking into this for you to see if Tembo have sent the funds but using incorrect references. Is there anything I should be doing?

refluxer

No - there's not much you can do at the moment. If either bank has made a mistake then it'll be up to them to rectify it, but interest will hopefully be backdated so you don't lose out.

ISA guidelines state that ISA transfers should ideally be completed within 15 working days - electronic transfers can take as little as 1-2 days but transfers that involve sending forms and cheques through the post obviously take longer. Do you know which type of transfer yours is ?

stulaunch

refluxer said:

No - there's not much you can do at the moment. If either bank has made a mistake then it'll be up to them to rectify it, but interest will hopefully be backdated so you don't lose out.

ISA guidelines state that ISA transfers should ideally be completed within 15 working days - electronic transfers can take as little as 1-2 days but transfers that involve sending forms and cheques through the post obviously take longer. Do you know which type of transfer yours is ?

It was electronic. It's not been 15 working days yet, so i'll check back next week.

allegro120

stulaunch said:

refluxer said:

No - there's not much you can do at the moment. If either bank has made a mistake then it'll be up to them to rectify it, but interest will hopefully be backdated so you don't lose out.

ISA guidelines state that ISA transfers should ideally be completed within 15 working days - electronic transfers can take as little as 1-2 days but transfers that involve sending forms and cheques through the post obviously take longer. Do you know which type of transfer yours is ?

It was electronic. It's not been 15 working days yet, so i'll check back next week.

Have you received e-mail from Tembo asking you to approve the transfer? If yes and you have replied, then it's likely to be a glitch of some sort.  Give Paragon few days to sort it out and if you don't hear from them call them again.  I also noticed that the funds tend to appear in the account earlier than Paragon gets in touch to confirm the transfer, so it may be worth checking the account now and then before you hear from Paragon.

I was lucky.  My Tembo to Paragon was successful without any complications.  Took about 5 working days.

refluxer

stulaunch said:

refluxer said:

No - there's not much you can do at the moment. If either bank has made a mistake then it'll be up to them to rectify it, but interest will hopefully be backdated so you don't lose out.

ISA guidelines state that ISA transfers should ideally be completed within 15 working days - electronic transfers can take as little as 1-2 days but transfers that involve sending forms and cheques through the post obviously take longer. Do you know which type of transfer yours is ?

It was electronic. It's not been 15 working days yet, so i'll check back next week.

The 15 working day guideline applies to both types of transfer unfortunately but, based on my experience at least, it would be unusual for an electronic ISA transfer take anywhere near 3 weeks to complete unless something has gone wrong.

If funds have been sent electronically in the form of a BACS payment then these can take 3 working days to be credited, although I believe there is cut-off time which could extend this by a day. Seeing as cash ISAs require more admin than a normal savings account, I guess it's also possible that some form of human interaction may be needed to check and confirm everything has gone through correctly.

stulaunch

So, had message from Tembo, they sent it to wrong provider in error. 
Took 18 month fix with Paragon, already funded it with 1 ISA, not sure wether they're going to say it's too late to add this one by the time it's sorted.