Is it normal to get no notification from the outgoing bank when transferring an ISA?

nadnerb_2

In the last couple of years I've transferred my ISA twice and both times I've received no notification of the transfer from the outgoing bank before it happens.
The first time Virgin Money sent me a letter several weeks after the money had already left their account. The second time the money has already been received at the new bank and not a word from Santander yet.
This doesn't seem right considering you need very little info to initiate the transfer. I assume because both of my transfers were legit, the name, address, NI number etc all match so the transfer goes ahead.

But if someone commits identity fraud opening an account in my name they could transfer my ISA with a sort code and acc number and I would be none the wiser unless I log in and check?

How difficult would it be for the bank to send an SMS or email saying "An ISA transfer has been initiated, if that wasn't you please contact us" just like they do whenever you set up a new transfer for as little as £10!

El_Torro

I've had situations where I had to confirm the transfer from the outgoing provider, also situations where they only told me after the fact. I don't think I've ever had no communication from the exiting provider though. 

I think you're right, it doesn't take a lot of effort to tell you and it could help fight identity fraud at the same time.

Growingold

I initiated a transfer this morning which was confirmed by text by the receiving bank and have just received an email from the outgoing bank.  Thinking back to previous transfers I think I've always received a communication from the outgoing bank.

nadnerb_2

Interesting, I wonder if it's the norm for Santander to not say anything.

- Submitted request with Lloyds on Sunday.
- SMS on Monday from Lloyds saying it's started.
- SMS this morning (Wednesday) saying they have received the funds and confirmed as showing in my acc.

Not a thing from Santander yet. I'm fully paperless, but I suppose they could be sending me a letter, I will wait and see, but with the speed of the transfer I don't think a letter would ever arrive in time unless I lived in the Santander mail room!

El_Torro said:

I think you're right, it doesn't take a lot of effort to tell you and it could help fight identity fraud at the same time.

Yeah exactly, admittedly it's unlikely to happen, but could you image the pain of a fully maxed out ISA being stolen! That could easily be over £400k if you maxed out every year (and ignored the £85k FSCS limit)
All easily prevented by a simple SMS yet I have to literally jump through hoops with Santander to send my mate £10.

Murmansk

>> I have to literally jump through hoops with Santander to send my mate £10.<<

Do they post you a couple of hoops and then ask you to supply a video of yourself jumping through them?!

nadnerb_2

Murmansk said:

Do they post you a couple of hoops and then ask you to supply a video of yourself jumping through them?!

correct, they sent out a set of Olympic rings when I signed up. You then have to jump through them in the correct colour order to authorise the payment and that's in addition to the 5-6 questions to answer before letting you send a tenner:

• Are these new account details? (errr, yeah, that's why I'm adding them!)
• Do you know this person?
• Have they asked you to move money to keep it safe?
• Have they asked you for your OTP?
• Are you sure you want to proceed?
• Really? It might be a scam!
• Are you really really sure you're not an idiot?

jifmoose

Sometimes they ask me for these confirmations when I'm paying myself.

(well, at least someone with a name that matches mine. Which is an unusual name so risk of misrepresentation is low. Might be more of a problem if your name is Harry Jones or something).

eskbanker

jifmoose said:

Sometimes they ask me for these confirmations when I'm paying myself.

(well, at least someone with a name that matches mine. Which is an unusual name so risk of misrepresentation is low. Might be more of a problem if your name is Harry Jones or something).

Exactly - unless there's a drop-down box of transfer reasons including the likes of 'transferring money to another of my accounts', the sending bank has no concept of the recipient being you rather than someone else who happens to have the same name, so the checks are identical regardless.

nadnerb_2

An update...
Yesterday I received a letter from Santander (dated 13th Jan) saying they had received a request to transfer the ISA and if I want to stop it, then contact Lloyds.
Good job Santander