Inheritance has not appeared in my ISA

cp_2026

hi Hoping for some help!!

My grandfather passed away and he left me some money. The solicitors made the payment last week, I got the notification from NatWest saying that the payment had been received but to the current moment no money is showing in the account.

The selected account was a cash isa, so my original thought was maybe as it was above the yearly limit it may have been rejected but following some research all that happens here is that you get the tax free up to the limit and anything after that is like a normal savings! NatWest are claiming they can’t see the payment but we have evidence of the notification. The solicitors have confirmed they sent it. I am really starting to panic that NatWest have lost the funds!

Any help would be greatly appreciated!!

regards

wmb194

https://forums.moneysavingexpert.com/discussion/6670816/inheritance-has-not-appeared-in-my-isa

From NatWest's website re its instant access cash Isa, my bold:

"there is a limit on the amount you can pay into your account each tax year (6 April to 5 April). This annual limit also known as your “ISA allowance”, is set by the Government and may change from time to time. For the current tax year it is £20,000 across all ISA products during the current tax year. If you pay in more than the limit any excess money will be returned to you."

It's likely been or going to be wholly or partially bounced back to the Solicitor's account.

https://www.natwest.com/savings/isa-overview/cash-isa.html#SumBox

cp_2026

https://forums.moneysavingexpert.com/discussion/comment/82020209#Comment_82020209

thank you, I missed that on the website!! See if I can find out timelines

Grumpy_chap

Once the bounce back completes the loop, get the money paid into a normal account in your name and then transfer the permitted amount into the ISA

Keep_pedalling

What may happen if the amount is over £20k is that the excess will be returned to the account from which it came which could take some time to sort out.

cp_2026

thank you all! i'll wait and see what happens. we are at day 5 so may need to ask the solicitors whether they have it back yet!

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82020257#Comment_82020257

Remember that it isn't returned directly to solicitors; it is returned to the solicitor's client account. Their bankers will then have to notify the solicitor, and the solicitor, once notified, will need to contact you. On top of that five days, you can probably add another two or three.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82020216#Comment_82020216

In addition to the £20k ISA limit, you might have been tripped up by the money coming from someone else's account. ISA deposits are supposed to be your own funds, coming from a solicitor client account could have created uncertainty if the money really was yours.

DRS1

https://forums.moneysavingexpert.com/discussion/comment/82020257#Comment_82020257

Solicitors (and their client accounts) get money very frequently. They also have money laundering rules to abide by. It would be a good idea to tell your solicitor what has happened so they can make sure their finance people are on the look out for the money. The last thing you want is for them not to recognise it and send it back where it came from.