Isa Transfer - Nationwide To Icesave

Thomas_Crown

About 3 weeks ago I filled in the paperwork to transfer 4 years worth of mini cash ISAs from Nationwide to Icesave. I requested that the transfers took place on the 1st February but Icesave didn't send the paperwork to Nationwide until the 29th January. The money left Nationwide last Monday, the 4th February & on Thursday I received 4 letters from them informing me that they had sent 4 cheques to Icesave, one for each account.

On Friday night I checked my Icesave ISA account online & the balance was still £nil. This afternoon I checked again & I was astonished to find that my ISA had a balance of over £27,000 instead of £13,581. An extra £14,000+ has appeared from somewhere.

My online statement shows an opening balance of around £10,660 which should be £nil & one of the Nationwide cheques has been entered twice.

I phoned Icesave & the man in the call centre was astonished to hear this.
He said he would report the matter to management straight away but it will be Monday before the ''Tranfers Department'' can deal with the matter. They will phone me on Monday evening to tell me what is happening but the matter may not actually be resolved for a few days.

stboard

Thomas_Crown wrote: »

About 3 weeks ago I filled in the paperwork to transfer 4 years worth of mini cash ISAs from Nationwide to Icesave.

Thomas, can I just ask did you tick the Transfer whole balance (+ any interest) on the transfer form provided by icesave ?

Thanks,

Steve

bristolleedsfan

Thomas_Crown wrote: »

I received 4 letters from them informing me that they had sent 4 cheques to Icesave, one for each account.

.

Environmentally friendly. :huh:

Thomas_Crown

stboard wrote: »

Thomas, can I just ask did you tick the Transfer whole balance (+ any interest) on the transfer form provided by icesave ?

Thanks,

Steve

Yes, I did tick the box for whole balance (+ any interest). The accounts being transferred were 2 x Members ISA Bonds & 2 xMini Cash ISAs. Interest for previous years has always been added at the end of each financial year.
Interest for the 10 months of the current financial year should have been added by Nationwide prior to the transfers being made.

I would estimate the interest owing to be around £350-£400, nowhere near the £14,000+ extra money that Icesave have credited to my account.

I wonder what they will say when they phone tomorrow evening?

Thomas_Crown

bristolleedsfan wrote: »

Environmentally friendly. :huh:

Four letters in three envelopes! At least they put two of the letters in one envelope.:rolleyes:


Mind you, Icesave are as bad! I had to print off four ISA transfer forms because there is only space for one account number etc on each form.

Thomas_Crown

Thomas_Crown wrote: »

.......................I wonder what they will say when they phone tomorrow evening?

Icesave didn't bother to phone on Monday evening as promised. I sent them a secure message via their website on Tuesday asking what was happening but they never replied. On Thursday they finally took the extra £14,000(ish) out of my ISA account.

I don't know why I bothered phoning them last Saturday, I should have just let them work out where the money had gone & sort it out when they could be bothered.:rolleyes:

Mavis123

Oh Dear Thomas! I am just about to open a new ISA with Icesave and transfer the ones I already have from Nationwide too. Now you have put me off with all the hassle you have had! I have opened the account but haven't sent any money as yet. I was waiting for them to send their New Account package, promised in 5 working days!:eek:

Thomas_Crown

Mavis, I wouldn't let what happened to me put you off transferring your Nationwide ISAs to IceSave. In my case IceSave duplicated the credits to my account so I temporarily ended up with double the balance I should have had. Everythings sorted now.

caromel

I'm considering moving my ING direct ISA (07/08) to Icesave (just finished bonus interest period and now at a measly 5.13% I think).

I was looking at their FAQ's and was confused by answer highlighted in red below. It may just be late & I'm reading too much into this...


Do you accept transfers in from other providers into the Easy Access ISA?
Yes you can transfer in Mini Cash ISAs held with other providers into the Icesave Easy Access ISA. You can choose to make a transfer in as part of your application or, once your account is open, simply log in and select the option to make a transfer-in to your Easy Access ISA.
Transfers in from other providers do not count towards your annual subscription limit. There is no restriction to the number of providers you can transfer-in from.

'Transfers in from other providers do not count towards your annual limit' - does this mean that I can invest a further £3000 for the current tax year after transferring my current ISA to Icesave?

Cheers...:beer:

Thomas_Crown

caromel wrote: »

Transfers in from other providers do not count towards your annual subscription limit.

Caromel, the above statement from Icesave means that assuming all the money you are transferring into your new Icesave ISA is from previous financial years & you havn't subscribed to a mini cash ISA during the current financial year then you may invest up to £3,000 in your new ISA up to 5th April 2008.

Then from 6th April 2008 you may invest a further £3,600 (new limit).

Thomas_Crown

Further to my previous posts I finally received a phone call from Icesave apologising for the mix up involving my new ISA. The call was from the customer services representative to whom I spoke on Saturday 9th April. He said that a ''computer glitsch'' had resulted in the four Nationwide cheques being processed twice. He also apologised for the delay in contacting me saying that they have been very busy recently.