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Bacs
mobomo
Posts: 5 Forumite
I,ve just changed my ISA from Halifax to A&L. the money was repaid on 28/03 by BACS but has not yet gone into my new ISA. It's £14,000 and it looks like I'm losing interest on it. How long should BACS transfers take? I thought they should be immediate.:mad:
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Comments
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BACS payments become immediate from 27th May - until then they are normally 3 working days but some places add a few more days.Adventure before Dementia!0
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As far as I know most ISA transfers are done by check and most new providers backdate the interest from the date they physically receive the check. So generally the interest loss is 3-5 days max (so quickly repaid if the ISA you transfer to is higher).
In busy periods (such as this) strange things might happen to ISA transfer and certainly I have heard a lot of delays in the processing. But this should not translate in additional loss of interest.
If it does in your case, you can ask it back to the new bank. Checking the ISA section of this site will give you a lot of ideas and transfer stories to check upon.0
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