Time taken to transfer ISA

rotate

I recently transfered my ISA from Halifax to Lloyds TSB.
Halifax wrote to say it had sent a cheque to Lloyds on 31st March,today I recieved a letter from Lloyds saying that the sum had been credited to my ISA on 10th April.
10 days seems to me an excessive length of time,in previous transfers to other societies,there appeared to be no gap.
What are the experiences of other MSE users with transfer times.

Lokolo

10 days is nothing, some people wait 30 days...

Mushy61

I recently transferred my B&B ISA to Alliance & Leicester. I received the letter from B&B on 3rd March informing me that the cheque had been sent off and the money was finally in my A&L account yesterday so 10 days would seem around the norm.

postingalwaysposting

I went from natwest to halifax and it took 60days. However there was only £10 involved and it was going into the new year too :rolleyes:

anniecave

The date given by the receiving bank/building society I think is when the cheque has cleared, not when it was received. So included in there is 3 or so days of cheque clearing time.

manic_saver

I filled out a transfer application form icesave. Got a letter from them dated the 3rd march saying that they will get in contact with the halifax. It said in the letter that the transfer could take up to 30 days. 30 days have passed so now what?

Do i contact the halifax to see if they have sent the cheque?

or should i contact icesave?

10_66

Usually when transferring from one ISA provider to another, the old provider will send confirmation to you when the account has been closed, confirming that the transfer cheque has been forwarded to the new provider. So if you haven't had anything from Halifax yet, it's likely that they haven't processed it their end yet. If I were you, I'd ring Icesave first, to find out exactly what's going on their side and to see what action they're going to take (ie reminder to Halifax). Depending on what they say, it might then be worth your while ringing Halifax to see what they say.

Careful_ly

rotate wrote: »

I recently transfered my ISA from Halifax to Lloyds TSB.
Halifax wrote to say it had sent a cheque to Lloyds on 31st March,today I recieved a letter from Lloyds saying that the sum had been credited to my ISA on 10th April.
10 days seems to me an excessive length of time,in previous transfers to other societies,there appeared to be no gap.
What are the experiences of other MSE users with transfer times.

Rotate,
I have given our experience of a transfer to Lloyds on another thread today.
You will have some interest added from the date that they got your cheque to the date that it shows credited, this cannot be seen by you on internet banking but can be seen by their staff.

exel1966

rotate wrote: »

I recently transfered my ISA from Halifax to Lloyds TSB.
Halifax wrote to say it had sent a cheque to Lloyds on 31st March,today I recieved a letter from Lloyds saying that the sum had been credited to my ISA on 10th April.
10 days seems to me an excessive length of time,in previous transfers to other societies,there appeared to be no gap.
What are the experiences of other MSE users with transfer times.

Lloyds should pay you interest from the date they recived the cheque, not the deposited date. Ask them to confirm this in writing and they should.
ISA providers are permitted to take up to 30 days to complete the transfer, though there are no set timescales as to when ISA managers commence interest payments.

Uruk_Hai

I'm glad I've noticed this thread as I applied for my Barclays Tax haven ISA and wrote out the cheque on the 10th March and the money is still in my current account ? I'm guessing from the comments in this thread that it could still be a while before the money leaves my current account and goes into the ISA, or should I go into Barclays and find out whats going on

Lokolo

10th March? Don't forget they can't open your account until 6th April (7th in fact, as 6th is a Sunday), and a lot of people applied before then, including yourself, so expect a backlog.

You should have recieved a letter stating your account will be open soon but there is a delay due to numbers that have applied. And that you will get your welcome pack soon.