A&L ISA Deposit Question

Parisian

I opened an A&L ISA on the first day of the tax year, last week. It took a couple of days to show up in internet banking.

Once it did show up (around wednesday)... I used the quick-link to transfer £3600 from my HSBC current account.
I checked today, and the amount is still not in my A&L ISA... it says its pending.

I am slightly worried that I transferred my money incorrectly into it. The email I said was slightly unclear:

"FUNDING YOUR DIRECT ISA

Your Direct ISA will be linked to your nominated current account so that
you can easily move money between the two with our Internet and Telephone
Banking services.

If your nominated current account is not with Alliance & Leicester, you
can pay an initial deposit into your Direct ISA by making a BACS transfer
from that account. BACS transfers usually take 3 working days following
the date of transfer. Simply contact your bank and supply them with the
details below."


My nominated account is with HSBC, but I did a transfer from A&L internet banking by standing order... and not through HSBC using BACS.

Do you think this will be a problem? Should I just wait and see or ask at a branch or something?
Has anyone transferred from an outside account in the way I mentioned using standing order, or only BACS through their outside account?
I hate the fact that I may be losing out on interest while I wait for them!!

Thankssss

YorkshireBoy

It isn't clear from your post what you've done. Indeed, you appear to contradict yourself. That may be why you haven't had any replies so far?

So, lets start off by asking...

Where is the £3,600 coming from?...HSBC or A&L?

How is it being delivered?...BACS transfer, direct debit pull, or direct transfer (between two A&L accounts)?

Parisian

Really, where is the contradiction?

£3600 is coming from my HSBC current account.
I completed the transfer from my A&L account, through a direct debit. This is perhaps what you mean by direct debit pull in?

YorkshireBoy

I see the problem now. You called the direct debit a standing order.

You've been a little too quick off the mark with actioning the DD I suspect.

DDI's take time (at least 10 [working?] days) to set up. Is the DDI showing on your HSBC online banking area?

Usually, the first DD takes longer to process...up to 8 days. Indeed, your product user guide states...

A transfer by direct debit from a current account held with another financial institution will take eight working days to clear on the first occasion and then four working days to clear for any subsequent transfers.

http://www.alliance-leicester.co.uk/directisauserguide/index.asp?page=page4

That's why it's recommended to make the first one for a small amount (I usually do £1), and then action the larger DD pull once the first one has pulled.

Or perhaps you should have BACS'd it in using the 72-58-10/00000000/11 digit reference method? It would have been there in 3 days if you'd done that.

Parisian

Ahhhhh I see what you mean.

The DD is showing up in HSBC internet banking.... I guess it'll be sorted over the next couple of days.

Lesson learnt & thanks for the tips YBoy