Alliance & Leicester are useless

roy675

My wife applied for a Direct ISA with Alliance & Leicester on 12th April and also applied to transfer money in from another provider. As of todays date neither have appeared in her account. The other provider says it tranferred the money to Alliance & Leicester on the 16th April but Alliance and Leicester say this will not appear for 28days. So my wife is not only not getting any interest on the money tranferred she is also not getting any interest on the £3600 opening balance.When I phoned their complaints department I asked the man there why it took 28days for the transfer when the other provider has already transferred the money, he said he didn't know and when I asked to speak to someone who did know he refused to transfer me. THIS IS AS GOOD AS ALLIANCE & LEICESTER COSTOMER SERVICE GETS

steveksullivan

Can I suggest you might try their complaints department?I know it's a different area - mine was savings rather than ISA - but when A&L 'accidentally' closed my account causing me to lose interest for a month I complained - got the interest backdated, and with £50 compensation! (which I asked for) During the process I was assured I would get a call back from someone by a certain date and time , the call never arrived - so I complained again! This time I received a cheque two days later for £25 without even having to ask for it ......Somtimes you have to fight but it can be worth it ....

roy675

Thanks but as I said I have already tried their complaints Dept to no avail.

KTF

If the interest is backdated to the date on the cheque you shouldnt lose any money. Most ISAs can take up to 1 month to transfer (some even longer during the busy periods) so I wouldnt get excited quite yet...

MarkyMarkD

Transferring ISA money at the start of the tax year is the worst possible time to do so. Many providers take a long time to process the backlog, but all (AFAIK) back-date the interest to the date they receive the funds.

The delay therefore isn't costing you anything unless you actually intend to withdraw the money during the time you are waiting - in which case, why transfer it in the first place?

All in all, there's not much worth complaining about IMHO.

tipsychick

I'm also waiting for a transfer-in to A&L's Direct Isa Issue 4.

I spoke to A&L a couple of days ago and they confirmed that the interest will be backdated to the date on the cheque from your previous provider.