A & L ISA transfer process

mtc95

bubblesbonbon wrote: »

I too was getting concerned about these delays - My old provider sent the cheque to A&L on 30th April.

When I rang A&L they told me that they were currently processing transfers received on 25th April so mine should be actioned within a week or so and the interest would be backdated to the receipt date.

Thanks for that - saves me a phone call. My transfer cheque was sent on 28th April so I suppose it should appear soon.

I agree that it's ridiculous that it all takes so long - about 3 weeks even after they have received the money. I had an ISA with A+L before and I seem to remember the transfer in and out went reasonably smoothly, but my experience this time would certainly put me off me using them again.

funkyhitman

What! So, once A&L receive my cheque I then have to wait another 3 or 4 weeks? How do you know when your cheque has been posted? Both A&L and NS&I say no transfer request is showing on my accounts. I feel powerless because all they say is wait a month. Pathetic.

PParka

It gets worse........
I applied for a transfer at the beginning of April.
The money hasn't moved from my old ISA yet.
I contacted A&L and they said they could not tell me if they had recieved my transfer request. :mad:
I pointed out it had been over the 30 day limit and they said it's because they are busy.

funkyhitman

I just got an email from NS&I and they still have nothing showing on my account so I rang A&L and they now tell me that they forwarded the transfer form onto NS&I on the 9th May. I really wish I had posted the form directly to NS&I because it has taken A&L around 3 weeks to simply forward it! NS&I should have received the form so I just have to wait for it to be processed but as the guy from A&L said, both A&L and NS&I are experiencing about a 2 week delay.

I'm not looking forward to potentially waiting another 3 weeks for NS&I to post a cheque and then yet another 3 weeks for A&L to pay it into my account. What a farce!

The guy on the phone mentioned the new ISA system is causing delays...is he referring to the new £3600 limit?

sss555s

I opened this years ISA with A&L on the 8th April and i transfered my existing NS&I at the same time.

The transfered amount is showing in my A&L ISA as of 23rd April though it didn't show until around the 14th of May.

The bonus to me was opening a premier direct account who matched my RBS overdraft and give you it interest free for the first year meaning i can just fill up my ISA from my overdraft and square it up over the year tax free.

pensioner_margaret

I began to move my ISA from 1st Direct to All & Leic on 7th April and now (17th May) I still do not have access to my savings.
Soon after the transfer process began, a family emergency arose, and I needed to get £6000 rapid.
I closed down another savings account but was £4000 short.
My ISA savings DID appear in my All & Leic account early May, but I needed to wait for the transfer cheque to clear before I could withdraw.
I asked 'how soon?' - to be told '15th May'.
I hastily arranged an overdraft on my 1st Direct curent account.
To my dismay my ISA savings disappeared from their website.
When I enquired what was going on?!!!!!-
I was told by 1st Direct that because their cheque had not been cleared , they had phoned All & Leic and were told that the cheque had not been received - so they stopped it and sent another.
So I have to wait another 30 days to get access to my money.:mad:
I sent a letter to All & leic yesterday, asking for recompense for the £60 overdraft interest fees which will be due , that is, IF my money is accessible by mid June

monieS_3

My experience with A&L has not been so good. They are reallyyyyy slow. It took them 3 weeks after my account with NS&I has closed to credit the money into my direct ISA account. During this time, all they said is to wait 30 days and they could not even tell me if they have received the cheque. I am so mad at their inefficiency that I am transferring all my money into another bank!

I would like to warn everyone that A&L will charge you 25GBP to transfer out. I used to have ISA accounts with NS&I, Barclays and YBS and it didn't cost me anything to transfer out.

funkyhitman

The !!!!!!!s! I thought it was free to transfer out. I hate banks.

Baldur

monieS wrote: »

I would like to warn everyone that A&L will charge you 25GBP to transfer out. I used to have ISA accounts with NS&I, Barclays and YBS and it didn't cost me anything to transfer out.

I have transferred Direct Cash ISAs from A & L twice and have never been charged a fee - neither is any such charge for ISA transfer shown in their Terms & Conditions, from a quick scan.

monieS_3

I read about the 25 GBP charge from this link:

http://www.money.co.uk/savings-accounts/savings-account-details/Alliance-and-Leicester/Direct-ISA-Issue-4.htm

I sent out the application to transfer out about 10 days ago. They
have not closed my account yet, so I don't know for sure about the
transfer out charge. I just had a quick look at their Terms&Conditions
as you had pointed out and could not find any info about the charge
either. Hmm...I will calculate my interest carefully when they closed
my account and will post again if there is a fee.

Baldur wrote: »

I have transferred Direct Cash ISAs from A & L twice and have never been charged a fee - neither is any such charge for ISA transfer shown in their Terms & Conditions, from a quick scan.