A & L ISA transfer process

MajorR

I have an account just opened but im waiting for a transfer to go through. My wife on the other hand was asked for further personal infomation before an account could be opened, we filled out the forms they had sent and we're still waiting for confirmation over a month later. I'm just wondering with A&L not being able to tell you that an application/cheques has arrived, how long do you wait before taking you ISA allowance esle where.

Saving_Grace_4

I sent off my transfer form on 14 April. I'm transferring from a Barclays ISA to an Alliance & Leicester ISA. The funds finally left the Barclays account on 12 May, and I've just been told that it will take up to three weeks to process the cheque. Of course it will - NOT! We all know where this money is really going to sit, don't we? It's a sham!!!! By the time I get it it will have been out of my hands for the best part of two months. I'm livid!

Oblivion

Saving_Grace wrote: »

I sent off my transfer form on 14 April. I'm transferring from a Barclays ISA to an Alliance & Leicester ISA. The funds finally left the Barclays account on 12 May, and I've just been told that it will take up to three weeks to process the cheque. Of course it will - NOT! We all know where this money is really going to sit, don't we? It's a sham!!!! By the time I get it it will have been out of my hands for the best part of two months. I'm livid!

You have every right to be livid. The ISA transfer process is a classic example of a poorly written and poorly regulated piece of legislation.

I would like to see new rules which require that any financial institution which chooses to operate ISAs is also required by law to offer transfers in ... and that includes you NS&I ! Also rules that govern much more tightly the amount of time a transfer can take, beyond which penalties / compensation should be paid. The current situation is a total shambles.

Saving_Grace_4

Oblivion wrote: »

You have every right to be livid. The ISA transfer process is a classic example of a poorly written and poorly regulated piece of legislation.

I would like to see new rules which require that any financial institution which chooses to operate ISAs is also required by law to offer transfers in ... and that includes you NS&I ! Also rules that govern much more tightly the amount of time a transfer can take, beyond which penalties / compensation should be paid. The current situation is a total shambles.

Thanks Oblivion. It's good to know I'm not alone in my frustrations. And I agree with you whole-heartedly. Mortgages go through quicker than this!

funkyhitman

Just thought I would let everyone know that as of today my money left my NS&I account! So it's on it's way to A&L. I'm sure the trip will be epic!

suemjack

harriko wrote: »

Anyone transfered within 2weeks of sending of the transfer form? Im still waiting.. no news no nothing yet and getting worried.

5 weeks on and still no news . Sent all forms to A and L to transfer from B and B. Seems like the norm - not impressed.

bubblesbonbon

Well yipee, hotdogetty, whooopeeee :j

Funds actually showing this morning with a deposit date of 1st May.

So the A&L leg has taken 15 working days that followed my old provider's 17 working days to get it to them.

Fortunately, the loss of interest appears to be only the 2 days of transit time between them.

I would love to know when the cheque was cashed by A&L though.

steve4747

My cheques were posted to A&L from previous providers on 8th May. I have just spoken to A&L and they said they are still working on cheques received on 25th April. Hopefully this info is not correct as it seems they were giving the same information on 15th May.

Steve

pensioner_margaret

pensioner_margaret wrote: »

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

As an update of my earler post above -
I have cancelled the transfer of my ISA from 1St Direct to All & Leic.
The 2nd cheque has still not been actioned so it too can be stopped.
I have lost interest on my savings and have incurred interest on an overdraft for 6 weeks - I intend to persue All & Leic for compensation via the financial ombudsman.
The transfer began on 7th April and was not completed by today 4th June!!!!!

2cats1kid

A&L appear to me to be a bunch of muppets.

My passbooks from a previous ISA and a TOISA went to them on April 8th to get the funds transferred into my new Direct ISA. Despite enquiries (unfruitful) nothing happened until yesterday when my passbooks were returned to me. They have updated the interest on the accounts, and that is all! No transfer. Nothing. And it took them 2 months to do nothing apart from update the interest. Idiots!

So I have now opened an Icesave ISA to transfer these two into.

Still waiting for an IF ISA to hit the A&L one - this transfer started mid-April. The IF account was closed about 3 weeks ago and no sign of the money anywhere yet.

Boy, am I regretting going with A&L. Older and wiser now.