A & L ISA transfer process

ctdctd

Update:-

Transfer funds have been credited to my A&L ISA today - June 10th.:T

Old ISA with Barclays closed May 12th, credit to A&L back dated to May 13th.

So no loss of interest (well, only a day), and A&L took 29 days to add the funds - so within the 30 day period, just!

funkyhitman

Going by above logic my ISA should be transferred in about a week or so. That will put total time at over two months. That sucks. Oh well what can you do?

SoozyJ22

After reading this thread I was really worried about transferring my ISA - from a very old A&L issue with passbook to the new one.

However, I went into the branch on Tuesday to make the application, was only there about 10 minutes (I'm very good at saying no to the sales questions) and have just got everything I need to log on to my account online and found that the new account was set up with all the old ISA money transferred in on Wednesday.

So that's everything done the next day - I'm very impressed.

funkyhitman

Well my ISA transfer finally showed up in my online account today dated as 23/05/08. Why did it take 21 days to show up in my account?

My money left NS&I on the 22nd...i'm confused by this. Surely this means A&L received my cheque before the 22nd and paid it in on the 22nd, thus causing the money to leave my NS&I account. If that was the case then surely it would show up on my A&L online account no more than a week later?

Or, is the date my money left NS&I when they posted the cheque to A&L? In which case, does that mean A&L have lied about when they paid it into my account and I have lost out on interest or is their system so crap that it takes 21 days to show up even though a normal BACS transfer will show up in 3-4 days? I don't get it.

It's all a load of rollocks this transfer process.

Inforapennyinforapound

Anyone else having trouble?................
In mid April i opened a mini cash isa with A&L(Direct issue 4) as they were top paying.I deposited £1,000.
My intention was/is to transfer all my savings from an hsbc isa into this new one.I duly filled in the transfer form that was sent to me and returned it to A&L as requested.so far so good....
It is now mid June and nothing has happened i.e no transfer has commenced!!
I have been chasing this up for several weeks and now i am pulling out whats left of my hair!
A&L keep saying "we have sent your transfer form to hsbc".....still nothing and so i did my own research and contacted hsbc.Their reply is "we havent received a form" and so it goes on with A&L insisting that hsbc are taking a long time but hsbc insisting that no form received!!
Today i am at my wits end.......i asked A&L to what branch/dept they actually sent the form and i was told"The investment section of hsbc in Leamington Spa" and they gave me the address but no tel.no...............So i called hsbc customer services(ha ha) and they said "we dont have any such dept in Leamington Spa.The form should have gone to Direct Services in Coventry"...............................So i rang A&L again(i know them all by 1st names now)and they said "No we send all our transfer forms to Leamington Spa".........
Sorry its a long post but i am so frustrated BUT no further forwards!! The man at A&L has told me to complete another transfer form and agrees that there is a mix up!!
My conclusion is that they are both incompetent or one is telling lies.The man at A&L took from me the hsbc customer services number so HE could call them to verify what address forms should be sent!!!!!!!
This is a joke.I assume that in some street in Leamington is a pile of A&L transfer forms???..luckily my money is still safe with hsbc but i wanted higher interest.................WHAT IS GOING ON?? ..if you read this,thanks..anger vented

keithcomben

I have to say that my dealings with A & L Direct ISA are worse. I opened the account start of the Tax year and transferred all my previous years to them. I had confirmation from my old ISA manager on 13 May to say all transferred. A & L say they are busy but working on it as they got the cheque on 9 May. To date 14 June no sign of money in my account. I have mailed them on numerous occasions but still nothing. I have now written a formal letter of complaint to them to see what that brings. I will not use them again and have already decided to transfer it all back to a BS as soon as they find it.
My only recommendation about A & L Direct ISA is to direct it elsewhere.
Good luck all and keep up the good work.

It is now the middle of July and they have sorted it and paid compensation of £50.00 each to my wife and I. After I sent the formal complaint they did write a few letters saying they were investigating. We have transferred back to Nationwide which did go though ok but the hassle of A & L has proved again to us to keep away from the PLC's and keep to the Mutuals.

funkyhitman wrote: »

I've been waiting over 3 weeks I think (I should have noted down when I posted the form to A&L!) for a transfer from NS&I.

Yesterday I rang up A&L asking if anything is happening and they said they cannot tell me because when they get the form they immediately redirect it to NS&I! So why not just tell me to post the form to my existing provider!! That really annoyed me. So by posting it to A&L I have to wait longer. I was told I would need to ring up NS&I.

NS&I tell me they cannot find any correspondance on my account to suggest a transfer is in progress or if they even received the form from A&L...because apparently the Customer Support computer system does not allow them to see every part of my account. I have to ring up the 'Back Office' as they call it, who are able to see more and might be able to tell me what is happening. Oh but they close at 5pm (I was calling at 6pm) so I had to ring back today.

Today then, I ring up, give my account number and name, wait while the guy taps away at his keyboard and then tells me the system has crashed and as the back office uses the same system I will have to ring back later but before 4.30 as most of the staff dissapear home. Great. It makes me laugh that the standard Customer Support line, which is open til midnight, cannot give me the information that I need and that the office that 'potenitally' has access to more of my account closes at 4.30 in the afternoon when most people are still at work!

Well, I rang back and the system was still down and was told it will likely be down til 5.30pm. Great.

This whole ISA transfer system is an absolute joke. Is their a genuine reason why these transfers take 30 days or is just because the banks want to hold onto our money as much as possible so I lose out on interest?

I am not impressed with my first attempt at transferring.

Good luck everyone, I'll sure need it when I ring them back for a 4th time tomorrow!

funkyhitman

ctdctd wrote: »

Update:-

Transfer funds have been credited to my A&L ISA today - June 10th.:T

Old ISA with Barclays closed May 12th, credit to A&L back dated to May 13th.

So no loss of interest (well, only a day), and A&L took 29 days to add the funds - so within the 30 day period, just!

Hi, how do you know your credit was backdated? Does the interest from may 13th show up in your statement or do we have to wait til the interest is paid annually to find out?

I'm a little confused because my money left NS&I 22/05/08 and my A&L online ISA statement says 'RECEIPT' 23/05/08 but the money didn't actually show up in my account until 13/06/08.

Does 'RECEIPT' mean that they backdated the interest to this date which is when they received the cheque? My statement does not show any interest paid.

Thank you for your help.

trinidadone

I have a ISA account with A&L, and a ISA account with Abbey. both offer 6% interest, however, I am considering transferring one of the accounts to have only one ISA, but which account is the best out of the two, Abbey or A&L, anyone know?

Baldur

The A & L Direct ISA has the lower potential interest drop after the initial bonus period, especially if you have less than 9k in the Abbey Direct ISA.

trinidadone

Baldur wrote: »

The A & L Direct ISA has the lower potential interest drop after the initial bonus period, especially if you have less than 9k in the Abbey Direct ISA.

well I have over 9k with abbey and under 7k with A&L, so i guess Abbey is the more safest of the two. I think Abbey guareentees 13months at 6%, unless i got that wrong