A & L ISA transfer process

Dsgwagen

I opened an A+L ISA last year and tried to transfer my Halifax one into it,thats when the problems started. It said on my Halifax account the account was closed so the money was on it's way,after a few weeks it hadn't shown up on my a+l account so i rang up,they said it could take 30 days so i left it a few more weeks. These weeks past and i called them again they said they had not recieved it so i got Halifax to cancel the cheque and send a new one,a week after the money appeared,thank god i thought. Then a week later the cheque bounced!! it was the original cheque which had been cancelled!! ,by this point i was so annoyed i just left it and my Halifax isa got reopened,i've still got it and i'm not going though that again.

Baldur

Lee_Dunford wrote: »

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

You got that wrong - Abbey only guarantees a 'preferential variable rate', whatever that is - people were reading it as a guaranteed 6.25% until they dropped it to the current 6% after the last BoE base rate reduction.

trinidadone

Baldur wrote: »

You got that wrong - Abbey only guarantees a 'preferential variable rate', whatever that is - people were reading it as a guaranteed 6.25% until they dropped it to the current 6% after the last BoE base rate reduction.

cheers for your response, these banks are never quite clear with rates!!

Inforapennyinforapound

With reference to my earlier post and problems with A&L forwarding the transfer form to hsbc.......i went to a local branch where i completed ANOTHER transfer form and they faxed it from the branch direct to hsbc thereby eliminating A&L's ISA team in Leics........hope it is successful though!!!
What is funny though is that the branch nor the A&L isa team seem to have the correct address for hsbc ........the moral is if you want to do anything then you have to do a lot of leg work yourself and visiting the branch is the best option.

pensioner_margaret

Dsgwagen wrote: »

I opened an A+L ISA last year and tried to transfer my Halifax one into it,thats when the problems started. It said on my Halifax account the account was closed so the money was on it's way,after a few weeks it hadn't shown up on my a+l account so i rang up,they said it could take 30 days so i left it a few more weeks. These weeks past and i called them again they said they had not recieved it so i got Halifax to cancel the cheque and send a new one,a week after the money appeared,thank god i thought. Then a week later the cheque bounced!! it was the original cheque which had been cancelled!! ,by this point i was so annoyed i just left it and my Halifax isa got reopened,i've still got it and i'm not going though that again.

If you read my post #40 I have had the same experience.
I complained, threatened 'ombudsman' and today-
received a cheque for £100 compensation

butterfly72

I opened this account at the end of April and the transfers have only just appeared in my account. To be fair though, they were all back dated to the day after they left the old accounts and therefore I assume I'll be getting interest from this date. So really in terms of interest I haven't lost out have I, maybe one day? I know it took a while but at least it has happened!

magpiesaver

Lee_Dunford wrote: »

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

Last year we had our money in Abbey Direct ISAs. They dropped the rate from 6.25 to 3.25 in less than a year. I am in process of complaining to them and the Financial Ombudsman, and have new evidence to support me: I've just discovered a leaflet in which they told me the interest rate was "guaranteed to move in line with Bank of England base rate", which it clearly hasn't done.

It took them 2 months to transfer our money to another provider. I'm complaining about this too, as we've lost out on the higher rate of interest during the time Abbey dragged their feet and denied that they'd even received the transfer requests. When a letter from the Financial Ombudsman reached them, they somehow managed to find and process the transfers.

I wouldn't touch Abbey products again, and am hoping for some compensation eventually.

2cats1kid

2cats1kid wrote: »

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.

Further to this - the form that I completed in the branch at the beginning of April was returned to me this week with a new form to complete. They reckon the branch gave me the wrong form to complete, and I need to return the new form and presumably go to the back of the transfer queue again. Three months to achieve precisely nothing, and at least another 6 weeks if I send off the new form. ALL my ISA money is now in the process of going to Icesave, who at least seem to know their backside from their arm joint.

Like I said, bunch of muppets. :mad:

2cats1kid

And with the transfer initiated by Icesave, the transfer has been done in about a week flat. Yay to Icesave :T

MajorR

The ISA my wife tried to open back in April still hasn't been opened.
Do you think she's free to go else where now i.e.her present ISA with Barclays without breaking this one ISA a year rule. Its been so long they still can't be processing it, can they? She has 3.6k waiting to go into this years allowance.