Transfer In ISA - interest loss

houmie

Hello,

I was wondering if you guys could help me with that. On April 16th 2008 I have sent Transfer In Forms to A&L. It took a long time for them to do the transfer in (and this is only partially done so far for one single ISA provider)

In the email transactions they told me:

"It is not possible to confirm that individual transfers have been received. However, I can confirm in line with ISA regulations, any transfer requests will take place within the maximum of 30 days from receipt of the request at our office.

Finally, I would like to explain that once the transfer has been actioned, this will be backdated to the date that the transfer was initially received by us to ensure that no loss of interest is incurred."

My former ISA provider has sent them the money on 22 May 2008.
A&L has booked the exact same amount of what my former provider sent me into my new ISA account. The date is set for 23 May 2008. However I see no interest adjustments.

1) I thought it would take maximal 30 days, which was more than that. Ok I can live with that.
2) However the interest rate that I lost due their slow processing since April 16th until 22 May is not taken into consideration correct? So all they do is to take it from 23 May into account? Is this the normal case?

Many Thanks,
Houman

funkyhitman

I am in the exact same situation as you, even down to the dates and have expressed my thoughts in other posts but am waiting for replies. I am wondering if it is possible that the interest has been applied but it won't show up on our accounts until the annual interest is paid on 1st Jan is it?

Does anyone know?

YorkshireBoy

funkyhitman wrote: »

I am in the exact same situation as you, even down to the dates and have expressed my thoughts in other posts but am waiting for replies. I am wondering if it is possible that the interest has been applied but it won't show up on our accounts until the annual interest is paid on 1st Jan is it?

Does anyone know?

A&L credit your account with the money the day after the date on the previous provider's transfer cheque (as you know from your own transfer...22/5 and 23/5?)...even though they may not physically receive the cheque until some time later.

Your balance is now accruing interest (currently 6%) with A&L - and has been since 23/5 - but this interest won't be paid until 1st January 2009...as per your T&C's.

funkyhitman

Super, thank you for the explanation. Glad it's all sorted now, just a shame it took two months!