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A & L ISA transfer process
Comments
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My previous years funds left YBS on Tuesday this week (having applied to A&L over 3 weeks ago...and as an existing customer!!), and as of yet there's nothing showing at A&L.
They've just told me this evening they have a week-and-a-half backlog on processing transfers in once the cheque has been received!!
The good news though, is that the transferred amount will receive interest from the day A&L receive the cheque (2 days max loss, but maybe none because YBS pay interest up to and including the date of closure?).
The bad news is that the A&L statement will be cluttered up with dates...one being the date the payment was credited, and the other being the "effective" date (some 10 days or so earlier) for interest-earning purposes.
Hmmm...not that I don't trust them, but I'll be checking my interest paid very carefully next January 1st.0 -
The transfer form from A&L says that once all boxes are completed to send the form to your existing ISA provider. I sent mine direct to NS&I and yesterday the money + interest is now showing in the A&L account.funkyhitman wrote: »I never knew transferring one's money could take so long. It's not really fair is it?
I got off the phone to NS&I for the 4th time yesterday and they told me that the 'back office' and the CS department use the same systems so see exactly the same information on my account. So why was I told otherwise?
They cannot tell me what is happening with the transfer.
Seeing as A&L were just as useless I am forced to wait and see what happens not knowing if my form has actually reached it's destination. I knew I should have posted the form to NS&I myself. Wouldn't surprise me if it's sitting on someone's desk at A&L collecting dust and buscuit crumbs.
What a load of sheet. I'm going to have a beer. Have a good weekend everyone and don't let your money problems spoil it. Stupid banks.0 -
The transfer form from A&L says that once all boxes are completed to send the form to your existing ISA provider. I sent mine direct to NS&I and yesterday the money + interest is now showing in the A&L account.
What form did you fill in? I filled in the one A&L posted to me with my welcome pack and it said to send it to A&L in the envelope provided.0 -
funkyhitman wrote: »What form did you fill in? I filled in the one A&L posted to me with my welcome pack and it said to send it to A&L in the envelope provided.
I sent mine directly as well, the on line form says send direct to old provider, ut the form i the welcome pack says send back to them. A bit confusing really. It took them three weeks to pay the money into my account but they did back date it when it reached my account.0 -
I used the downloaded PDF form from the A&L website and posted to NSI. Although it took a while to show up in the A&L account they did backdate it though.0
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Awesome, thanks for explaining guys. I'm pretty sure i've been waiting over 3 weeks and my NS&I account still has all my money in it.0
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funkyhitman wrote: »Awesome, thanks for explaining guys. I'm pretty sure i've been waiting over 3 weeks and my NS&I account still has all my money in it.
just be glad you can still see your money!
it has now been 2 weeks since the money left my halifax account and it still hasnt appeared in my a&l one. is this normal?0 -
jacksons_mum wrote: »just be glad you can still see your money!
it has now been 2 weeks since the money left my halifax account and it still hasnt appeared in my a&l one. is this normal?
Mine took just over 3 weeks to be credited to my A&L account but the deposit was back dated, to the date it left my old account. It was worrying though and they just tell you to wait whe you ring up.0 -
thanks, its reassuring to hear that is not just me!0
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funkyhitman wrote: »Awesome, thanks for explaining guys. I'm pretty sure i've been waiting over 3 weeks and my NS&I account still has all my money in it.
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.
Now that begs the question as to why in these days of banks not being able to borrow money due to the credit squeeze or what ever, are they so complacent about sitting on what must be millions of pounds of "idle money" on which they will be paying interest back on?
If I was fortunate to receive a large cheque, I would leg it down to the bank faster than Linford Christie.
(Please - no tasteless, irrelevant sausage in pocket jokes - unless they are very, very funny);)"It's nice to be important but more important to be nice"
John Templeton 1912-20080
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