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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 14th Mar 12, 11:33 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Cash Isa transfers slowly getting quicker
    • #1
    • 14th Mar 12, 11:33 AM
    MSE News: Cash Isa transfers slowly getting quicker 14th Mar 12 at 11:33 AM
    This is the discussion thread for the following MSE News Story:

    "Cash Isa transfer times have shortened following action by the OFT, though they still take over two weeks ..."

Page 1
    • Consumerist
    • By Consumerist 14th Mar 12, 12:27 PM
    • 5,197 Posts
    • 2,602 Thanks
    Consumerist
    • #2
    • 14th Mar 12, 12:27 PM
    • #2
    • 14th Mar 12, 12:27 PM
    A recent ISA transfer from Santander took just 7 days from posting the transfer form to the new manager.
    Edit
    Interestingly, the closing date at Santander was the same as the opening date at the other end. i.e. no loss of interest.

    If only their customer service was as efficient. .
    Last edited by Consumerist; 14-03-2012 at 12:34 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Eager Saver
    • By Eager Saver 14th Mar 12, 12:40 PM
    • 73 Posts
    • 34 Thanks
    Eager Saver
    • #3
    • 14th Mar 12, 12:40 PM
    Barclays
    • #3
    • 14th Mar 12, 12:40 PM
    transferred out from Barclays and it also took just 7 days from the day the form was sent - very impressed! It was a cash ISA going to a stock and shares one.
    • cptncanary
    • By cptncanary 14th Mar 12, 1:00 PM
    • 190 Posts
    • 150 Thanks
    cptncanary
    • #4
    • 14th Mar 12, 1:00 PM
    • #4
    • 14th Mar 12, 1:00 PM
    Was it a deliberate play on words by the MSE elves "Cash Isa transfers slowly getting quicker"
    C'mon you Canaries!!
    • SJR
    • By SJR 14th Mar 12, 1:01 PM
    • 7 Posts
    • 3 Thanks
    SJR
    • #5
    • 14th Mar 12, 1:01 PM
    • #5
    • 14th Mar 12, 1:01 PM
    I've also done an ISA transfer out of Santander recently, it took 3 working days - I went into the branch on Wednesday and the money was with my new provider the following Monday. It was the best service I've ever received from Santander!
    • JezR
    • By JezR 14th Mar 12, 5:37 PM
    • 1,580 Posts
    • 1,122 Thanks
    JezR
    • #6
    • 14th Mar 12, 5:37 PM
    • #6
    • 14th Mar 12, 5:37 PM
    Delays before were due at least in part to cheques having to be posted from one institution to another. Once mine was sent to a completely different building society altogether from where it should have been. That took 6 weeks to sort out.

    There was a lot of push by institutions to eliminate personal cheques yet even now many still insist on maturing accounts (non-ISA) being paid out by cheque rather than directly into a bank account which you might think would be safer, quicker, and cheaper all round.
    • Mikeyorks
    • By Mikeyorks 14th Mar 12, 6:39 PM
    • 10,287 Posts
    • 4,696 Thanks
    Mikeyorks
    • #7
    • 14th Mar 12, 6:39 PM
    • #7
    • 14th Mar 12, 6:39 PM
    Delays before were due at least in part to cheques having to be posted from one institution to another. .
    Originally posted by JezR
    Cash ISA transfers are still made between institutions almost exclusively by cheque. As it's the safest method currently around to keep payment and paperwork together.

    That's unlikely to change significantly until end of this year. This from the British Bankers Asscn website dated today :

    This work is continuing with the development of an electronic transfer system for Cash ISAs, expected to be available to BACS members later this year, followed by an industry-wide extension in 2013.
    If you want to test the depth of the water .........don't use both feet !
  • TonyR48
    • #8
    • 14th Mar 12, 7:58 PM
    Re:Cash Isa transfers slowly getting quicker
    • #8
    • 14th Mar 12, 7:58 PM
    I requested a cash ISA transfer from Santander to the Halifax on the 16th March 2011.The money was received by the Halifax 2 calendar months later on the 16th May!
    • cw18
    • By cw18 14th Mar 12, 9:00 PM
    • 8,037 Posts
    • 85,938 Thanks
    cw18
    • #9
    • 14th Mar 12, 9:00 PM
    • #9
    • 14th Mar 12, 9:00 PM
    I'm waiting on a form to arrive from Nationwide to transfer out of Smile - but N/wide say they pay interest from the date they get the form from me (hopefully arrive in the post tomorrow so I can drop it off at at branch on Friday rather than having to post it), so I have to admit I'm not too concerned about how long the transfer actually takes even though the site says 'about 4 weeks'
    Cheryl
    • PaulChelt
    • By PaulChelt 15th Mar 12, 11:52 AM
    • 11 Posts
    • 8 Thanks
    PaulChelt
    I opened an ISA with SelfTrade. It took them 15 days to open the account and another 10 to transfer from Halifax. Then they said I wasn't eligible for a Kindle because it was too late. Cunning, very cunning.
    • Consumerist
    • By Consumerist 15th Mar 12, 1:10 PM
    • 5,197 Posts
    • 2,602 Thanks
    Consumerist
    Halifax started this latest, and thankfully expanding, practice of paying interest on an ISA from the date of receiving the transfer form. It must have proved popular and Halifax are to be commended for their innovation in this respect.

    Since, under the ISA rules, the new manager is responsible for chasing up any delays, anyway, I don't see why the practice shouldn't be written into the ISA rules. If all managers did the same then there would be no loss of interest for customers and any gains/losses for the financial institutions would average out to nothing over the volume of transactions.

    Anyone see any obstacles?
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • neil324
    • By neil324 15th Mar 12, 8:19 PM
    • 451 Posts
    • 126 Thanks
    neil324
    I hope they take a month, I am transferring to Nationwide so I am getting interest at both ends, 6.3% in total. Ah I feel all nostalgic now.
    • JezR
    • By JezR 15th Mar 12, 10:49 PM
    • 1,580 Posts
    • 1,122 Thanks
    JezR
    Cash ISA transfers are still made between institutions almost exclusively by cheque. As it's the safest method currently around to keep payment and paperwork together.
    Originally posted by Mikeyorks
    The British Bankers Association has indicated to the Financial Times that providers were presently able to choose whether payments were made via cheque or a faster transfer system. Why so many (all?) still do it by a paper method is 'anachronistic' to quote Consumer Focus' view. As in my case it isn't much good keeping papers together when they are sent to the wrong provider - who never managed to trace them when approached.
    • Money Saving Dude
    • By Money Saving Dude 1st May 12, 8:27 PM
    • 126 Posts
    • 69 Thanks
    Money Saving Dude
    Hi,

    I'm looking at transferring a Cash ISA into Santander, but they have this rather dubious declaration. I don't want to open a Cash ISA for this year, only transfer an existing one. So why these statements? I've sent a note to their customer services to ask for clarification, but they have been so super efficient in working with other people's requests they still haven't got back to me, after a week, hence why I'm asking here.

    Any responses appreciated. Here is the declaration -- my comments are in italics. It all sounds a bit daft to me.



    Declaration

    I apply to subscribe for a Cash ISA for the tax year 2012-2013 and each subsequent year until further notice. (This doesn't commit you to paying in every year but ensures that if you do, we won't need to ask you to sign another form)

    But I'm transferring an ISA -- so my ISA will be for the tax year that I originally opened the ISA. Why is this declaration important? And what if I've already opened an ISA this year -- that would make this unenforceable.

    All subscriptions made, and to be made belong to me;

    I am 16 years of age or over;

    I have not subscribed and will not subscribe more than the overall subscription limit in total to a Cash ISA and a Stocks and Shares ISA in the same tax year;

    But I might have -- all I'm doing is requesting a transfer.

    I have not subscribed and will not subscribe more than the Cash ISA subscription limit to one Cash ISA;

    Nope -- and I've no intention of putting money in a cash ISA this year, so that's not a problem.

    I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA

    Is it the case that if I don't put any money into the cash ISA it doesn't exist.
    • psychic teabag
    • By psychic teabag 1st May 12, 9:06 PM
    • 2,771 Posts
    • 1,635 Thanks
    psychic teabag
    I apply to subscribe for a Cash ISA for the tax year 2012-2013 and each subsequent year until further notice. (This doesn't commit you to paying in every year but ensures that if you do, we won't need to ask you to sign another form)

    But I'm transferring an ISA -- so my ISA will be for the tax year that I originally opened the ISA. Why is this declaration important? And what if I've already opened an ISA this year -- that would make this unenforceable.
    Originally posted by Money Saving Dude
    It's okay to apply to subscribe, but then choose not to subscribe. This can be one of the years where you decide not to pay in.

    I have not subscribed and will not subscribe more than the overall subscription limit in total to a Cash ISA and a Stocks and Shares ISA in the same tax year;

    But I might have -- all I'm doing is requesting a transfer.
    That's fine : doesn't apply since you won't be subscribing to this ISA in this tax year. Just acknowledge that you know that there is a rule about max subscription per year. Transfers do not count towards subscription limit.

    I have not subscribed and will not subscribe to another Cash ISA in the same tax year as I subscribe to this Cash ISA

    Is it the case that if I don't put any money into the cash ISA it doesn't exist.
    Yes, since you're not subscribing to this cash ISA this year, doesn't apply to you for this year.
    • Money Saving Dude
    • By Money Saving Dude 1st May 12, 9:27 PM
    • 126 Posts
    • 69 Thanks
    Money Saving Dude
    Cool, ok many thanks. That makes more sense. Seems less daft now you say that. Still, they could make it clearer (IMHO) by putting some explanatory text around it.

    But hey, that may be asking too much.

    Thanks again for your swift reply.
    • savetilibleed
    • By savetilibleed 2nd May 12, 2:26 PM
    • 1,348 Posts
    • 326 Thanks
    savetilibleed
    This is the discussion thread for the following MSE News Story:

    "Cash Isa transfer times have shortened following action by the OFT, though they still take over two weeks ..."
    Originally posted by MSE Helen
    Maybe so, but if something goes wrong they don't seem able to sort it.

    I opened a Direct ISA with Santander on 24 March. On 26 March I posted the transfer form to Santander to transfer out of ING Direct. When nothing happened I called first Santander then ING to find they got my form and the covering letter I sent to Santander with the form, but I failed to sign the form . OK my fault. But I wonder if Santander thought the signature on my letter was a suitable substitute for me not signing the form. If only Santander had posted it back to me!!

    ING rejected and sent back to Santander, who did nothing. Later I found ING had re-opened the ISA with another a/c no and customer number and at a lower rate! This confusion was sorted with 10 compensation from ING.

    Meantime I went to a Santander branch on 12 April to complete another form. On 23 April, ING did the transfer closing that account and sending out the cheque to Santander. A letter from them to ING chasing the transfer crossed so ING understandably took no action. ING said I'd have to get Santander to request cheques again if nothing in a few days.

    So today as there is still no money in my Santander ISA and they still claim not to have received funds, I have requested their people request again to ING.

    Edit 03/05/12: Today the money appears online!!! Funny that how a shove does it.!!
    Last edited by savetilibleed; 03-05-2012 at 1:10 PM.
    • Fellwalker
    • By Fellwalker 3rd May 12, 7:53 AM
    • 75 Posts
    • 48 Thanks
    Fellwalker
    I hope they take a month, I am transferring to Nationwide so I am getting interest at both ends, 6.3% in total. Ah I feel all nostalgic now.
    Originally posted by neil324
    Highly unlikely. The rules say that the old provider must send a cheque dated the first day where interest no longer accrues. The new provider must apply interest from the date of the cheque (or from day 16 of the process, whichever is earlier).
    • Fellwalker
    • By Fellwalker 3rd May 12, 8:06 AM
    • 75 Posts
    • 48 Thanks
    Fellwalker
    Transfer in to NatWest of all old ISAs. Opened Sunday 15th April. Posted transfer forms 16th by first class post, should have arrived 17th.
    > Santander transfer in by Faster Payment on 24th so at most 5 working days. Excellent.
    > National Savings closed account 26th, no sign of funds, should arrive today at latest and be backdated. Funds arrived and are showing as received 4 May, so I now need to get on to NatWest and find why the delay.
    > Northern Rock (Virgin) - I rang for an update. They advise that they received the instruction on 24th (5 working days) and sent the cheque on 1st May (5 working days) so the maximum time scale has been achieved so far. Convenient for them as their follow on rate was very low. NOT CREDITED UNTIL 10 MAY. Northern Rock must have sent by carrier pigeon, not the proper first class post.
    Last edited by Fellwalker; 12-05-2012 at 6:31 PM. Reason: update of action dates
    • ceejayblue
    • By ceejayblue 4th May 12, 10:40 AM
    • 308 Posts
    • 123 Thanks
    ceejayblue
    I'm having trouble with the transfer of my ING ISA into my new NATWEST one! My Nationwide ISA transferred in a matter of days but the ING one is still not in there. Have spoken to ING and they posted the cheque on 11 April but NATWEST saying they've not received it! They are sending a reminder to ING so I'm giving them another week, at least interest will be paid from when I opened the account so I won't lose out!

    When I spoke to NATWEST they told me that amounts over 10k have to be transferred by cheque but my ING one is only around 5.5K and my Nationwide one was 25K and that was transferred very quickly. Apparently it is in the pipeline for all ISA transfers to be made electronically which will hopefully make transfers quicker.
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