Td direct transfer to iweb very slow

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  • mgarl10024
    mgarl10024 Posts: 643 Forumite
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    I initiated a TD (III) -> Halifax transfer a good few weeks back.

    The shares came across quite quickly, but the residual cash has taken much longer.

    Halifax say they contacted TD (III) several times but were unable to get a response.
    TD (III) say that they have been inundated, but were aiming to keep to the 6wk timescale.
    Halifax said if TD (III) could send a CHAP payment the cash would come across quickly, but TD (III) said that they had to send an old style cheque as it goes along with the ISA declaration.

    I raised a concern with TD (III) about their charges, and provided I was happy to confirm on the phone that I intended to close the ISA after transfer (I was) then the fees would not be charged from the January date. This made me more relaxed about the whole transfer - I don't mind if they take a few weeks to transfer the cash (small amount) if I am not going to be charged.
  • System
    System Posts: 178,094 Community Admin
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    mgarl10024 wrote: »
    TD (III) said that they had to send an old style cheque as it goes along with the ISA declaration.
    My cash left my TD/ii ISA one afternoon and was in my IG ISA the next morning so I doubt it was a cheque!
  • xylophone
    xylophone Posts: 44,426 Forumite
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    I have now been advised that II intend to transfer the cash by BACS......
  • EdGasketTheSecond
    EdGasketTheSecond Posts: 2,558 Forumite
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    A recent reply from ii as to why nothing was happening on the transfer front:

    "At the moment our transfer team are dealing with a spike of activity due
    to the integration between Td Direct Investing and Interactive Investor.
    Whilst we are doing our best to ensure transfers are being dealt with as
    quickly as possible, such requests are taking longer than normal. The usual
    timescales for a broker transfer is 4- 6weeks.

    If there are any problems with the counterparty we will email you.

    A completion email will be sent upon successful closure of transfer

    A 6 week update will be sent if for any reason the transfer is still
    ongoing"


    Ref: "our transfer team are dealing with a spike of activity"

    hmmm could have seen that one coming without much difficulty
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    I posted my transfer request on November 14, and everything had been transferred by December 7. Can't fault them on this occasion.
  • mgarl10024
    mgarl10024 Posts: 643 Forumite
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    mgarl10024 wrote: »
    Halifax said if TD (III) could send a CHAP payment the cash would come across quickly, but TD (III) said that they had to send an old style cheque as it goes along with the ISA declaration.
    Economic wrote: »
    My cash left my TD/ii ISA one afternoon and was in my IG ISA the next morning so I doubt it was a cheque!

    I received an email from TD (III) on Dec 5th which said:
    If we have sent cash to your broker, we will always try to send the cash via faster payment, if they accept payment in this way expect to see the cash on your account within 24 hours.If your broker is unable to accept faster payments then we will issue a cheque, please allow 4 working days for the funds to be applied to your account.
    As I write this on Dec 11th, Halifax is not showing the funds. Therefore I can only conclude that they are being sent by cheque.

    Perhaps Halifax doesn't support Faster Payments, although I find that hard to believe.
  • xylophone
    xylophone Posts: 44,426 Forumite
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    Perhaps Halifax doesn't support Faster Payments, although I find that hard to believe.

    Well, I was told by iweb that II would be making a BACS transfer of the cash - however, the II account page (last before closure) shows a Faster Payment......we'll see.
  • philng
    philng Posts: 801 Forumite
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    Update my ISA shares & Cash now showing in IWEB account following complaint last Monday.

    Wife account ISA investments now not showing at either III or IWEB so I assume in process now of transfer so hopefully show on IWEB account tomorrow. Cash still showing in III account.

    Wonder what happens to dividends in next couple of weeks that had already gone Ex Div? I want to now close the III account asap to avoid charges but don't want to mess up any dividends due imminently.
  • xylophone
    xylophone Posts: 44,426 Forumite
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    Wonder what happens to dividends in next couple of weeks that had already gone Ex Div?

    I was told that any monies arriving in II would be transferred to iweb.
  • xylophone
    xylophone Posts: 44,426 Forumite
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    Cash appeared in iweb this morning.
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