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Post by moonraker on Nov 1, 2019 15:13:34 GMT
My accumulation of several years' cash ISAs - very close to the FSCS compensation limit- with Birmingham Midshires matured on October 24 and, having been offered a derisory renewal rate of .6%, I sought a new bank, Cynergy.
I stipulated to both banks that, though I wanted to re-invest the bulk of my funds, I would like two or three thousand pounds remitted to my High Street Bank. This didn't happen, and all my money was re-invested. A response from Cynergy about this is overdue, though it's not a Big Deal.
However, today I received a certificate from Cynergy showing a start date of October 8, the day when I made my on-line application, which was approved the next day, when I received a transfer request form, which the bank could not have received back until the 11th at the earliest. The closing statement from BM shows a transfer date of the 24th, which suggests that for 16 days I've been receiving two lots of interest from different providers for the same ISA investment.
Do I summon up the nervous energy to point this out to Cynergy or do I hope that no-one, notably HMRC, notices. (I already have a full cash ISA with another provider for 2018-19.) It would rather make up for those delays of two or three days by some banks in my receiving matured funds.
(On October 16 I had an email from Cynergy saying that it had yet to receive the transfer form, prompting me immediately to ring the bank up, to be told, after waiting for ten minutes, that the form had in fact been received and that the email had been auto-generated.)
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