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Post by ablrate on Sept 4, 2017 12:57:56 GMT
The delay is depositing transfers in is largely because they arrive in our account as Cheques and they have to clear. The wire transfers we have received can't be credited until the transfer in paperwork and code (to over-ride the £20k limit) are received by us. So its a bit odd either way - paperwork done.. waiting for cheque to clear... transfer received.. waiting for paperwork to clear.
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Post by dan1 on Sept 7, 2017 14:45:15 GMT
I've just seen £25,000 listed on 1000040 at 98% then disappear almost instantly. I guess someone got their ISA transfer money onto the platform!
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Post by elephantrosie on Sept 13, 2017 15:40:56 GMT
after 3 weeks of wait, I finally transferred my money from another ISA.
ablrate, if I want to transfer another sum, is the wait as long as this? or is this long wait only for the first transfer?
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n
Member of DD Central
Yet another Nick
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Post by n on Sept 13, 2017 15:45:02 GMT
after 3 weeks of wait, I finally transferred my money from another ISA.
ablrate , if I want to transfer another sum, is the wait as long as this? or is this long wait only for the first transfer? My transfer cheque cleared today as well.
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Post by ablrate on Sept 13, 2017 16:34:54 GMT
after 3 weeks of wait, I finally transferred my money from another ISA.
ablrate , if I want to transfer another sum, is the wait as long as this? or is this long wait only for the first transfer? Hi It really is a little antiquated in this day and age how things are done... physical paperwork going backwards and forwards and in some case a cheque (which we cannot credit until it clears). I would love to say that we could speed up the process,. but its not in our hands... and to be fair, these companies are not really motivated to give your money to another company.
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Post by elephantrosie on Sept 13, 2017 19:03:58 GMT
but ablrate, i saw the money got withdrawn from my cash isa immediately and then took 2.5 weeks to get credited to my abl account. how can you blame the other party for the delay?
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Post by GSV3MIaC on Sept 13, 2017 19:13:12 GMT
Depends on when the cash ISA provider decided to write a cheque, and when they posted it .. that may bear no relationship to when they zapped the total in your account (thereby stopping you doing anything else with it).
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Post by ablrate on Sept 13, 2017 19:24:55 GMT
but ablrate , i saw the money got withdrawn from my cash isa immediately and then took 2.5 weeks to get credited to my abl account. how can you blame the other party for the delay? They mark 'withdrawn' as the day they send the cheque... so not only does that have to clear, but they also have to send the paperwork, the history of the ISA etc to our administrators,.. and that all has to be processed. Sometimes they send a BACS paymnet (about 10% of the time)... bu we cannot credit that until the paperwork has been sent by the original holder and processed by the administrator.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 13, 2017 20:21:46 GMT
but ablrate , i saw the money got withdrawn from my cash isa immediately and then took 2.5 weeks to get credited to my abl account. how can you blame the other party for the delay? If it was a cash ISA to cash ISA transfer (Guidance 11.15c) then the existing provider is allowed 5 days to send cash/paperwork, and new provider 3 days to credit it. Allowing for a days postage and 2 weekends in an extreme case thats 11 days. Unfortunately, transfers to non-cash ISA dont have clearly defined time frames but there isnt really any excuse for exceeding the cash isa guidelines if there is no asset realisation involved. Perhaps this is something that needs to be raised with the FCA to prevent existing providers taking the mick. Edit It should also be noted that the guidance (11.16/17) says the ISA transfer history can be an electronic copy, it doesnt require a wet signature. Transfer history forms have to be sent with 30 days of the transfer, they do not have be sent at the same time as the transfer on the type of ISA and amount transferred. All of which can speed the process and ISTM clearly does not need to be as archiac as ablrate implies.
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stevio
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Post by stevio on Sept 21, 2017 15:09:46 GMT
ablrate how will the flexible part of the ISA work in practise, what will we see on the account for instance and how will this be tracked? Will withdrawals and deposits be truly unlimited? Has anyone used this facility of the AB ISA yet and maybe post their experience?
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ianj
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Post by ianj on Sept 21, 2017 15:28:51 GMT
ablrate how will the flexible part of the ISA work in practise, what will we see on the account for instance and how will this be tracked? Will withdrawals and deposits be truly unlimited? Has anyone used this facility of the AB ISA yet and maybe post their experience? Couldn't be more straight forward. Following a transfer of 'old' ISA cash, which was all invested bar 62p, I pressed Check IFISA Allowance to find a potential of £20,000 funding available. Following a transfer of the odd 62p to my Standard account, Check IFISA Allowance now showed £20,000.62, which reverted to £20,000 when the 62p transfer was reversed. Edit: The two 62p transfers showed as a Withdrawal and a Deposit in Account History.
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dawn
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Post by dawn on Nov 13, 2017 11:07:02 GMT
Does the £100 charge referenced in the terms and conditions for withdrawals only refer to a withdrawal to another ISA (because of the extra work involved in doing that)? Is there a charge for normal withdrawals - eg back to my normal bank account? Can you easily transfer from, say, an IFISA direct to a Cash ISA and would there still be a £100 charge for doing that (not sure I will want to but just making sure I am clear what can and cannot be done and the cost).
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Post by ablrate on Nov 13, 2017 13:10:46 GMT
Does the £100 charge referenced in the terms and conditions for withdrawals only refer to a withdrawal to another ISA (because of the extra work involved in doing that)? Is there a charge for normal withdrawals - eg back to my normal bank account? Can you easily transfer from, say, an IFISA direct to a Cash ISA and would there still be a £100 charge for doing that (not sure I will want to but just making sure I am clear what can and cannot be done and the cost). Hi Yes - we are charge for a transfers out, so we pass those charges on. No charge transferring from a Standard account to a IFISA or the other way around. Basically if its a transfer out (i.e you are closing your IFISA and transferring it to another, there is a charge)
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dawn
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Post by dawn on Nov 13, 2017 13:20:09 GMT
Does the £100 charge referenced in the terms and conditions for withdrawals only refer to a withdrawal to another ISA (because of the extra work involved in doing that)? Is there a charge for normal withdrawals - eg back to my normal bank account? Can you easily transfer from, say, an IFISA direct to a Cash ISA and would there still be a £100 charge for doing that (not sure I will want to but just making sure I am clear what can and cannot be done and the cost). Hi Yes - we are charge for a transfers out, so we pass those charges on. No charge transferring from a Standard account to a IFISA or the other way around. Basically if its a transfer out (i.e you are closing your IFISA and transferring it to another, there is a charge) Thank you - so if I need the money out I could transfer from the IFISA to my standard account and then withdraw it (at no cost). Obviously doing that would lose its tax-free status but I can only imagine I'd be doing that for some major reason such as a house purchase in which case losing tax-free status doesn't matter. Many thanks
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dawn
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Post by dawn on Nov 13, 2017 13:28:13 GMT
Well that was ridiculously easy. IFISA set up, funds transferred in, extra funds transferred over from standard account - all in only a few minutes. Totally painless. Thank you ABLrate
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