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Post by ogwellian on Apr 4, 2021 15:56:21 GMT
My wife and I have about £50k sitting in our holding accounts waiting for ISA transfers to go through. As all the money is using previous years' allowances we don't want to withdraw the cash to our bank accounts as it would lose their ISA wrappers.
I don't expect these two transfers will be done over the Bank Holiday weekend.
Is anyone else waiting for transfers?
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morris
Member of DD Central
Posts: 272 
Likes: 155
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Post by morris on Apr 4, 2021 16:07:44 GMT
Yes. But I am not expecting any quick resolution as I only sent the transfer form to the receiving institution (broker) last Tuesday.
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Post by Deleted on Apr 4, 2021 16:30:57 GMT
Yes. I get the impression transfers will be processed quite quickly from Tuesday. The receiving institution needs to accept faster payments - it's mentioned in the FAQs somewhere.
Can I suggest we update this thread when we see our balance(s) transferred so we can all see any progress?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Apr 6, 2021 20:52:26 GMT
it will not be only ratesetter here, many institutions will have backlogs and plenty will not even be in the hands of ratesetter.
that said i doubt it is important to ratesetter they are a lending business, have repaid all loans and have very little drive to push ISA transfers hard - likely only do the needful and allow a backlog (by low resources working on it). i would not be remotely surprised if there was a big delay and all you can do is call a likely uninterested investor customer team as their jobs will come to an end or relocate.
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macq
Member of DD Central
Posts: 1,934
Likes: 1,199
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Post by macq on Apr 6, 2021 21:52:13 GMT
while this may not be considered normal times the guidance from HMRC has been cash to cash 15 working days,cash to stocks and shares 30 days with the right to start complaining to the new provider if not done.So there should be someone chasing if they drag their heels
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Post by Deleted on Apr 9, 2021 7:58:20 GMT
Has anyone seen any progress with their ISA transfer? I've been told there's a backlog but that's it.
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Post by rarrar on Apr 9, 2021 19:51:51 GMT
Had email on 7th from new ISA provider saying they has sent transfer request to Ratesetter.
Email today from RS saying "have received transfer request, process expected to take 5 working days and email will be sent when money transferred" .
So doesnt sound too bad.
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Post by ogwellian on Apr 9, 2021 22:00:33 GMT
I had an email from my new provider on the 7th saying the transfer had been sent. Nothing yet from RateSetter.
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Post by birdie on Apr 14, 2021 11:17:32 GMT
I had conformation from my new provider on the 26th March saying they had forwarded my transfer request to RateSetter to move funds as soon as they were available, heard nothing since.
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Post by birdie on Apr 15, 2021 6:48:09 GMT
Yesterday my wife had a message from her new provider saying that Ratesetter had informed them that there was a delay in processing the transfer.
No surprise then.
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Post by Deleted on Apr 15, 2021 12:16:53 GMT
RS has said they are currently processing transfer requests received on 29 March.
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Post by birdie on Apr 16, 2021 7:56:51 GMT
I had conformation from my new provider on the 26th March saying they had forwarded my transfer request to RateSetter to move funds as soon as they were available, heard nothing since. Just to add, yesterday I had an e-mail from Ratesetter saying my transfer should be completed in 5 days, that amount has gone from my Ratesetter ISA account. My RS ISA account is to be split into three existing providers, I have heard nothing about the other two transfers yet. Steve
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Post by birdie on Apr 17, 2021 7:15:12 GMT
A second e-mail stating my funds should be transferred in the next 5 days and the money has left my Ratesetter account. So that's two of the three new ISA transfers being processed at the moment.
Steve
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Post by rarrar on Apr 17, 2021 8:12:25 GMT
Had email on 7th from new ISA provider saying they has sent transfer request to Ratesetter. Email today from RS saying "have received transfer request, process expected to take 5 working days and email will be sent when money transferred" . So doesnt sound too bad. 13th eMail from RS saying ISA transfer complete money is being sent 17th Money in HSBC ISA account first thing !! Maybe a couple of days longer than previous ISA transfers into HSBC who still require a paper transfer form from their customers !
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Post by ogwellian on Apr 18, 2021 8:14:04 GMT
Both our providers (AJ Bell and Fidelity) needed paper based transfer requests. Still heard nothing. Hope our providers followed our instructions to email the requests as RateSetter requested.
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