ISA transfer - is the money supposed to disappear?

[Ari]

I finally got my arse in gear and organised a transfer of my cash ISA to a new provider in order to get a better rate (still crap, but not quite the virtually zero that it was). I'm slightly alarmed at the fact that the entire ISA has disappeared from my previous bank, yet when I log into my new ISA, the balance is zero...

I've never done this before, is this normal (please tell me this is normal! )

[Badda]

Ari said:

I finally got my arse in gear and organised a transfer of my cash ISA to a new provider in order to get a better rate (still crap, but not quite the virtually zero that it was). I'm slightly alarmed at the fact that the entire ISA has disappeared from my previous bank, yet when I log into my new ISA, the balance is zero...

I've never done this before, is this normal (please tell me this is normal! )

What did the new provider say?

[xeny]

Every time I've done this, the process has been flaky as <censored> and seems very manual. I'd worry after maybe a week. Cash->S&S is in my experience not so bad. S&S to S&S with a different platform can take a month or more.

[trickywoo]

Pretty much par for the course.

I’m with a well known investment platform and the disappearing funds thing too a while to get used to in switching funds etc. I think that’s just how they are. Does make me wonder what would happen in the event of a major cyber meltdown but I guess everyone would be fked then.

[Ari]

Just checked my original account holder and there is a letter there confirming the transfer so I guess all is well. If it's not turned up tomorrow I'll give them a bell but I'm reassured that this seems par for the course, thank you.

[colin79666]

Pretty normal if it goes out of one account to not appear in the other for a couple of days. Nothing happens on a weekend at most banks so if it left on Friday it probably won't show until at least Monday.

[Stella Tortoise]

Normal, will be backdated for interest.

[Ari]

Thank you. That is reassuring.

[Ari]

No sign of it this morning so I called them and they told me that they had it, it would be credited to my account today and would show up online later today.

Just checked again and the balance is still zero, but 'Available to withdraw' is now showing £1,000 less than the amount the balance is supposed to be, which is a little odd.

Anyway, they've clearly got it and no doubt it'll appear on line soon.

So much for the fast paced instant transaction banking world we supposedly live in!

[TooLateForAName]

Ari said:

Just checked again and the balance is still zero, but 'Available to withdraw' is now showing £1,000 less than the amount the balance is supposed to be, which is a little odd.

£1000 minimum investment? So balance to withdraw without closing the account would be x - £1k

[Ari]

Yes, spot on. Just looked at the T&Cs - 'Minimum operating balance: £1,000'.

Still weird that it's showing an account balance of £0.00 and then 'Available to withdraw' as the total amount that should be there, less £1,000. Obviously I get why it's £1,000 less, just not why that's showing, yet the main balance figure is zero.

Ah well, they've obviously got it, but will feel better about it when the balance figure is correct - hopefully tomorrow.

[Ari]

The eagle has landed!

Phew!