Where's my money?
May 23, 2011 3:56 AM Subscribe
I transferred a lot of savings into an ISA. They've gone out of my current account, but not into the ISA. How worried should I be?
So I had about £7k sitting doing not much in my current account, and I thought 'I should ISA that'. I opened an ISA with a different bank and decided to transfer the money through online banking.
Now I've heard a lot of horror stories about money disappearing with online banking, so I figured I'd do a couple of test transactions first. I sent £10, and it instantly went out of my current account and turned up in the ISA - turns out my Current Account bank does a fast service for small amounts, and they resolve instantly. Cool, thought I. So I sent another £300. It goes out of my current account and instantly turns up in the ISA again - both online accounts are updating instantly.
Cool again, thought I, and I sent a full £5,000. Now, the fast transaction service isn't available for large amounts so it said it would resolve in three days - fair enough. Except it's been three days, and the money has gone out of my current account - but it hasn't registered in the ISA.
I contacted my ISA bank and they say it 'could take a couple of days to update' - but the other transfers registered immediately. Should I be worried about where it's gone? I'm probably just being paranoid and I should trust that the adviser on the phone knows what she's talking about, but then you hear stories of incompetent helpdesk people giving wrong advice... basically, should I be making multiple calls and yelling down the phone right now?
So I had about £7k sitting doing not much in my current account, and I thought 'I should ISA that'. I opened an ISA with a different bank and decided to transfer the money through online banking.
Now I've heard a lot of horror stories about money disappearing with online banking, so I figured I'd do a couple of test transactions first. I sent £10, and it instantly went out of my current account and turned up in the ISA - turns out my Current Account bank does a fast service for small amounts, and they resolve instantly. Cool, thought I. So I sent another £300. It goes out of my current account and instantly turns up in the ISA again - both online accounts are updating instantly.
Cool again, thought I, and I sent a full £5,000. Now, the fast transaction service isn't available for large amounts so it said it would resolve in three days - fair enough. Except it's been three days, and the money has gone out of my current account - but it hasn't registered in the ISA.
I contacted my ISA bank and they say it 'could take a couple of days to update' - but the other transfers registered immediately. Should I be worried about where it's gone? I'm probably just being paranoid and I should trust that the adviser on the phone knows what she's talking about, but then you hear stories of incompetent helpdesk people giving wrong advice... basically, should I be making multiple calls and yelling down the phone right now?
But, do note down the details of your contact with the ISA bank (what time of day, what phone number, who you talked to, as much of the specific Q&A as you remember)... just in case.
posted by No-sword at 4:03 AM on May 23, 2011
posted by No-sword at 4:03 AM on May 23, 2011
The current annual limit for investing in cash ISAs is £5340. Are you sure you've not gone over that limit by accident? Doing that might have held things up.
posted by mattn at 4:11 AM on May 23, 2011 [1 favorite]
posted by mattn at 4:11 AM on May 23, 2011 [1 favorite]
By 3 days, do you mean 3 working days? Or do you mean you sent it thursday/friday and it hasn't shown up yet?
posted by missmagenta at 4:34 AM on May 23, 2011
posted by missmagenta at 4:34 AM on May 23, 2011
Give 'em another three days. If it isn't there, call them. Large transactions do, in fact, take a while to clear, and we're just coming off the weekend, which doesn't count.
posted by valkyryn at 4:44 AM on May 23, 2011
posted by valkyryn at 4:44 AM on May 23, 2011
When I transfer money from my checking acct into my high yield savings acct, it usually leaves my checking account the following day , and then shows up in my savings account 3-5 days later. Keep your eye on it, but dont start panicking yet.
posted by to sir with millipedes at 5:02 AM on May 23, 2011
posted by to sir with millipedes at 5:02 AM on May 23, 2011
Give it a few more days (and, once it shows up, bear in mind you can only put another £30 in the ISA this tax year, so you're going to have to find something else to do with the remaining ~£1700).
posted by caek at 10:25 AM on May 23, 2011
posted by caek at 10:25 AM on May 23, 2011
Response by poster: There we go, it just turned up. I'm just a twitchy paranoid luddite after all. Cheers all (extra cheers Caek for that other savings link too).
posted by Fen at 5:41 PM on May 24, 2011
posted by Fen at 5:41 PM on May 24, 2011
This thread is closed to new comments.
posted by JonB at 4:01 AM on May 23, 2011