From: john boyle 
Newsgroups: uk.finance
Subject: Re: Transferring cash ISA
Date: Wed, 3 Mar 2004 21:50:29 +0000

In message , Nicholas F 
Hodder  writes
>"john boyle"  wrote in message
>news:+KWv0LBsekRAFw1W@johnboyle1.demon.co.uk...
>>
>> Nothing. I cant really believe that you couldn't have foreseen that this
>> is what would happen. Why should Abbey give you a cheque for free?
>
>Who said anything about cheques?

Thats the way the dosh gets transferred.

> And what is free?

They didnt charge for doing it.

>
>Anyway, when I transferred from Smile to Abbey, the transfer happened on the
>same day.

Not so, see their web site

snip

Q.  How long will it take to reach the new provider?

A. Once we've completed the transfer, it's despatched to the new 
provider by First class post.

Q.  Will I lose any interest?

A. Not if you're transferring from smile. Interest accrues on the 
cleared daily balance of the account and all interest is paid to the 
date of the transfer (this may differ with other providers).

Q.  My deposit was not paid into my new account until y date, this means 
that I lost x days' interest. Will you compensate me?

A. Not if you're transferring from smile. We pay interest to the date of 
transfer, if there are any delays with the new account any compensation 
claim is with your new provider. If you're transferring to smile and 
we've made mistakes, our aim is to put those right.

unsnip

So Smile make up the few extra days interest, but they dont have to.

  This is how it should be.

Eh? Why? Smile pay a paltry rate of interest on their ISA, so they keep 
a wodge back to cover costs like those incurred transferring itinerant 
ISAs. I dont see why those who stay with one ISA provider should suffer 
a lower interest rate just to cover the costs of those who keep 
switching round.

Abbey's terms for a transfer say quite clearly "We will cash in all or 
part of your ISA before the transfer".

-- 
John Boyle