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Cannot transfer funds to ISA account

KeithMWME

By KeithMWME,
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KeithMWME Occasional Contributor

KeithMWME

Posted
Posted

 tried to add funds to my ISA account using a bank transfer with the correct IG ISA account reference but the money got put by IG onto a new share dealing account instead.

I have tried to use the transfer function to move the money but it is saying that is not currently available (and has been for 3 days).

The phone support is not answering after several very long waits.

How can I get this money into my ISA? (preferably by 5 April!)

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Guest Fayz

Guest Fayz

Posted
Posted

Did you enter the correct Account ID on the reference when making the transfer from your bank ? The ISA account and the Share Dealing account have 2 different Account ID. If thats the case you could potentially send the money back to your bank account and then back to IG with the correct Account ID for the ISA account. 
Let me know if this could work out.

Fayza

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KeithMWME Occasional Contributor

KeithMWME

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Hi Fayz. My bank transfer definitely had my ISA account reference and IG put it into a different share dealing account with a different reference. I guess if I withdraw and re-send the same thing will happen again.

I could really do with someone at IG sorting this out so I can get the money into my ISA in this tax year and purchase shares. I have also now incurred the £24 management fee for the Jan-Mar quarter when I really wanetd to make 3 trades to avoid it! Grrrrrrrrrr.

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Guest CP8

Guest CP8

Posted
Posted

I'm also having the same problem with transferring funds between my share dealing account and ISA - IG please help ASAP before the tax year ends!

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Guest Shayneb

Guest Shayneb

Posted
Posted

This has also happened to me, correct account number on transfer details but funds deposited in share account. Tried numerous times to transfer to ISA account but kept getting message saying unable to transfer at this time. Have also tried for nearly THREE DAYS!!!!! to get a response from IG, extremely frustrated, this is very bad service! I would like someone to contact me please!

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Shayneb9458

Shayneb9458

Posted
Posted

I have also had the same problem. Correct account No on transfer details, but deposit made to share dealing account! Tried numerous times to transfer from SDA to ISA but met with unable to transfer funds at this time. Impossible to get any response by phone, have tried for THREE DAYS!!!! Very frustrated, this is very poor service and communication, someone please contact me from IG to resolve.

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CharlotteIG Respected Contributor

CharlotteIG

Posted
Posted

Hey, 

There could be a couple of different issues. 

If you're trying to transfer funds from your share dealing account that you've recently traded on it may be due to the settlement period. You have to wait an additional 2 working days (3 for US shares) before you can transfer funds to your ISA. 

If your ISA has not been used in the previous tax year you will have to fill out an ISA form again. It will have to be a wet signature which is scanned and emailed back to us. If you need this form please email us so we can send it to you. 

I will speak to our client money team regarding fund allocation. If you have entered your ISA account number our team should allocate the funds there. If there's an issue with the ISA account (or if you've over subscribed) that's normally when they will allocate to share dealing. 

All the best

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KMacnish Occasional Contributor

KMacnish

Posted
Posted

Thanks Charlotte,

This is my first upload to my ISA in over a year, so that may be a part of the problem. However, I also specifically referenced my ISA account in the transfer, so I was a bit upset to see the money appear in my share dealing account. Obviously, this could all be stated far more clearly on the website.

Best wishes,

Kevin

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KeithMWME Occasional Contributor

KeithMWME

Posted
  • Author
Posted
19 hours ago, CharlotteIG said:

Hey, 

There could be a couple of different issues. 

If you're trying to transfer funds from your share dealing account that you've recently traded on it may be due to the settlement period. You have to wait an additional 2 working days (3 for US shares) before you can transfer funds to your ISA. 

If your ISA has not been used in the previous tax year you will have to fill out an ISA form again. It will have to be a wet signature which is scanned and emailed back to us. If you need this form please email us so we can send it to you. 

I will speak to our client money team regarding fund allocation. If you have entered your ISA account number our team should allocate the funds there. If there's an issue with the ISA account (or if you've over subscribed) that's normally when they will allocate to share dealing. 

All the best

My last trade was March 2019, so no trades in the current tax year 6/4/19 to 5/4/20. Do I have to complete an ISA form for every tax year? If so, why is it not just sent to me to do?
Bit ironic that I was trying to put money into the ISA for 2019/20 tax year so I COULD do a trade and have been stopped from doing so by IG systems!
If it does need a new ISA form, where do I get it - who do I need to email or is it online somewhere and can you confirm where I send it to?
Or maybe attach it here so others can get at it as well.

Thanks, Keith

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CharlotteIG Respected Contributor

CharlotteIG

Posted
Posted
2 hours ago, KeithMWME said:

My last trade was March 2019, so no trades in the current tax year 6/4/19 to 5/4/20. Do I have to complete an ISA form for every tax year? If so, why is it not just sent to me to do?
Bit ironic that I was trying to put money into the ISA for 2019/20 tax year so I COULD do a trade and have been stopped from doing so by IG systems!
If it does need a new ISA form, where do I get it - who do I need to email or is it online somewhere and can you confirm where I send it to?
Or maybe attach it here so others can get at it as well.

Thanks, Keith

If you haven't funded in the previous year, they you will have to fill out the form. It wouldn't be the trades it would be that you've funded because you could have used previous years allowances to trade. 

If anyone else is having this issues please @ me or quote me message and I will get one sent across. If you're a member, not a guest, I will be able to see your email address you signed up with and get one sent out. 

@Kilroywosear I will get someone to contact you. 

 

Unfortunately I can't attach the file type to this post 😞 

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KeithMWME Occasional Contributor

KeithMWME

Posted
  • Author
Posted

I have sent the ISA form with a wet signature but still no joy in being able to transfer the funds into my ISA.

Because of this extended delay I have now missed out on the chance to use my ISA allowance for 2019/20.
In the meantime, I have suffered the further indignity of being charged £24 buy IG in the share dealing account where they put my money incorrectly and didn't let me get access to it!

Hoping someone will be sensible about this and refund that charge as well as let me transfer my money to the correct ISA account now and maybe be able to make a trade.

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Guest Kevin

Guest Kevin

Posted
Posted

No, this is not unique to Keith (sorry for not responding sooner, Keith). I submitted the same form the day after Keith and still do not have access to my ISA. Unless IG sort this out soon, I will be moving elsewhere. I am already deterred by the quarterly charges, but not being able to put money into my ISA is looking like the straw for this particular camel...

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KMacnish Occasional Contributor

KMacnish

Posted
Posted

No, Keith is not alone. I submitted the same paperwork the day after he did (sorry for not responding sooner, Keith) and still no response. I was already frustrated by the quarterly charges introduced last year, but this is probably going to be the push I need to look for a new platform.

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caseyK New Contributor

caseyK

Posted
Posted (edited)

Sorry to hear that folks.  Are IG helpful on the phone re this at all?

And what other platforms are you considering, if you don't mind me asking?  I have HL at the moment but comission per deal is rather high (@KeithMWME sorry for potentially hijacking the thread -- happy to start a new thread if the discussion re different platforms swamps the funding issue discussion)

Edited by caseyK
added info
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KMacnish Occasional Contributor

KMacnish

Posted
Posted

I got fed up with waiting on hold when I called. I appreciate the difficulties here at the moment, obviously, but that's why email is a preferable medium.

I am considering Charles Schwab, which has extremely low commission rates and no quarterly fee (but no ISA, either, so it's a Pyrrhic victory on that count).  I'd rather IG sorted the ISA thing out and dropped their quarterly fees, though.

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KeithMWME Occasional Contributor

KeithMWME

Posted
  • Author
Posted

FIXED! I have finally been advised that my ISA was reactivated and have been able to transfer the funds into it. I have also had the £24 incorrectly charged on the second share dealing account I didn't even want refunded.

It seems the problem was the fact that I had not traded in the ISA account in the previous tax year and IG needed a new ISA form signed to keep the account usable.

Maybe proactively advising people that their ISA accounts have been frozen and need a new form signed would be a good idea in future?

Anyway, now fixed and even though I have completely missed the 5 April deadline for the last tax year to get the money into my account I have got there in the end and am willing to give IG the benefit of the doubt in these very strange times. :)

Good luck to others trying to resolve the same issue and thanks for your feedback - it was reassuring knowing I was not alone!

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KMacnish Occasional Contributor

KMacnish

Posted
Posted

Thanks for the update, Keith, and it's good to know things are moving forwards. As you say, I'm happy to give grace under the circumstances if things do get sorted out. Your response gives me hope! 

Perhaps an even better way forward would be an automated email sent after 11 months of no deposits/withdrawals stating that the ISA will be frozen if not used in the next 30 days? This was news to me.

 

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