Transfer from TDD to IG

TheWildshot
Posts: 17
Joined: November 4th, 2016, 12:24 pm

Transfer from TDD to IG

Postby TheWildshot » November 11th, 2016, 7:56 am

As I explained here http://boards.fool.co.uk/i-sent-a-transfer-request-form-to-ig-on-friday-in-13446715.aspx on TMF on 14th October I posted a transfer request to IG to transfer my ISA from TDD to IG. I said that I would keep you informed of the progress.

By the 18th October IG had acknowledged by e-mail receipt of my transfer request and things were underway. Then soon after TDD acknowledged receipt of the transfer request, also by e-mail.

There is a Track my Transfer function in the TDD program which gives a little information on progress. This tends to indicate that TDD plan to contact IG on a set date (usually Fridays) to organise the transfer.

So far I've come across a couple of hurdles. Firstly, last year I was unfortunately a shareholder in Globo (who had their share listing suspended then delisted) and TDD still show this shareholding in my portfolio even though it is nil value and will always be nil value. Since it is no longer a listed share IG have informed TDD that they will not accept this holding on the transfer. (Not too sure how I'll resolve this, I'll have to resolve this with TDD when I close my account with them after the rest of the transfer is complete.)

Also, my Track my Transfer page showed that TDD would be in contact with IG last Friday to arrange my transfer. Nothing transferred across.

Then this Tuesday I received an e-mail from IG saying that my ISA contains some US shares so I need to complete a W-8BEN form (which you need to complete if you want to hold US shares). Fair enough you might think but this annoyed me. I had already anticipated this and sent IG a completed W-8BEN form in the same envelope as my transfer request to them in October.

Somehow the administration at IG had let me down here and has delayed my transfer request by at least a week, if not longer. I also have had to redo a US tax form (W-8BEN) and send it to them which is annoying.

I will try to keep you up to date with further progress on my transfer. At the moment it is taking 4 weeks and counting.

doug2500
Posts: 38
Joined: November 4th, 2016, 11:51 am

Re: Transfer from TDD to IG

Postby doug2500 » November 12th, 2016, 10:17 am

TheWildshot wrote:There is a Track my Transfer function in the TDD program which gives a little information on progress. This tends to indicate that TDD plan to contact IG on a set date (usually Fridays) to organise the transfer.

So far I've come across a couple of hurdles. Firstly, last year I was unfortunately a shareholder in Globo (who had their share listing suspended then delisted) and TDD still show this shareholding in my portfolio even though it is nil value and will always be nil value. Since it is no longer a listed share IG have informed TDD that they will not accept this holding on the transfer. (Not too sure how I'll resolve this, I'll have to resolve this with TDD when I close my account with them after the rest of the transfer is complete.)

Also, my Track my Transfer page showed that TDD would be in contact with IG last Friday to arrange my transfer. Nothing transferred across.


Well in my experience transfers can be hit and miss, I've had it done in a week and had it take in excess of a couple of months. And worse, you don't know who's fault it is.

I've also had the problem with delisted shares. Given that there is an almost 100% probability that it will never be of any value you can surrender the shareholding, and claim it as a total loss. I'm not sure what happens then, I presume it sits on the brokers books at nil value until it is legally wound up, and if it miraculously rises from the dead any benefit will be the brokers? Just phone or write to them instructing them, probably better in writing and keep a copy for tax purposes.

Lastly, IME 'track your transfer' is woefully inaccurate both on the way in and out. Almost completely ignore it.

TheWildshot
Posts: 17
Joined: November 4th, 2016, 12:24 pm

Re: Transfer from TDD to IG

Postby TheWildshot » November 15th, 2016, 7:02 am

Thanks for sharing your experience Doug.

I've had a couple of experiences of transfers before and I know it can take varying lengths of time.

Thankfully it looks like Globo has resolved itself. I got a message from TDD yesterday saying that the final resolution from the liquidators is that the shares are worthless (as I expected) so without further prompting from me, TDD have removed the listing.

TheWildshot
Posts: 17
Joined: November 4th, 2016, 12:24 pm

Re: Transfer from TDD to IG

Postby TheWildshot » November 25th, 2016, 12:18 pm

As a quick update:

I called TDD a little earlier this week to see how the transfer was going, since the "Track My Transfer" feature on their website seemed to be referring to some dates which had passed and nothing had clearly happened. The guy on the phone tracked with the transfer desk and confirmed that IG had e-mailed them and they hadn't responded. To cut a long story short they said that they would now proceed with the transfer.

About a couple of days ago my US holdings were showing as being transfered out of TDD. They have yet to appear in IG but I suspect the Thanksgiving holiday might have something to do with this? I hope to see them in my IG holdings next week.

As of yesterday all my UK holdings were with TDD. I've just logged into IG just now and all my shareholdings have transferred across. I have noticed (unsurprisingly) that the cost history has not moved across so all holdings are 100% profit as far as IG can tell. (Just as well I keep portfolio records on ADVFN and a couple of other places).

I can't trade yet because my cash balance of nearly £6k is still in TDD. I'm not sure when this will transfer but hopefully soon.

One thing that did slightly concern me on my discussion with TDD on the phone and that was with regard to my ex-dividend shares. I asked if the dividends would be transferred across since I wanted to keep them in my ISA tax shelter. The answer I got was a little wishy washy and it came across as though TDD would receive the dividends then send them out to me rather than transfer them direct to my ISA with IG. Not really what I wanted and I'll have to monitor this.

So it appears to have been a fairly drawn out process, a little longer than indicated by either broker. I think if anyone else goes through a transfer between brokers I would advise to monitor it carefully.

TheWildshot
Posts: 17
Joined: November 4th, 2016, 12:24 pm

Re: Transfer from TDD to IG

Postby TheWildshot » December 2nd, 2016, 8:00 am

This week has not been great in terms of the transfer. IG contacted me earlier this week to say the transfer of my US shares (from TDD to IG did not complete correctly) and that IG would make contact with TDD to find out why.

I also enquired with TDD when the main cash balance (a few thousand pounds) on my account would be transferred across to IG since it hadn't gone across with the shares. They promised me that it would go across by the end of this week. Well it is now virtually 8am on Friday and the money has not been transferred yet.

I'm generally a patient person but this process is now a little more drawn out and more troublesome than previous transfers I have experience of.

TheWildshot
Posts: 17
Joined: November 4th, 2016, 12:24 pm

Re: Transfer from TDD to IG

Postby TheWildshot » December 8th, 2016, 7:31 am

As of last night I am pleased to report that the transfer to IG is now virtually complete.

The cash funds held in TD Direct were successfully received into IG yesterday morning, 3 working days later than initially indicated by TDD. This transfer did take some prompting from myself because TDD were making promises they clearly were not keeping.

My US shares finally appeared in my IG account last night. No idea why they "disappeared" for around 2 weeks but both brokers seem to have worked it out.

I do have a further gripe with TDD. I'd explained to them that I wanted to keep my funds within a tax wrapper (ISA) so wanted them to track and collect any dividends from shares which had gone ex-dividend prior to transfer. Yet this request seemed to be ignored and as soon as they initiated the transfer of cash to IG (last Friday) they promptly closed my ISA and removed all my access from the account history. It is only when I complained via e-mail that they reopened the account and I have normal access again.

Yesterday I made my first few trades with IG and the portal seems fairly straightforward to use. Only £8 a trade is a good price. I can't see any automated stop loss feature which TDD had (but I stopped using that a while ago when too many stops were triggered on overall market drops only to see the share price recover).


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