Maturing Term Deposit could be issued by cheque- Not I hope!

Ifts wrote: »

Before making a deposit I asked how the funds were going to be returned to me at the maturity date and they told me I had to open a 'Ready Cash Account' with them and they will upon maturity of the FTD transfer the funds into it so I can withdraw the money from there or have a cheque posted to me.

They also said at the time that they may have an easier option to return customers money by the time my FTD matures and to enquire closer to the maturity date.

Didn't hear back from the OP how their funds got returned to them so thought I'd update how I got on as my fixed term deposit that I opened (with Yorkshire Bank) in 2011 has now matured and I've had the money returned to me without having to open another account with them to receive it - which at the time of opening (back in 2011) the term deposit I was told by YB you had to to receive the maturing funds.

I received the maturity instructions from YB about a month before the maturity date, it gave you the option of opening a new fixed term deposit or having the money returned via electronic payment (just had to supply them a sort code and account number - this does not have to be a YB account, mine was not), they gave you the choice to give them your maturity instructions via post, phone or you could do it online.

The money was returned to me in one go via faster payment and landed in my nominated account by the next day following the maturity date.

So credit where its due, well done to Yorkshire Bank for making it easy.

lucky77 wrote: »

The bank's online form only gives the option of having the matured funds paid into a Yorkshire Bank current account.

Yes, although the bank's online form asks for the Yorkshire Bank current account details - They do not have to be a Yorkshire Bank sort code & account number.

I used the details for my HSBC current account on the online form (after speaking to YB and telling them that online its asking for YB details but the postal form just asks for current account sort code and account number and they said the current account details entered on the online form do not have to be for a Yorkshire Bank account) and they paid the whole amount in one go via faster payments into my HSBC account one day after maturity.

Whatever details you do use make sure you can receive a Faster Payment in to that account and you should have the funds returned to you a day after maturity.

I think I'll post the paper form as it just asks for the sort code and account number of the account you want the money paid into.

I preferred to complete my maturity instructions online - no worry in anything going missing in the post. As soon as I submitted the online form I got email confirmation from them to say they have received my instructions.