Cambridge BS account maturity

colsten wrote: »

If anyone has an account maturing with Cambridge BS, it might be worth if you give them a call before maturity to ensure your written instructions will be carried out promptly.

I had an account maturing on Friday and had expected to receive the cheque with the matured balance on Saturday, or today at the very latest. I had sent them the relevant instructions on their maturity form, together with the passbook, by snail mail over a month ago.

On Friday afternoon, they sent me a secure message asking me to confirm my written instructions. Weird thing to do, and weird that they didn't ask me before the maturity date. I confirmed as requested and was then told a cheque had been drawn on my account on the Friday and they hoped it would be with me Saturday or today. Well, it wasn't, and they can't actually be sure that they mailed the cheque. They are presently investigating.

Meanwhile, I am not impressed. I wish they'd offer bank transfers and didn't insist on cheques.

They do offer bank transfers (via FP) - see my post here.

I remember the launch of Cambridge BS's regular saver last year - it was popular. So popular that they stopped phone applications and then it was withdrawn altogether soon after. The launch of their next regular saver was limited to branch and postal applications and they eventually allowed phone applications.

Like you, I got a maturity instruction form, but I figured it wasn't worth the hassle and they'd be inundated with forms. I got 2 subsequent phone calls asking me to return the form, I explained on both occasions I wanted to do open a new regular saver, transfer £300 into it from the recently matured regular saver and send over the remaining balance via FP. They said this was fine on both occasions, but I did sense an element of dissatisfaction.

Phoned them up on the day of maturation and was told to send the maturity form. I told the phone adviser that I'd like to sort it out over the phone, she said that it would not be possible (i.e. it physically can't be done). I mentioned my previous conversations, silence for 5 seconds, she put me on hold for 5 seconds (presumably to take a sip of water) and came back to inform me that we can go ahead and sort it out over the phone.

In short, I haven't been that impressed with their service, especially the bit where they lied to me.

To the OP, is there anyway you can ask them to forget about the cheque and send over the payment as a FP? Much easier and you'll have your funds within the hour.

Agree generally. I have no problems with when I received my cheque etc. I have however had real concerns about the competence of some of their counter staff, so have opted for one of their fixed rate e-bonds to keep my option opened for another year and to keep me away from their staff.

colsten wrote: »

They couldn't do one for me as they don't have any current account for me on file. To add one of those, I would have to send them a cheque, as proof that it was my account!!!

With hindsight, I should have asked them a month ago whether they can do a bank transfer.

Hindsight is a wonderful thing, but of little practical use:cool:

Have you got your cheque yet colsten?

My account matured on 4th. Cheque arrived 6th and paid into my Co-operative account via Post office on the same day. I'm waiting for the funds to appear so I can pay the balance on my October cruise, and the rest will sit in Santander @ 1.5% to feed into multiple RS accounts on 1st August. I'm not overly concerned by the loss of interest:p

Karlie
In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?

castle96 wrote: »

Karlie
In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?

To retain her status as an existing customer?

Presumably on the assumption that if any future offerings are restricted to existing customers, then she qualifies. If they open to everyone, she still has a head start & will probably avoid any potential delay over ID checks.