Post office Bond funding?

metrobus · 2 February 2018 at 1:41AM

I opened a post office bond earler and transferred money from my Santander nominated account into it.
It did say something about a direct debit but I thought it would just automatically transfer .
I have now checked my Santander account and no money has gone out and no money pending to go out.
I have also logged into the Post office savings and the account is not yet showing.
Any advice would be gratefully recieved.

chockydavid1983 · 2 February 2018 at 11:34AM

There's been various similar posts involving the PO over the years.
I would call them and/ or Santander.

Spelunthus · 2 February 2018 at 12:30PM

No help to OP but I have same issue.

I opened the PO Bond, got sign-in and account details, completed the online Direct Debit request and nominated account details. But 6 days later the money has not left my current account, and the PO bond account does not show up on the PO website. I held on the phone to PO Savings for 15 minutes this morning, no response. Not good service and it's very unclear how this money should be transferred. They say 1) send a cheque - but send where? and payable to what? or they say 2) pay by direct debit, which is what I believe I have requested (and I can see the Direct Debit details sitting in my C/A - it has been set up). But nothing is happening.
I'll update this when I understand what is going on.....

Spelunthus · 5 February 2018 at 1:52PM

Update 5th Feb. I phoned PO Savings again and got through.
Nice Irish lady confirmed that everything was fine and it takes 7 Days (!) to transfer the money from my C/A to the Bond. I could expect this to happen on 7th Feb (which is 9 days since the Bond was opened).

As of today (5th Feb), the money still shows as being in my C/A.

I suggested that they need to put this information on their website and/or the confirmation letter. Seems glacially slow in 2018.

metrobus · 6 February 2018 at 4:40PM

I have not even had a confirmation letter or email.

They are a shambles.

metrobus · 15 February 2018 at 12:00PM

So here is an update to the current process when applying for a post office 1 year online bond.

Applied February 1st

Money taken out by direct debit in February 12th

February 15th now and still no sign of the account when I log in or no confirmation of money debited or account up and running either by post or email.

This company is a total joke and I will be making an official complaint about the pathetic service.

metrobus · 18 February 2018 at 7:05PM

So today after 17 days the bond is finally showing on my accounts page when I sign in.
I fully expect problems when the 1 year bond matures and will never again go near their products.

Spelunthus · 19 February 2018 at 2:20PM

Very similar experience....
Applied February 1st. PO took 9 days to execute transfer from my C/A via direct debit. I can see that the money left my C/A

As of today (19th Feb) no sign of the account when I log in and no confirmation of money debited or account up and running either by post or email.

I THINK everything is OK, but they are SO SLOW in their processes that I have very little confidence.

killiepie · 24 February 2018 at 12:39PM

Post Office Savings/Bank of Ireland UK appear to be in a total mess with regards processing deposits. Opened a 1yr Bond online on 2nd February. Was advised funds would be collected from my account by DD asap. Funds duly collected on 12th February. Phoned on 16th February as funds still not shown. Was advised they would show by close of business. Still nothing by 19th another phone call. Was advised that the previous member of staff had given incorrect info but that funds would show on Tuesday 19th. Wait for it still nothing. Phoned for the third time on Wednesday and requested that I speak to a Manager. Gentleman admitted that they were having problems tracing individual funds. That is certainly re-assuring! He advised that they did probably have the money but were having difficulty finding which Suspense account the funds were held. Meanwhile now Saturday 24th and still nowt. Efficient organisation - NOT.

Spelunthus · 27 February 2018 at 6:32PM

Confirmation today that there IS a problem. I received an email from PO Money
...." We’re very sorry but we’ve experienced a glitch which means that, although we’ve taken the money from your bank account, we haven’t yet completed opening it for you....."

... so that's all right then, and not at all reassuring. I still cannot see the online bond when I logon to PO Money. They promise it will be there in a week or so, and promise no loss of interest... - what are they using - quill pens and sealing wax?

Post office Bond funding?

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