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  • FIRST POST
    • DCurrer
    • By DCurrer 3rd Nov 11, 4:26 PM
    • 26Posts
    • 9Thanks
    DCurrer
    Post Office is VERY SLOW at transferring funds
    • #1
    • 3rd Nov 11, 4:26 PM
    Post Office is VERY SLOW at transferring funds 3rd Nov 11 at 4:26 PM
    A word of warning to others; the Post Office can take WEEKS to transfer money into a new online savings account, causing a significant loss of interest.

    I opened a new two-year fixed interest account with the Post Office online on 20 October to achieve a slightly higher rate of interest than my current provider was offering on matured savings. Cheque or direct debit were the only options offered for payment, so I chose direct debit.

    As an existing Post Office online savings customer, verified and with links to my current account already in place, I assumed that a direct debit would take only a few days to sweep the money out of my current account and into the new Post Office account. However, it wasn't until Tuesday, 1 November (12 days later, including weekends) that the money left my current account, and as of today (Thursday, 3 November) it still doesn't show as having been deposited in my new Post Office account!

    Due to this delay, it will take at least half of the two-year term to recover my lost interest, compared to simply re-investing with my previous provider at a marginally lower rate. Has anyone at the Post Office heard about Faster Payments, BACS payments - or simply getting a move on?!?
Page 1
    • gterr
    • By gterr 3rd Nov 11, 5:45 PM
    • 520 Posts
    • 221 Thanks
    gterr
    • #2
    • 3rd Nov 11, 5:45 PM
    • #2
    • 3rd Nov 11, 5:45 PM
    I'm having the same problem: a two-year fixed interest Post Office bond, opened online on 27th October, requesting the transfer by direct debit. The money has not left my current account, into which I had to transfer it early to be ready for the PO to take it. So, I'm already looking at 10 days' lost interest. When I filled in the online form and completed the DD instruction a response popped up to thank me and to acknowledge that the funds had been deposited!

    Confusingly, I've also had an email from PO welcoming me to my new savings account and requesting me to make my initial deposit by cheque "without delay" to secure the interest rate. I am away from home at the moment so it's difficult for me to phone them to find out what's happening, and I can't find an appropriate Customer Service email address anywhere. Any thoughts?
    • DCurrer
    • By DCurrer 7th Nov 11, 10:18 AM
    • 26 Posts
    • 9 Thanks
    DCurrer
    • #3
    • 7th Nov 11, 10:18 AM
    • #3
    • 7th Nov 11, 10:18 AM
    Yes, very frustrating, Gterr! My new two-year bond STILL doesn't show online, nor have I had any further letter (as promised) from Post Office Savings to confirm my deposit - so heaven knows where the money is now.

    FYI, two customer service/complaint numbers I've found (both chargeable, unfortunately) are 0845 600 5580 and 0845 602 3409. Good luck! I shall be ringing shortly to see if they can tell me anything useful . . .
    • Ark Welder
    • By Ark Welder 7th Nov 11, 11:38 AM
    • 1,691 Posts
    • 1,539 Thanks
    Ark Welder
    • #4
    • 7th Nov 11, 11:38 AM
    • #4
    • 7th Nov 11, 11:38 AM
    Paying an initial sum by direct debit will be slow because of the length of time that is required for both banks to set it up. This is similar for all institutions and not just the Post Office (in this case!).
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.



    • Sceptic001
    • By Sceptic001 7th Nov 11, 11:39 AM
    • 1,100 Posts
    • 849 Thanks
    Sceptic001
    • #5
    • 7th Nov 11, 11:39 AM
    • #5
    • 7th Nov 11, 11:39 AM
    They do have a freephone number - 0800 1694955

    Their direct debit system is very arcane. For future reference, if you have a PO online saver account you can transfer money instantly into their fixed rate accounts.
    • gterr
    • By gterr 7th Nov 11, 12:38 PM
    • 520 Posts
    • 221 Thanks
    gterr
    • #6
    • 7th Nov 11, 12:38 PM
    • #6
    • 7th Nov 11, 12:38 PM
    Thanks for the phone numbers. I've just got off the phone to Post Office. Initially was told that it was too soon to be chasing this, since it can take 10 days. I pointed out that I'd completed the online application form, AND had received an acknowledgement that my initial deposit was complete, on 27th October. I'd also received through the post confirmation of details of my nominated account (for DD), letter dated 27th October.

    Was placed on hold for 15 minutes, then told the money would be transferred tomorrow - 8th November. No apology: just routine time lag, apparently.

    I still don't have my online login details etc., and these won't arrive for several days, apparently.

    So, taking into account that I had to move my deposit from an interest-bearing account into my current account before making my application, my money has been languishing without earning interest for 18 days - assuming the transfer does go ahead tomorrow.

    Appalling!
    • gterr
    • By gterr 7th Nov 11, 12:42 PM
    • 520 Posts
    • 221 Thanks
    gterr
    • #7
    • 7th Nov 11, 12:42 PM
    • #7
    • 7th Nov 11, 12:42 PM
    Oh yes: and just a quick follow-up regarding setting up the Direct Debit: Post Office confirmed that all the required paperwork (including acknowledgement from my bank) was received and in place by 31st October. So, no excuse for any further delay.
    • DCurrer
    • By DCurrer 7th Nov 11, 1:02 PM
    • 26 Posts
    • 9 Thanks
    DCurrer
    • #8
    • 7th Nov 11, 1:02 PM
    • #8
    • 7th Nov 11, 1:02 PM
    Thanks to Sceptic001 - I wish I'd known this! Yes, I could have sent the new funds to my Online Saver by BACS, then transferred them to the two-year bond. Sadly, too late for me now.

    I've just come off the phone to customer service, who tell me that my funds are still 'being processed'. They were direct debited from my current account on 1 November, but are STILL not cleared into the new Post Office bond. Cleared? Why on earth should an electronic transfer take longer to clear than a cheque?

    I will not be depositing any more money with Post Office Savings, regardless of rate, in future.
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