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  • FIRST POST
    • longhotsummer
    • By longhotsummer 15th Oct 16, 8:22 AM
    • 4Posts
    • 2Thanks
    longhotsummer
    Cashing In Withdrawing Premium Bonds
    • #1
    • 15th Oct 16, 8:22 AM
    Cashing In Withdrawing Premium Bonds 15th Oct 16 at 8:22 AM
    I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

    Appalling.
    Last edited by longhotsummer; 15-10-2016 at 8:22 AM. Reason: Tidying.
Page 1
    • Ballard
    • By Ballard 15th Oct 16, 8:27 AM
    • 1,248 Posts
    • 922 Thanks
    Ballard
    • #2
    • 15th Oct 16, 8:27 AM
    • #2
    • 15th Oct 16, 8:27 AM
    They repay by BACS as per their terms and conditions.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • bigfreddiel
    • By bigfreddiel 15th Oct 16, 8:36 AM
    • 4,075 Posts
    • 1,863 Thanks
    bigfreddiel
    • #3
    • 15th Oct 16, 8:36 AM
    • #3
    • 15th Oct 16, 8:36 AM
    They repay by BACS as per their terms and conditions.
    Originally posted by Ballard
    Hehehehe, so it's not NSANDI's fault then, nice one.

    People seem to think everything should be instantaneous without checking the t&c's, why is that?


    fj
    • ColdIron
    • By ColdIron 15th Oct 16, 10:29 AM
    • 2,555 Posts
    • 2,807 Thanks
    ColdIron
    • #4
    • 15th Oct 16, 10:29 AM
    • #4
    • 15th Oct 16, 10:29 AM
    That's how BACS works. Some regular banks will pay your interest via Faster Payments but return your cash via BACS. I would question your 7 days and 7 days logic though. Should be 3 days or so
    Last edited by ColdIron; 15-10-2016 at 10:34 AM.
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 10:38 AM
    • 51,234 Posts
    • 43,013 Thanks
    Thrugelmir
    • #5
    • 15th Oct 16, 10:38 AM
    • #5
    • 15th Oct 16, 10:38 AM
    Appalling.
    Originally posted by longhotsummer
    Well they are not a bank. So what do you expect?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • coyrls
    • By coyrls 15th Oct 16, 11:53 AM
    • 590 Posts
    • 544 Thanks
    coyrls
    • #6
    • 15th Oct 16, 11:53 AM
    • #6
    • 15th Oct 16, 11:53 AM
    I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

    Appalling.
    Originally posted by longhotsummer
    Really...... really, that is your definition of appalling, you must lead a very sheltered life.
    • longhotsummer
    • By longhotsummer 15th Oct 16, 1:04 PM
    • 4 Posts
    • 2 Thanks
    longhotsummer
    • #7
    • 15th Oct 16, 1:04 PM
    • #7
    • 15th Oct 16, 1:04 PM
    People seem to think everything should be instantaneous without checking the t&c's, why is that?
    fj
    Originally posted by bigfreddiel
    You check them as well, do you? Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.

    I would question your 7 days and 7 days logic though. Should be 3 days or so
    Originally posted by ColdIron
    I withdraw on a Friday evening. If it does take 5 working days, I get the money the following Friday. Seven days.

    Well they are not a bank. So what do you expect?
    Originally posted by Thrugelmir
    Ah, riiight. Yeah. Nice one. 

    Really...... really, that is your definition of appalling, you must lead a very sheltered life.
    Originally posted by coyrls
    Heh! I am laughing at you now. I have looked through a wad of your previous Posts. You derive pleasure from pouring your worthless scorn on many other fellow members of this Forum,. There is enough material in you for an entire therapists’ conference. :-)


    It is a long time since I posted here and only now do I remember the sad little contingent of miserable characters who like to gang up on Posters. Heh! Go and have your dinners. :-)
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 1:32 PM
    • 51,234 Posts
    • 43,013 Thanks
    Thrugelmir
    • #8
    • 15th Oct 16, 1:32 PM
    • #8
    • 15th Oct 16, 1:32 PM

    It is a long time since I posted here and only now do I remember the sad little contingent of miserable characters who like to gang up on Posters. Heh! Go and have your dinners. :-)
    Originally posted by longhotsummer
    MSE is unfortunately the realm of adults. Not the place for kids who find it difficult to debate sensibly.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • YorkshireBoy
    • By YorkshireBoy 15th Oct 16, 2:27 PM
    • 28,283 Posts
    • 16,108 Thanks
    YorkshireBoy
    • #9
    • 15th Oct 16, 2:27 PM
    • #9
    • 15th Oct 16, 2:27 PM
    Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.
    Originally posted by longhotsummer
    I like a challenge.

    I don't have any PBs presently, but I clicked on the T&Cs and when the document opened I searched (Ctrl+F) for "cashing in"...well you would wouldn't you!?...you even put it in your thread title.

    The 4th occurence lead me to an entire section (conditions 45-62) devoted to "cashing in". In there I found...

    Condition 57 says they'll normally action an internet or phone requested BACS payment within 3 banking days.

    Condition 59 says such payments take 2 banking days after they're initiated.
    Last edited by YorkshireBoy; 15-10-2016 at 2:34 PM.
    • teddysmum
    • By teddysmum 15th Oct 16, 2:31 PM
    • 5,805 Posts
    • 3,426 Thanks
    teddysmum
    The wording appears to be 'up to'.


    There are complaints about broadband speed quotes being 'up to' , but here it works the other way, as 'up to' 10 days means that's the maximum time, so you are likely to have less than 10 days to wait.
    • ColdIron
    • By ColdIron 15th Oct 16, 3:32 PM
    • 2,555 Posts
    • 2,807 Thanks
    ColdIron
    I withdraw on a Friday evening. If it does take 5 working days, I get the money the following Friday. Seven days.
    Originally posted by longhotsummer
    No

    Both Bacs Direct Credit and Direct Debit payments work on a three day cycle, taking three working days to clear. Payments are submitted to Bacs on the first day, processed by the banks on the second day, and simultaneously taken from the sender account and credited to the recipient account on the third day

    As I said this is how BACS works. Your instruction will be received on the first working day, i.e. Monday, and should be credited to you on Wednesday. You could have waited until Monday before submitting your request but the outcome would be the same, 3 working days. I hope you find this information useful

    I apologise for these facts and am aware that you can prove anything with facts but I suspect that you were never looking for these in the first place were you
    It is a long time since I posted here and only now do I remember
    Don't let the door hit you ...
    • polymaff
    • By polymaff 15th Oct 16, 4:17 PM
    • 1,265 Posts
    • 505 Thanks
    polymaff
    £3,000 at 1.2% - 8p per day after basic rate. Just think how much you lost over the last 14 days!

    You could buy a good pair of reading glasses for that.
    Last edited by polymaff; 15-10-2016 at 4:23 PM.
    • thegreenone
    • By thegreenone 15th Oct 16, 6:20 PM
    • 167 Posts
    • 316 Thanks
    thegreenone
    I withdrew money from my premium bonds last Saturday and it arrived in my bank account on Tuesday. Two working days is usual.
    2016 £2 Saver's club: £54/£250
    • YorkshireBoy
    • By YorkshireBoy 15th Oct 16, 6:56 PM
    • 28,283 Posts
    • 16,108 Thanks
    YorkshireBoy
    I withdrew money from my premium bonds last Saturday and it arrived in my bank account on Tuesday. Two working days is usual.
    Originally posted by thegreenone
    That shouldn't be possible if they're using BACS Direct Credit, for the reason already given by ColdIron above.
    • Westie983
    • By Westie983 15th Oct 16, 7:10 PM
    • 3,219 Posts
    • 12,583 Thanks
    Westie983
    You check them as well, do you? Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.
    Originally posted by longhotsummer
    i like a challenge, I googled cashing in premium bonds, got to a link, clicked the link, it suggested to log on NS&I or download form, I clicked on the form, where it says in forth paragraph.

    When you will receive your money
    We’ll normally issue your payment within 8 working days of receiving your application, unless you ask us to defer the payment until after the next prize draw (see section 2). For your security, and to satisfy Money Laundering Regulations, we may ask for evidence of identity from anyone applying to cash in Premium Bonds.


    Not sure how you initiated the withdrawal but it is in their T&C's the time frame, If you did it online im sure it would have said before you clicked to confirm (I cant confirm this as I dont have any PB atm)

    If it was done using the form, the information is there, and im sure if it was done on the phone, they would have also explained the process.

    Westie983
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • Sleazy
    • By Sleazy 15th Oct 16, 7:19 PM
    • 2,692 Posts
    • 2,490 Thanks
    Sleazy
    I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

    Appalling.
    Originally posted by longhotsummer
    And? Thank you for sharing your 'appalling' day with us. I remember when they used to send a cheque which you then had to clear through your own bank. Be happy and chill out.
    *** IF IN DOUBT, BLAME BREXIT ***
    • darkidoe
    • By darkidoe 15th Oct 16, 8:03 PM
    • 642 Posts
    • 689 Thanks
    darkidoe
    I like a challenge.

    I don't have any PBs presently, but I clicked on the T&Cs and when the document opened I searched (Ctrl+F) for "cashing in"...well you would wouldn't you!?...you even put it in your thread title.

    The 4th occurence lead me to an entire section (conditions 45-62) devoted to "cashing in". In there I found...

    Condition 57 says they'll normally action an internet or phone requested BACS payment within 3 banking days.

    Condition 59 says such payments take 2 banking days after they're initiated.
    Originally posted by YorkshireBoy
    Ahh the dreaded avalanche of words that is the Terms & Conditions! Really who does read it word for word unless you are in need of something to help you sleep at night?
    Save 12K in 2016 # 8 £16 253.55/12 000 (135.45%) Achieved!
    • YorkshireBoy
    • By YorkshireBoy 15th Oct 16, 8:15 PM
    • 28,283 Posts
    • 16,108 Thanks
    YorkshireBoy
    Ahh the dreaded avalanche of words that is the Terms & Conditions! Really who does read it word for word unless you are in need of something to help you sleep at night?
    Originally posted by darkidoe
    If I was intending on cashing in I'd be sure to read that section...just like I'd read the section on purchasing before, er, purchasing, otherwise I'd be losing up to a month's interest elsewhere.

    But I concede I may be in the minority on here, going on posts made. Then again I've never lost money, or sleep, by making financial mistakes through lack of knowledge. Coincidence maybe?
    • ChesterDog
    • By ChesterDog 16th Oct 16, 8:39 AM
    • 640 Posts
    • 1,007 Thanks
    ChesterDog
    I had a query about an NS&I product the other day. It was regarding a couple of matters that would be in the T&Cs.

    I have a large amount of money passing through shortly (estate for distribution) and wanted to know transfer limits, timings and speeds.

    I asked on Twitter (something I have barely ever used before), and received a polite, detailed and correct response in under a minute.

    NS&I-held deposts have an unlimited guarantee. I think that is well worth suffering a little inconvenience here and there for.
    Last edited by ChesterDog; 16-10-2016 at 8:41 AM.
    I am one of the "Dogs of the Index".
    • Ifts
    • By Ifts 17th Oct 16, 12:46 AM
    • 1,726 Posts
    • 1,073 Thanks
    Ifts
    I
    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals!
    Originally posted by longhotsummer
    The money should land in your linked account by Tuesday or Wednesday at the latest.

    When I withdraw I usually tick the 'Withdraw after the next prize draw' and the money is showing in my linked account by the 2nd or 3rd working day of the month.
    Never let the perfume of the premium overpower the odour of the risk
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