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  • FIRST POST
    • Mayday
    • By Mayday 13th Jun 17, 4:57 PM
    • 549Posts
    • 280Thanks
    Mayday
    Cashing in Premium Bonds
    • #1
    • 13th Jun 17, 4:57 PM
    Cashing in Premium Bonds 13th Jun 17 at 4:57 PM
    I'm cashing in some of my Premium Bonds and asked for Bank Transfer - assuming the money would be in my account yesterday [Monday]

    How long does this normally take as I did this on Sunday night and my money is still not in my bank a/c.
Page 1
    • luvchocolate
    • By luvchocolate 13th Jun 17, 5:42 PM
    • 1,466 Posts
    • 1,322 Thanks
    luvchocolate
    • #2
    • 13th Jun 17, 5:42 PM
    • #2
    • 13th Jun 17, 5:42 PM
    Think mine took 3 days.
    • agrinnall
    • By agrinnall 13th Jun 17, 6:55 PM
    • 18,515 Posts
    • 14,230 Thanks
    agrinnall
    • #3
    • 13th Jun 17, 6:55 PM
    • #3
    • 13th Jun 17, 6:55 PM
    I'm pretty sure NS&I use BACS DC for Premium Bond wins, I was notified of one on June 4th and it hit my account on the 8th (I'll try not to let the £25 change my life). I wouldn't be surprised if proceeds of sales use the same process, although they do offer Faster Payments from their savings acounts.
    • eskbanker
    • By eskbanker 13th Jun 17, 7:02 PM
    • 5,611 Posts
    • 5,447 Thanks
    eskbanker
    • #4
    • 13th Jun 17, 7:02 PM
    • #4
    • 13th Jun 17, 7:02 PM
    See https://www.nsandi.com/files/published_files/asset/pdf/premium-bonds-brochure-print-friendly.pdf and in particular:
    57. For telephone or internet applications to cash in, we will normally initiate the electronic transfer within three banking days of receiving instructions.

    58. For postal applications to cash in, we will normally initiate the electronic transfer within eight banking days of!receiving instructions.

    59. Once we have initiated the electronic transfer, the date of repayment, for the purposes of these terms and conditions, will be taken to be the date on which, in the normal course, the requested amount would be credited to!the nominated bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.
    • getmore4less
    • By getmore4less 13th Jun 17, 8:41 PM
    • 30,003 Posts
    • 17,931 Thanks
    getmore4less
    • #5
    • 13th Jun 17, 8:41 PM
    • #5
    • 13th Jun 17, 8:41 PM
    I usually schedule my cashing in for after next draw I think the last lot turned up in the account on the 4th.
    • jonesMUFCforever
    • By jonesMUFCforever 13th Jun 17, 8:46 PM
    • 24,095 Posts
    • 11,373 Thanks
    jonesMUFCforever
    • #6
    • 13th Jun 17, 8:46 PM
    • #6
    • 13th Jun 17, 8:46 PM
    How many employees would be present on a Sunday to start anything?
    What goes around - comes around
    give lots and you will always receive lots
    • brixtonboy123
    • By brixtonboy123 15th Jun 17, 7:32 PM
    • 6 Posts
    • 1 Thanks
    brixtonboy123
    • #7
    • 15th Jun 17, 7:32 PM
    • #7
    • 15th Jun 17, 7:32 PM
    i cashed in. a £100 on monday morning and it was in my bank on wedesday
    • timsynge
    • By timsynge 23rd Aug 17, 9:15 AM
    • 4 Posts
    • 2 Thanks
    timsynge
    • #8
    • 23rd Aug 17, 9:15 AM
    • #8
    • 23rd Aug 17, 9:15 AM
    I'm pretty sure NS&I use BACS DC for Premium Bond wins,
    Originally posted by agrinnall
    The OP's question was about cashing bonds in. The system for processing wins may or may not be the same.
    • timsynge
    • By timsynge 23rd Aug 17, 9:18 AM
    • 4 Posts
    • 2 Thanks
    timsynge
    • #9
    • 23rd Aug 17, 9:18 AM
    • #9
    • 23rd Aug 17, 9:18 AM
    How many employees would be present on a Sunday to start anything?
    Originally posted by jonesMUFCforever
    My impression is that most of NS&I runs without human intervention. Last time I cashed in some premium bonds online, the security phone call to verify my instruction was entirely automated.
    • msallen
    • By msallen 23rd Aug 17, 12:05 PM
    • 527 Posts
    • 445 Thanks
    msallen
    The OP's question was about cashing bonds in. The system for processing wins may or may not be the same.
    Originally posted by timsynge
    As the post that you selectively quoted from also stated.
    • Kim_13
    • By Kim_13 23rd Aug 17, 1:03 PM
    • 1,257 Posts
    • 1,644 Thanks
    Kim_13
    The instructions would I assume be treated as received on Monday (the next working day) meaning the payment should be initiated by Thursday. BACS takes 3 days to hit so if it was started on Thursday that would be the following Monday before I would be concerned.

    Fairly certain my last cash in arrived as a BACS payment.
    Sealed Pot 10 #520 ~ ~£10/£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00
    • agrinnall
    • By agrinnall 23rd Aug 17, 3:39 PM
    • 18,515 Posts
    • 14,230 Thanks
    agrinnall
    The OP's question was about cashing bonds in. The system for processing wins may or may not be the same.
    Originally posted by timsynge

    I'd imagine the OP has their money by now, as it's over 2 months later. Quite why you're wasting our time resurrecting an old thread I have no idea.
    • mgdavid
    • By mgdavid 23rd Aug 17, 5:58 PM
    • 5,223 Posts
    • 4,393 Thanks
    mgdavid
    The OP's question was about cashing bonds in. The system for processing wins may or may not be the same.
    Originally posted by timsynge
    The OP's question was also over 2 months ago - keep up at the back!
    A salary slave no more.....
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