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  • FIRST POST
    • Rosebud24
    • By Rosebud24 10th Jul 17, 1:38 PM
    • 61Posts
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    Rosebud24
    Panicking about transfer from NS&I account
    • #1
    • 10th Jul 17, 1:38 PM
    Panicking about transfer from NS&I account 10th Jul 17 at 1:38 PM
    My husband and I are due to complete on our house a week today. We don't currently own a house and the majority of our savings (to be used for the deposit) are in our NS&I investment accounts. I phoned NS&I a week ago to say we would be withdrawing the money and to ask how long the transfer would take. They told me "up to three working days". The money had to be withdrawn into our current account as they wouldn't pay it directly to our solicitor's account. All fine.

    I calculated that if we transferred the money today (Monday), it would be in our current accounts by no later than Thursday. We could then transfer it to our solicitor's account, which our bank advised could take up to the end of the next working day (Friday). This would mean the funds were ready for our Monday morning completion.

    Today I phoned NS&I and transferred the money. They then told me it would take up to five working days! I said I'd previously been told three working days and they told me that because it's more than £50,000 it's "up to five". I'm now panicking! If it takes that long the money won't be available for our completion date.

    I'm posting here because I wonder if anyone has transferred more than £50k from an NS&I investment bond account, and how long it took in their experience. I'd also love to know if anyone has any bright ideas about how i can speed the process along.

    Thanks for reading all this. It's my first home and I've been so excited about moving in next week!
Page 1
    • soulsaver
    • By soulsaver 10th Jul 17, 1:56 PM
    • 1,276 Posts
    • 427 Thanks
    soulsaver
    • #2
    • 10th Jul 17, 1:56 PM
    • #2
    • 10th Jul 17, 1:56 PM
    Well if you've already transferred the money it will be what it will be. What method does NS&I use for the transfer?

    You could try escalating it with NSI's customer service on the basis you've relied on their info. Ask if there's anything special they can do considering the implications of a late materialisation.


    depending on what NS&I then say, a conversation with your conveyancer regarding a plan B if dosh doesn't show by Friday may be prudent.
    There are 24 bottles of beer in a crate. There are 24 hours in a day. Coincidence? I think not....
    • Malthusian
    • By Malthusian 10th Jul 17, 2:11 PM
    • 2,386 Posts
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    Malthusian
    • #3
    • 10th Jul 17, 2:11 PM
    • #3
    • 10th Jul 17, 2:11 PM
    Not sure why you didn't ask them to transfer the money when you rang them a week ago (or earlier). Was an extra fiver or so really worth the risk? But no use crying over spilt milk.

    You need to ring them again now and tell them it needs to be done urgently, and that you relied on the fact that you were told it would be 3 working days. (Even that was cutting it fine as BACS payments can in theory take 3-5 working days after the transferor has sent the payment.) Ask them if you can get the payment sent via CHAPS / Faster Payments and say you'll cover the cost.
    • eskbanker
    • By eskbanker 10th Jul 17, 2:15 PM
    • 5,004 Posts
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    eskbanker
    • #4
    • 10th Jul 17, 2:15 PM
    • #4
    • 10th Jul 17, 2:15 PM
    Perhaps there were some crossed wires - according to https://www.nsandi.com/files/published_files/asset/pdf/investment-account-brochure-print-friendly.pdf, withdrawals will be initiated within three days but then take a further two to reach the target account, as BACS is used:
    49 We will normally initiate the electronic transfer within three banking days of receiving your instruction.

    50 Once we have initiated the electronic transfer, the date of withdrawal will be taken to be the date on which, in the normal course, the requested amount would be credited to your bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.
    As per the previous posts, it sounds like you need to try NS&I (although their published Ts & Cs do look clear to me) and then discuss contingency plans with your conveyancer.

    If the money hits your current account on Monday, you should be able to make a (chargeable) same-day CHAPS transfer from there to your solicitor's account rather than the default free faster payments that can indeed take until the next day (and often have payment limits).
    • Reaper
    • By Reaper 10th Jul 17, 2:33 PM
    • 6,085 Posts
    • 4,125 Thanks
    Reaper
    • #5
    • 10th Jul 17, 2:33 PM
    • #5
    • 10th Jul 17, 2:33 PM
    If the money hits your current account on Monday, you should be able to make a (chargeable) same-day CHAPS transfer from there to your solicitor's account rather than the default free faster payments that can indeed take until the next day (and often have payment limits).
    Originally posted by eskbanker
    ^
    this

    I predict a 2nd panic when you realise Faster Payments isn't going to work and you are facing a second BACS transfer. Check it now and prepare for CHAPS

    These figures may be out of date but:
    http://www.moneysavingexpert.com/news/mortgages/2014/11/customers-being-ripped-off-by-banks-on-faster-payments-limits
    Last edited by Reaper; 10-07-2017 at 2:42 PM.
    • Rosebud24
    • By Rosebud24 10th Jul 17, 11:29 PM
    • 61 Posts
    • 48 Thanks
    Rosebud24
    • #6
    • 10th Jul 17, 11:29 PM
    • #6
    • 10th Jul 17, 11:29 PM
    Not sure why you didn't ask them to transfer the money when you rang them a week ago (or earlier). Was an extra fiver or so really worth the risk?
    Originally posted by Malthusian
    I didn't transfer the money last week because I didn't want to have all my savings sitting in my current accounts, as it would be over the protected amount. With hindsight though I should have transferred some up to that amount.

    Thanks all for the advice about CHAPS, I hadn't realised that is an option. That will save the day if the transferred money doesn't arrive in my current account until Friday. Phew! (I did check the limit with my bank, Santander, last week and it's £100,000 per account so would be ok for Faster Payment should the money be there in time, obviously though I am happy to pay the CHAPS fee).

    I have also taken the advice to call NS&I and spoke to their helpful customer service department. They informed me that the transfer - which has already been initiated by them- should only take 3 working days. They said the extra two is for security should you be paying into a different account to normal, but as I had requested a transfer to the current account that I funded my investment bond from in the first place, it should be straight forward. Will wait and see.

    Thank you everyone for taking the time to advise. I am heavily pregnant, depressed, and juggling packing and toddler care whilst my husband is deployed so clear thinking is not my forte at the moment! The knowledge of CHAPS means I'll now be able to sleep tonight!
    • bowlhead99
    • By bowlhead99 11th Jul 17, 5:50 AM
    • 6,471 Posts
    • 11,443 Thanks
    bowlhead99
    • #7
    • 11th Jul 17, 5:50 AM
    • #7
    • 11th Jul 17, 5:50 AM
    I didn't transfer the money last week because I didn't want to have all my savings sitting in my current accounts, as it would be over the protected amount. With hindsight though I should have transferred some up to that amount.
    Originally posted by Rosebud24
    If it helps anyone else in this situation, the 'protected amount' is increased to a million per person for temporary high balances such as the ones that might get generated as a result of a purchase or sale of your main residence.

    So, you could have moved all the money over to your current account last month in preparation for the purchase as long as you'd be able to produce some documentation to say that you were genuinely in the process of buying a property rather than just speculatively accumulating cash in a current account in case you wanted to buy something.
    • ChesterDog
    • By ChesterDog 11th Jul 17, 8:47 AM
    • 741 Posts
    • 1,272 Thanks
    ChesterDog
    • #8
    • 11th Jul 17, 8:47 AM
    • #8
    • 11th Jul 17, 8:47 AM
    I transfer money quite frequently from NS&I (though not from an Investment Bond account).

    As far as I can recall, it has always shown up in my current account by the third working day at the latest.
    I am one of the "Dogs of the Index".
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