post office growth bond

peter1000

HELP opened a post office groeth bond on the 2nd august 2008 at my local post office with a good rate of 7.05%.Invested £35000 just wondered if anybody else having same problems as me at not recieving confimation by post and account info have phoned customer services half a dozen times and am given the same answer that that due to the number of applications there is a delay in opening accounts.They have a prerecorded message saying allow 15 working days as of funds cleared my cheque cleared the first week of august.They have all my details on the system and how much i invested but have still not received anything by post i think this is poor all i have is a post office receipt for my £35000 anybody else had the same problem !!!!:mad:

jack_spratt_2

I received a reply to say that they have received my payment and have now received a letter to state that the account is open ,time scales similar to yours
I phoned them and was told that I will receive further paper work shortly as I complained the letter did not tell me the interest rate I was getting or the maturity date .

Yes not great service but seems on par with a lot of banks and building societies at the moment

peter1000

thanks jack spratt glad iam not alone.Will not use the post office again such a poor service m8

Silkysox

You are not alone. I applied at end of August and have had confirmation and received details to access online. My dad however opened an account on 4th August (cheque duly cashed on 7th August) and heard nothing - he chased it up at beginning of September via the helpline and got the recorded message and pressed an option to speak to someone. They at least confirmed to him they had received money and it had been invested etc. The lady said she did not know why he had not heard it had been over a month and she would chase it up. On 15th September he received a letter saying they could not locate his original application and could he complete the enclosed form (which was partially completed) and forward asap or they could not proceed! He was less than chuffed to say the least but has completed and sent off and will hopefully hear in due course. I would definitely pursue until you speak to someone particularly as your investment is so high. Good luck.

dunstonh

Post office growth bond is not a bond and its not growth. Its chargeable under income tax not capital gains tax and its a fixed term deposit not a bond.

Post office marketing is rubbish as they cannot name their products correctly and their service has never been a strong point.

jack_spratt_2

dunstonh wrote: »

Post office growth bond is not a bond and its not growth. Its chargeable under income tax not capital gains tax and its a fixed term deposit not a bond.

Post office marketing is rubbish as they cannot name their products correctly and their service has never been a strong point.

Sounds a bit Irish to me Dunstonh:D

POLARBEAR11

The very same Peter 1000. I am amazed at the number of times I have read the same thing. I put my money in on 21st August and phoned again today only to be told that the account is still not open and he would chase it up so that I get the confirmation of Investment. Once you get that I was told I have 14 days cooling off. I am just wondering how long it would take to get my money back after that.

hellandjoy

Contact the Financial Ombudsman Service. They are very helpful and answer the phone within a reasonable waiting time (less than 5 minutes). They will write a letter to The Bank of Ireland (for whom the Post Office are agents), and help you make a formal complaint when the eight weeks in which Bank of Ireland have to respond are up. You have to do this. The Post Office customer service line will still have you running round in circles when the term of the growth bond is up if you don't. Also, the more people that do this the better, as it highlights the problem to the FOS.

dunstonh

Also, the more people that do this the better, as it highlights the problem to the FOS.

The FOS do not review complaints with that in mind. That is the remit of the FSA when they review the complaints log on an compliance visit. Sometimes you wish the FOS and FSA would communicate with each other more at times and even agree on things. However, it doesnt really work that way.