Post Office Growth Bond

amistupid

These bonds are provided by Bank of Ireland. 6 weeks ago my deposit was paid into a holding account. 2 weeks later I was asked to produce proof of identity which I immediately did at my local Post Office. Since then nothing.
I've tried ringing the help line numerous times but just told I was in a queue (obviously a never ending one!) I hope this huge delay is due to a heavy demand for this product and not that they're delivering my correspondence
to the emerald isle by rowing boat!
Anyone else had similar problems?

dunstonh

This product comes up a lot on the boards. Two reasons.

1 - Its not a bond and its not growth. Its misnamed by the PO.
2 - the service and admin is awful and communication is near non existent.

So, you are not alone.

amistupid

Thanks. I must be so unlucky! 2 months ago took £80,000 out of a 60 day notice account with Standard Life, due to the poor interest rate and the panic of the £50,000 compensation limit. Split it into four: some into Bradford and Bingley (close shave!), some into Kaupthing Edge (closer shave), some into Icesave (Oh dear!) and the rest into this. How long can this run of bad luck go on! I desperately want a wee but daren't go in case I pooh myself.
Can you direct me to any previous threads on this product?

RP72

amistupid wrote: »

These bonds are provided by Bank of Ireland. 6 weeks ago my deposit was paid into a holding account. 2 weeks later I was asked to produce proof of identity which I immediately did at my local Post Office. Since then nothing.
I've tried ringing the help line numerous times but just told I was in a queue (obviously a never ending one!) I hope this huge delay is due to a heavy demand for this product and not that they're delivering my correspondence
to the emerald isle by rowing boat!
Anyone else had similar problems?

I'm in exactly the same position and have now had enough so made a formal complaint and told them to refund me my money with 2 month's interest on Friday.

I've also been in touch with the FSA and the Financial Ombudsman about this - primarily over the length of time it has taken for them to not open the account, but secondly it seems the PO/Bank of Ireland opening pack missold the guarantee backing these accounts. It states that "Bank of Ireland is a member of the FSCS.... and payments under the scheme are limited to 100% of the first £35,000 of the depositor's total...." However, I understand that at that time (Mid August) that Bank of Ireland guarantee was actually under their Passport scheme for the first £10,000 and topped up to £35,000 by the FSCS. Can anyone confirm this?

Anyway the Financial Ombudsman have been very helpful and have written to Bank of Ireland with my complaints and apparantly Bank of Ireland now have to contact me to explain. If they refund me with interest I won't take the Ombudman thing further.

Basically as I've got less than 35K/50K invested I'd feel more comfortable under the FSCS guarantee than the Irish Government's 100% guarantee which the PO/BOI is now covered by (although I have't been informed of the change by PO/BOI) - anyone else not completely comfortable with the Irish Guarantee?

POLARBEAR11

Me too, do you have any idea how long it takes to get the money back?

hellandjoy

I am having similar problems, having applied for a so-called Post Office Growth Bond on 24th August. This comprised £3000 plus the the transfer of my funds from my Post Office Instant Saver Account. There was no acknowledgement. Every time I have tried to ring there have been waits of 15-20 minutes to speak to a customer advisor. Three weeks ago I made a complaint to which I received a reply which vaguely promised that I would receive my bond 'within the next few days', but nothing. On the last occasion I rang I was told (after 15 minutes waiting time) that the website was down and could I please ring back the next day. I requested that they ring me the following day, but they didn't. I don't know what to do. It seems to have been shelved, and I am not confident that further complaints will do any good. How many of us are there out there in the same position?