Close Treasury 12mth 7% ftd

isofa

Dagobert wrote: »

This refers to the delivery date, not the sending date.

To wish I was referring to correctly... :rolleyes:

oshoshitzu

mickW wrote: »

I was told by Close Brothers they had to deposit your cheque on Monday 10th Nov 2008 at the latest so in effect you have to have the funds in yoyur bank by Wed 12th Nov 2008 to clear. The lady said any later was no good.

I've just spoken with a lady at Close Brothers and been told that to be sure you should have the funds deposited in your cheque account by Wednesday 12th Nov.
However; as they have so many applications to deal with if you cannot get the funds into your cheque account by Wednesday, then it may be possible that as long as the funds are in you're cheque account by Thursday 13th Nov then you might be okay; though by Wednesday is much better.

HankMcSpank

Man, they were quick at banking/clearing my cheque ...they only got it from me on Monday afternoon!

First thing this morning, I intended transfering the amount required for Close from my main bank's savings account (where the money is held) to my main current (it's an instant transfer, being with the same bank), but when I logged in my current account was showing £44,000 overdrawn!

How is it when I'm waiting for a cheque to clear, it takes up to 5 days, but when Close Treasury want my money, it only takes 1.5 days?!!

Anyway, a quick email to my bank to explain the situation (overdrawn £44,000 for about 2 hours!) & fortunately they've waived the overdraft charge! (incidentally, it's incomprehensible to me I can have an unarranged £44,000 overdraft facility on my current account...I'd have thought in the above situation they'd just bounce the cheque back, rather than pay out on it?)

mac321

I had a very similar experience - although my bank (RBS) was quite pro-active in dealing with it.

Handed over my cheque to Close Bros late afternoon on Monday.

The following lunchtime I got a call from RBS to tell me that a large cheque had been presented and asking if I could provide some funds to cover it.

The money was sitting in a deposit account at the same bank waiting to be moved across. I had been intending to do the transfer later that day anyway but the speed the cheque was presented took me a bit by surprise!

Pleased to see that my bank made the effort to call me up rather than just bouncing the cheque.
In saying that, I wouldn't have been impressed if they had bounced it, given I've been with them about 20 years.

KingL

I had the opposite experience.

Called Close Bros first thing on Monday to check whether it was even worth putting an application in as I could only BACs the covering funds into the clearing bank which would take at least 3 days.

They said if I handed in a cheque in late Monday it would be presented to the clearing bank on Weds. I took a punt anyway and checked with my clearing bank whether they'd give me a loan for 24 hours to cover the hole (they wouldn't).

Happily the BACs credit arrived in my clearing account this morning and so far there is no sign of the demand for payment

Yay for happy endings.

Mikeyorks

If they processed cheques during Monday .... and put them into their processing centre overnight .... then the funds would be called from your current accounts overnight on the Tuesday. So putting funds into your account Wednesday ..... is too late.

If they were working the weekend ..... and their processing centre were working overnight Sunday ....... then the funds could be pulled from current accounts overnight Monday!

Sounds as though some need to be grateful they were a bit swamped.

LongTermLurker

oql61 wrote: »

Thanks to this thread I have printed off the application form from the website, filled it in, written out cheque and am waiting for hubby to kindly deliver it to their offices on monday.

Went back to the site a short time after and saw that the 7% fixed rate application form was no longer available to download, but from tuesday 11th a 5.75% fixed rate bond will be available.

Just shows how useful these forums are.

Many thanks to the original poster.

I haven't been on here in ages and am amazed at how the thread's taken off - looks like it became this month's "hot tip"! Glad you all found it useful.

cepheus

I had a bit of a nightmare getting funds from my West Brom Stratus account to my Cahoot Current account in time for the cheque to clear. First West Brom told me they didn't receive my first letter for withdrawal. My second letter was sent last week (Thursday) but funds still won't be cleared until next Monday despite them doing a BACS (that is 11 days from letter being sent). As a result the cheque has bounced twice leaving me with two sets of charges (one of which Cahoot has kindly waived).

Amazingly I received a letter from Close Brothers this morning stating "We confirm your fixed deposit as follows" then I receive a phone call at lunch from them saying they will have to send the cheque back to me!

Not sure what to do now, can I claim they have accepted my payment?

So annoying that Close can turn a Cheque around twice as fast as West Brom can do an electronic transfer!

KingL

Apparently, the reinvestment option on these is going to be 3.8% for 18 months....

cepheus

Title caught my attention, until I saw the date of the thread! Dream on!