Funding a Birmingham Midshires eBond...

Nemo

I've got an application pack through tonight that I'd like to try and get into the post tonight if possible.

The enclosed letter says to send back a cheque, where as the application form gives a choice of cheque or transfer from an existing Birmingham Midshires account. Anyone know if a transfer is actually a valid way of doing the funding or if it's got to be by cheque?

Thanks.

geosaver

Nemo wrote: »

I've got an application pack through tonight that I'd like to try and get into the post tonight if possible.

The enclosed letter says to send back a cheque, where as the letter gives a choice of cheque or transfer from an existing Birmingham Midshires account. Anyone know if a transfer is actually a valid way of doing the funding or if it's got to be by cheque?

Thanks.

I asked someone their last night about that specific point. They said you can fund it from an existing BM account (ESaver 2 in my case) by specifying it on the form.

swagman

I took one out a few days ago and my understanding is that the initial deposit is by cheque but any subsequent deposits can be by bank transfer. Once the bond is closed to new investors no further deposits are allowed.
So no, I don't think you can start it by a bank transfer.

Nemo

Just dropped it into the postbox as it's a 5:45pm collection, but before reading swagman's post. Doh! I'll just see what happens now.

Scrumpton

I was forced to do it by cheque. Was told no other means possible.

Mikeyorks

The only 'transfer' to initiate the account ..... is from an existing BM account (as clearly stated in the OP) So I'm a bit unsure what the question is?

If you're not a current BM customer ..... the cheque is part of the ID process.

earlgrey_3

The interesting bit will how long those cheques sit in their intray before being credited to accounts. I've previously opened fixed-rate accounts with BM with £1 before moving serious money in, not sure if it will be possible this time.

Nemo

Mikeyorks wrote: »

The only 'transfer' to initiate the account ..... is from an existing BM account (as clearly stated in the OP) So I'm a bit unsure what the question is?

If you're not a current BM customer ..... the cheque is part of the ID process.

Mike, the letter in the pack (not the application form itself) states, slightly summarised:-

Opening your account is very straightforward:-
. Complete and sign the enclosed application form
. Enclose a cheque payable to yourself
. Post everything back

ie. no mention on there about being able to trasfer from another BM account. This is only mentioned on the application form itself. It was this inconsistency which confused me.

Mikeyorks

Nemo wrote: »

It was this inconsistency which confused me.

Right - got that (and would have earlier .... if I'd read your OP more carefully!). Ignore the letter - and go with the application form ...... which is what you appear to have done. I'm assuming in that ... that you do have an easy access account with them?

I had a fixed term deposit mature from them only a couple of months ago. The covering letter with the maturity options gave me some (pretty dreadful) alternatives. But the form itself was very different .... and allowed me to shunt the funds direct to an existing Esaver. Which was completely missing from the cover note ..... so they seem to specialise in a bit of confusion?