Birm Midshires/Saga fixed-rate cheque clearance times

Loco

as long as the cheque and application form is received by them by the 30th is that okay? cheque doesnt have to be cleared by then?

silvercar

Loco wrote: »

as long as the cheque and application form is received by them by the 30th is that okay? cheque doesnt have to be cleared by then?

Asked that question today. As long as the application and cheque is with them by the 30th you are OK.

I'm still waiting for my application!

earlgrey_3

elektra wrote: »

They should have received my form/cheque on Tue 11th. Money left current account today, so don't believe what they told 'cheque would be cashed on receipt'.

So 10 days/8 working days? That's in line with what I was told: that they process the app and bank the cheque on the same day subject to normal 3 day clearance. Intention is to send the app tommorow so they get it Saturday or Monday and probably have the money in my current account on Wednesday - though Friday might make more sense.

Veryunique_2

elektra wrote: »

They should have received my form/cheque on Tue 11th. Money left current account today, so don't believe what they told 'cheque would be cashed on receipt'.

I sent my form/cheque on Friday 7th so by tomorrow will be 2 weeks. As of today the cheque had not been cashed.

I am fuming about this. Money is waiting and noone to speak to at BM to find out how things are progressing. Their direct line number 0845 602 2828 just keeps repeating they will honour rate. If I knew that cheque had gone missing/was mislaid I could do something.

Veryunique_2

BM confirmation arrived this morning and money invested 18th.

Managed to speak to someone about further deposits. They are accepting cheques until Sat. 29th so money needs to be available early following week.
They say they have caught up with backlog.

muffinhead

Got confirmation today too :j ! I sent my cheque off on the 7th and the account was opened on the 19th!

earlgrey_3

Veryunique wrote: »

I sent my form/cheque on Friday 7th so by tomorrow will be 2 weeks. As of today the cheque had not been cashed.

I am fuming about this. Money is waiting and noone to speak to at BM to find out how things are progressing. Their direct line number 0845 602 2828 just keeps repeating they will honour rate. If I knew that cheque had gone missing/was mislaid I could do something.

Money sitting in a current account is a pain. Losing 2 weeks interest effectively reduces the interest rate by 0.25%. They should get my app by Monday, sent recorded. Wonder how late I dare leave shifting funds to my current account to meet the cheque? :rolleyes:

Hope yours is sorted soon.

Veryunique_2

earlgrey wrote: »

Money sitting in a current account is a pain. Losing 2 weeks interest effectively reduces the interest rate by 0.25%. They should get my app by Monday, sent recorded. Wonder how late I dare leave shifting funds to my current account to meet the cheque? :rolleyes:

Hope yours is sorted soon.

Much to my surprise BM came up trumps today and the account is open at last.

When I spoke to them about additional deposits I was told they had cleared backlog and therefore normal cheque clearance times apply.

Saga say they are processing applications from 7th November today but mine not done yet. Sometimes I think they make this up as they go along,

Mikeyorks

Veryunique wrote: »

When I spoke to them about additional deposits I was told they had cleared backlog and therefore normal cheque clearance times apply.

Whatever that means - do not believe they will process cheques on receipt. I opened a fixed term deposit with them well over a year ago ..... when things were very quiet. And it took 10 days from sending the application for the accompanying cheque to clear my current account.

Lesson learned - this time around the funds will go direct from a BM ESaver.

Old_Slaphead

Anyone any current (ie last week or so) experience of how long Saga are actually taking to present cheques?