Birm Midshires/Saga fixed-rate cheque clearance times

Fightscams

After 14 business days my cheque for 1 year 6.85% fixed term deposit had not been presented to my bank and I had heard nothing from SAGA. I rang SAGA who had no idea where my cheque was or my identity documents. I stopped this cheque and had to send replacement and further identity documents with covering letter. This time sent by Special Delivery so I can positively prove they have received these. Will now have to wait and see exactly when my account is opened. Wish I hadn't bothered with SAGA but interest rates have now dropped so I am stuck with them.

kostigovs

I posted a cheque to BM on 6/11 using one of their reply paid envelopes. When I received my certificate it stated that the account was opened on 15/11. E-mailed them asking why the 9 day difference but got no response.
E-mailed again yesterday saying I would appreciate a reply if they did not want a letter of complaint.
Got a phone call an hour or so later advising account opening being backdated to 4/11-the day of my original application. I asked for it to be put in writing

jd84

I sent an application and cheque last Thursday, 20th November.
Money hasn't been taken from my current account yet...

savetilibleed

I posted my Saga MI Fixed Rate Bond application by Special Delivery on 25th Nov. I have a letter this morning, dated 27th Nov, to say my opening deposit of £17,000 was invested on 26th Nov. That's the same day they got my application! Just as it should be. Granted I already have a Saga account so no need for ID to check. Money is still in my bank account right now though. Still I don't care now as presumably it is starting to make interest even if Saga/Birmingham Midshires don't actually have my money!

However I'm p8888d off about my wife's application that was sent a week earlier. Nothing for her! She doesn't have another Saga account, like me, so her ID went off with her application & cheque. Money for it has been lurking in her current account since the day after the online application on 10th Nov.

See if anything comes Monday. If not be on phone again.

elektra

That is impressive turnaround - they must be getting to end of backlog.

It took BM a week to deposit my cheque into wrong account, and I'm still waiting for paperwork confirming bond which was setup on 18th.

earlgrey_3

elektra wrote: »

That is impressive turnaround - they must be getting to end of backlog.

I'm still not sure what's going on there. The automated announcement still says "up to 10 bank days".

Phoned yesterday, 28/11, and was told they're now dealing with apps received 24th and 25th. Mine was delivered on 24/11 but account hadn't been opened. Maybe they've lost a few mailbags down the back of the sofa?

home_alone

I sent a £100K by registered mail on the 18th I know it arrived with saga the next day (they told me) it still has not been taken from my account.

gary

cos69

earlgrey wrote: »

...... Phoned yesterday, 28/11, and was told they're now dealing with apps received 24th and 25th. Mine was delivered on 24/11 but account hadn't been opened. ......

That's good to know, they should have received mine on the 25th so from what others are saying might hear from them early next week. Checked bank account but money still in there. Looks like wait and see; seems this has been one of the more popular homes for peoples savings, hence the delays. Wish I had put more in now but cannot be sure we will get bailed out again over the £50K limit :cool:

savetilibleed

earlgrey wrote: »

I'm still not sure what's going on there. The automated announcement still says "up to 10 bank days".

Phoned yesterday, 28/11, and was told they're now dealing with apps received 24th and 25th. Mine was delivered on 24/11 but account hadn't been opened. Maybe they've lost a few mailbags down the back of the sofa?

They must be telling people whatever they want/need to hear. If those dates were true, my wife would have hers, sent 18 Nov, through by now. We sent her application by normal delivery in their pre-paid envelope as there was still plenty of time before the closing date. Mine was close to the wire, them having to send out by special delivery and me return the same way (for peace of mind really).

Were they able to tell you if your application was actually being dealt with, earlgrey? I know they said on the letter they wouldn't be able to confirm.

jd84

my cheque sent to BM on Nov 20th has now been cashed