Cheshire bond applications delays?

jakx_2

I applied (with all the information provided) and made sure my cheque would arrive before 5 January - but the money has not been taken from my bank and I have heard nothing from them at all!

The recorded message, referred to here, did put me off continuing my phone call enquiry .. but that was more than a week ago!

Maybe I should have persisted, or should call/bother them again?

Anyone have any helpful information, especially regarding the honouring of the prevailing interest rate .. ie prior to Monday 5 January?

triplea35

triplea35 wrote: »

I applied online on the 26th Dec and sent the cheque off around the 29th. Still not heard anything yet! Phoned the helpline today and recorded announcement states they are inundated with applications which are taking at least 15 days to process and they are not in a position to give advice on individual applications. Not too impressed with that but will give it a few more days before I try again. The earlier posts regarding the backdating have at least calmed my worries over the possibility of loss of interest.

Well its now one calender month since I posted the cheque and it still has not been taken from my current account. Shortly after my last post I received a request for further ID, which I posted. This was returned recorded delivery on the 28th with a letter saying a copy had been forwarded to he section dealing with my application.

Should I be worried/annoyed?

I calculate at least £197 interest owed since application but if they are to back date it then I have no worries and they can take as long as they like cashing the cheque. The money is in my current account but not idle as I have an offset mortgage so saving £125 interest charge a month. Double whammy if all goes well!

savetilibleed

triplea35 wrote: »

Well its now one calender month since I posted the cheque and it still has not been taken from my current account. Shortly after my last post I received a request for further ID, which I posted. This was returned recorded delivery on the 28th with a letter saying a copy had been forwarded to he section dealing with my application.

Should I be worried/annoyed?

I calculate at least £197 interest owed since application but if they are to back date it then I have no worries and they can take as long as they like cashing the cheque. The money is in my current account but not idle as I have an offset mortgage so saving £125 interest charge a month. Double whammy if all goes well!

Mine was backdated to the date they would have dealt with the ID, 29 Dec 08, not the original date of application receipt about 22nd as far as RD record shows. Whether the interest itself will be backdated to 22nd, well I'll see how much appears in my account and see what it tallies with, then complain by a route other than email.

Just looking back, I posted my application on 17 Dec by RD. It was late getting there and by 23rd I phoned to find ID was required which went by SD same day, so even though it will have got there Christmas Eve, clearly nothing will have got done. I phoned for my certificate about 2 weeks ago then a day or so later it arrived. I then had 2 duplicates, one apologising for delays (must have resulted from my call) and the other well maybe that was my apparently ignored email of 19 Jan where I complained that the account was not backdated far enough. Anyway, my cheque was debited from my current account on 14 Jan, though Cheshire claimed, when I phoned for the certificate, they were still awaiting clearance.

So nearly a month - like you. Albeit there was Christmas/New Year period to slow things up then, but unless they are even more inundated that then - not now.

triplea35

Well finally got the certificate yesterday. It starts from the 31st Dec 2008 and expires 31 Dec 2010. As I applied online on the 26th Dec and posted cheque on 29th Dec that seems fair enough.
However, and I not complaining, the deposit cheque has still to be taken from my current account!!

savetilibleed

triplea35 wrote: »

Well finally got the certificate yesterday. It starts from the 31st Dec 2008 and expires 31 Dec 2010. As I applied online on the 26th Dec and posted cheque on 29th Dec that seems fair enough.
However, and I not complaining, the deposit cheque has still to be taken from my current account!!

Wow that is speedy - just as it should be, nothwithstanding the time to deposit and clear your cheque. I've just emailed again asking that they don't ignore my request for an answer and explain also, since I have just got January's interest, why that equates to 32 days (the 31 days of Jan +1) and not more.

dosh37

Just received my ISA certificate from Cheshire BS today. :j
Despite the delay, the promised 4.5% interest rate has been applied.:T
It took a few weeks to transfer the funds from my Nationwide Instant Access ISA but at least now it will be earning a reasonable interest rate instead of the paltry 1% I was getting.
Not surprisingly, Cheshire's 1 year Fixed Rate ISA bond now only offers 3% following the Nationwide takeover.

savetilibleed

As it happens, today I have recieved another Bond Certificate from them, as I contended the date of opening as being later than I was told it would be; i.e. I was told it would be the date of receipt of the original form and cheque (22 Dec 08). They had the date of opening at 29 Dec 08, probably when they dealt with the ID.

When I got the first interest payment, I calculated that what they payed equated to 32 days, i.e. all of January + 1 day.

What I got today was, as I say, a new certificate, and a standard covering letter thanking me for my investment of £X, informing me that the sum had been placed in a fixed 2 year bond and the certificate was enclosed. No acknowledgement of the error or correction.

I'll have to carefully check what payment I get for February - whether it includes backpayment.

Why is it necessary to have to do this sort of thing - to check them out and find them wanting? It's OK it's a rhetorical question