Newcastle Building Soc - New 5 year-5% BOND (Not an ISA) NOW CLOSED

frames1_uk

still wondering if anyone at all has received paperwork for this account.

Ruy

frames1_uk wrote: »

still wondering if anyone at all has received paperwork for this account.

Confirmation of Direct Debits only so far

dov

Speculator wrote: »

But if the article is refering to an issue 2, it won't last long.

The article also states...

But those who are keen must hurry as the account in question, the Newcastle Building Society five-year bond, is likely to be pulled on Tuesday evening or Wednesday morning.

Maybe its muddling the old one being pulled Tuesday/Wednesday with the new one.

However, this is all speculation. Until the news article is updated with what most people here, including myself, believe is the correct info we won't know what its all about.

musehead

frames1_uk wrote: »

still wondering if anyone at all has received paperwork for this account.

I had my money taken last week but have not yet received anything other than DD confirmation.

masonic

frames1_uk wrote: »

still wondering if anyone at all has received paperwork for this account.

If it's anything like the corresponding ISA, then what I received suggested the account would be opened when the initial deposit was received and paperwork would presumably follow that.

evenasus

My account is showing online but as masonic has said, I wouldn't expect paperwork until my DD has gone through, which will happen on the 17th.

samizdat

I've had paperwork, showing the deposits I made by Faster Payment on the day I opened the account. These were shown on an unfolded piece of thick paper/cardboard designed to be folded in half to make a passbook. This passbook is said to be required in order to make withdrawals. It was printed in dot-matrix style with a faded record of my deposits.

The record date for the deposits was two days later than the day they were made so, at least on the day of account opening, Faster Payments inbound works only to get the money into Newcastle's collection account, not into your own bond.

Can everyone please forget about this red-herring on loss of interest? There is no loss of interest if 90 days' notice is given, end of. MSE Guy made a mistake, obviously writing what he expected to see rather than what is there. There is no second issue with different terms.

alared

Thanks to fellow posters and the reassurance about the "no loss of interest",I deceded last night, afterall,to apply.
This part of the email I received within minutes of completing my application.

We are pleased to confirm that we have received your application. If, during the application process, you funded your account without being asked for identification documents then your account is now open.

I set up a DD and the money is due to be collected on 22nd July.
I assume that is the actual date the money will be taken but with a DD does the money have to be sitting in the account any number of days PRIOR to that date?

masonic

alared wrote: »

I assume that is the actual date the money will be taken but with a DD does the money have to be sitting in the account any number of days PRIOR to that date?

Depending on your bank it may need to be there by the end of the working day before it's due to be collected.

dov

As posted in other thread.

Its been updated!!

Note: Unfortunately, Newcastle Building Society gave us incorrect information when this article first appeared late afternoon on Monday, 13 July (it is now correct).
The society told us that no interest would be earned during the 90-day notcie period but this is not true. Interest will be earned during that period.
A Newcastle BS spokesman says: "We apologise for any inconvenience caused."

[STRIKE]No mention of the imminent closure of the bond today or tomorrow in the updated article.[/STRIKE]

See also MSE Dan's and Newcastle BS apology afterwards