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

Andystriker

I was wondering today about the security of this type of account.

I opened it online and they have sent me a passcard showing the correct balance in.

But at no point during the opening process have I signed anything. So how do they check that I am Andystriker when I want to withdraw the money in 5 years or less?

zzzLazyDaisy

cv65user wrote: »

someone says they can see their bond online. so can i open another e -savings with a £1 in it or minimum deposit so i can then see my 5 yr bond ? because i wasnt asked to setup any other security questions other then my mums maiden name when i opened my 5 yr bond on line

That is strange, you are the second person to say that. When I opened my bond, on-line, I had to give a password and give the answers to some security questions. When I opened my e-saver, I used the ID number they sent me, and the password I gave when I opened my bond, and then I am asked to give letters or digits from the security answers I gave. They must have changed their procedure after I opened my account.

masonic

Andystriker wrote: »

But at no point during the opening process have I signed anything. So how do they check that I am Andystriker when I want to withdraw the money in 5 years or less?

Did you not have to specify a nominated account where withdrawals would be sent?

Andystriker

Hi Masonic,

Just looked through the paperwork and yes I did specify my Bank Account. It was the same account that I set up the Direct Debit on. So am I right in saying that the only place they will send withdrawals to is to my nominated account?

Also I opened today a Internet Saver with them in the hope of being able to see my bond online. At no point was I asked if I was an existing customer and they did not ask for my Bond number. The new Internet Saver was opened and £10 will be taken from my Bank Account on 31/7/09.

Do you think they will link the two accounts (Same name, Address Passport number etc) so that I will be able to see my bond online?

I have E-Mailed them this question and as yet have not received an answer. I'll let you all know what they say

evenasus

cv65user wrote: »

someone says they can see their bond online. so can i open another e -savings with a £1 in it or minimum deposit so i can then see my 5 yr bond ? because i wasnt asked to setup any other security questions other then my mums maiden name when i opened my 5 yr bond on line

I was one of the people who said they could see their account online.
I've just logged in again and the 5 year account fund is showing as received but as yet the funds for the online easy saver, I requested by DD is not showing.
Then again, I did open that a day later and anyway, it's only a nominal amount.
This is part of a screen shot - not real account noumber - obviously. I wiped that and using a photo programme, typed a dummy one in.

masonic

Andystriker wrote: »

Just looked through the paperwork and yes I did specify my Bank Account. It was the same account that I set up the Direct Debit on. So am I right in saying that the only place they will send withdrawals to is to my nominated account?

That's the way it normally works. You might also be able to get them to post a cheque payable to you to your address, which also shouldn't be a problem. To change those details, you'd normally need to send in documents to confirm a new address/linked bank account, so there is little anyone else can do to get their hands on your money.

LemonTree_3

Ok, it's probably a stupid question.
I've checked my Halifax current account
which is the nominated account for my Newcastle
fixed rate bond.
A direct debit has been set up.
And here is the question: What's the point of having
a direct debit linked to my Halifax current account?
Obviously I cannot transfer any money into my
Newcastle bond myself.
So - since the direct debit has been set up - can
I phone Newcastle BS up and ask them to pull my
investment from my Halifax account to the Newcastle
bond?

efunc

finder wrote: »

Hi

Has anyone tried to fund the account via a cashiers cheque? My hlx reward saver matures on the 24th. I live in Newcastle, I could really get to a HLX branch on the morning, get a cashiers cheque and take it to a NBS branch. Please, does anybody know whether this would be possible (or tried this)?

I have never used cashiers cheques. Would they clear straight away (as if it was a cash payment) into the NBS 5 yr bond?

Cheers

Well, I withdrew £24k from my Halifax Guaranteed Saver today via cashiers cheque without problem and paid it into HSBC so that I can send NBS a personal cheque for that amount on Monday. The cashier at Halifax asked me who i wanted the cheque made out to, and I simply asked for it in the account name of my HSBC current account. However I could theoretically have asked for it to be made out with my NBS details and sent it straight to them. As far as I know it still takes 3 days to clear however, just like a normal cheque. HTH.

evenasus

LemonTree wrote: »

Ok, it's probably a stupid question.
I've checked my Halifax current account
which is the nominated account for my Newcastle
fixed rate bond.
A direct debit has been set up.
And here is the question: What's the point of having
a direct debit linked to my Halifax current account?
Obviously I cannot transfer any money into my
Newcastle bond myself.
So - since the direct debit has been set up - can
I phone Newcastle BS up and ask them to pull my
investment from my Halifax account to the Newcastle
bond?

Did you stipulate an amount to open the account?
If you did, Newcastle will pull the funds themselves.
I opened mine on the 8th but the DD wasn't pulled until the 17th.

cv65user

evenasus wrote: »

I was one of the people who said they could see their account online.
I've just logged in again and the 5 year account fund is showing as received but as yet the funds for the online easy saver, I requested by DD is not showing.
Then again, I did open that a day later and anyway, it's only a nominal amount.
This is part of a screen shot - not real account noumber - obviously. I wiped that and using a photo programme, typed a dummy one in.

i opened an online saver also with DD details so i can input minimum balance of £1 .lol, but i only got a reference out of it no other details . so i presume i got to wait for w elcome pack which will then give me user id so i can setup a password. and hopefully then i can see my bond right . is this how you did it