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

evenasus

cv65user wrote: »

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

This was my experience...

evenasus wrote: »

08/07/09 -Applied for 5 year fixed rate account, also opting for direct debit to be taken (17/7/09). Confirmation email received.

09/07/09 -Applied for Online Saver Account. Confirmation received.

11/07/09 -Received Welcome letter, direct debit confirmation & user ID.

So yes, you should receive your User ID shortly.

Anyone noticed how the Newcastle ID is the same format as Bradford & Bingley? Mine is only slightly out on three digits.

The welcome letter has a paragraph heading 'You could win £500 by answering questions about yourself'

The envelope for returning the questionnaire was in the welcome envelope contents - but no questionnaire.
Anyone received this questionnaire?
Might have filled it in - depending on what they want to know.

LemonTree_3

evenasus wrote: »

Did you stipulate an amount to open the account?
If you did, Newcastle will pull the funds themselves.
.

I don't know whether "I have stipulated amount to open the account" or not.
I was asked for a nominated account and so I put in my Halifax current account as nominated account. I thought only from the nominated account I can tranfer money to the Newcastle bond. A direct debit has been set up now.

Now I'm totally confused! Help!
I'm not sure whether I have to wait until Newcastle BS is pulling out my investment themselves or not. If I wait then I'm risking not send in my cheque in time!

The last page of my online application was saying

If you did not fund your account during your application, you
can make your initial deposit in one of the
following ways, which should be made within 20 days by either:

If I have nominated an account does it mean that I've already fund my account during my application?!

mutley74

LemonTree wrote: »

I don't know whether "I have stipulated amount to open the account" or not.
I was asked for a nominated account and so I put in my Halifax current account as nominated account. I thought only from the nominated account I can tranfer money to the Newcastle bond. A direct debit has been set up now.

Now I'm totally confused! Help!
I'm not sure whether I have to wait until Newcastle BS is pulling out my investment themselves or not. If I wait then I'm risking not send in my cheque in time!

The last page of my online application was saying
If I have nominated an account does it mean that I've already fund my account during my application?!

i dont think Newcastle bdg soc will pull the amount themselves via the DD. well when i opened an ISA with them last year it was done via similar procedure online and i thought they were going to take funds automatically via dd - but when i called them they said DD was to link the ISA with a bank account in case i wish to fund the account in future and also to allow payments to my bank acc if i wished to withdraw from my ISA.

D1zzy

mutley74 wrote: »

i dont think Newcastle bdg soc will pull the amount themselves via the DD. well when i opened an ISA with them last year it was done via similar procedure online and i thought they were going to take funds automatically via dd - but when i called them they said DD was to link the ISA with a bank account in case i wish to fund the account in future and also to allow payments to my bank acc if i wished to withdraw from my ISA.

I set up a DD during my application, specified my initial investment and they took it automatically

Natasha20

mutley74 wrote: »

i dont think Newcastle bdg soc will pull the amount themselves via the DD. well when i opened an ISA with them last year it was done via similar procedure online and i thought they were going to take funds automatically via dd - but when i called them they said DD was to link the ISA with a bank account in case i wish to fund the account in future and also to allow payments to my bank acc if i wished to withdraw from my ISA.

I believe the important point is whether you actually told them how much to take from your account. I gave them a nominated account (Alliance and Leicester) and then asked them to take £x from it. After I had completed the application I checked on my A&L account and a direct debit had been set up. However, I decided to cancel the direct debit because I want to send the funds by BACS to ensure they get there on time. I rang up Newcastle BS and they said that it was fine to cancel the DD and send the funds by BACS.

LemonTree_3

Natasha20 wrote: »

However, I decided to cancel the direct debit because I want to send the funds by BACS to ensure they get there on time. I rang up Newcastle BS and they said that it was fine to cancel the DD and send the funds by BACS.

Thank you! That's a good point - I've forgotten that one can actually cancel a DD.
Is there a limit on the amount one can transfer with BACS? I need to transfer £30K.
If so, I need to do multiple transactions. Will BACS be only allowed for the initial deposit?

Or is it better to send a cheque of £30K? Is there a limit on the amount for a cheque?

mutley74

D1zzy wrote: »

I set up a DD during my application, specified my initial investment and they took it automatically

i find this odd. As i did my application mid last week told them how much i wish to invest but nothing has been taken from my bank account.

i checked my online NBS account where i can view my accounts, the accounts have been open but no investment pending shown.

but online it allows me to fund my account from my nominated bank account.

this is an area where NBS need to imprive to avoid such confusions in future..

Natasha20

LemonTree wrote: »

Thank you! That's a good point - I've forgotten that one can actually cancel a DD.
Is there a limit on the amount one can transfer with BACS? I need to transfer £30K.
If so, I need to do multiple transactions. Will BACS be only allowed for the initial deposit?

Or is it better to send a cheque of £30K? Is there a limit on the amount for a cheque?

Yes, I have exactly the same problem. I tried to do a transfer from my A&L account today by BACS but was told that the maximum per day via the internet was £10k . So I have done £10k today and will ring up A&L when they are open tomorrow and ask them to do the remaining. I am 99% sure that with A&L there is no limit to what you can transfer by telephone.

Natasha20

LemonTree wrote: »

Thank you! That's a good point - I've forgotten that one can actually cancel a DD.
Is there a limit on the amount one can transfer with BACS? I need to transfer £30K.
If so, I need to do multiple transactions. Will BACS be only allowed for the initial deposit?

Or is it better to send a cheque of £30K? Is there a limit on the amount for a cheque?

Also, re sending a cheque, there is no limit but I am very wary of sending large cheques in the post in case they are intercepted. You should definitely send it by recorded or special delivery, but even so I would personally always prefer to do a BACS transfer. As you know, the deadline is Friday, so you really need to do it tomorrow (Monday) as BACS can take up to 5 days. If you are worried about meeting the deadline, then you can do a same day transfer which costs around £30.

Natasha20

mutley74 wrote: »

i find this odd. As i did my application mid last week told them how much i wish to invest but nothing has been taken from my bank account.

i checked my online NBS account where i can view my accounts, the accounts have been open but no investment pending shown..

but online it allows me to fund my account from my nominated bank account.

this is an area where NBS need to imprive to avoid such confusions in future..

When I did my application and set up my nominated account and inititial deposit, it asked me when I wanted the DD to be taken. I did my application on Wednesday, and the ealiest date that it offered was Friday 24 July (because it takes a few days to set the DD up). So assuming you filled in your application around the same time as me, I think your DD will be taken on Friday.