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

dov

andy1c wrote: »

as mine is being funded via Direct debit set up at the time of online application and i havent received the welcome pack yet so the newcastle team have confirmed it will be ok..
after all the date for the direct debit was set up b4 this account closed..
i have check with my current aaccount bank , and a DD has been set up by the newcastle BS so it up to them to request the money.

This should be fine but be sure to check that the money is collected. On one account it wasn't for me so they agreed I could send in a cheque with a short note of explanation even though it will be after today before they receive it. Other direct debits worked fine.

freddysmith

My Initial deposit came out via DD on the 20 July at which time the issue had closed. I then made an extra payment using BACS on 22 July which was accepted and written on my Investment card.
So they have been accepting extra payments even though the issue was closed and I have been thankful for that.
My understanding from what I have read on here and from personal experience is that I could make another BACS payment today and it would still be accepted.

dov

freddysmith wrote: »

My Initial deposit came out via DD on the 20 July at which time the issue had closed. I then made an extra payment using BACS on 22 July which was accepted and written on my Investment card.
So they have been accepting extra payments even though the issue was closed and I have been thankful for that.
My understanding from what I have read on here and from personal experience is that I could make another BACS payment today and it would still be accepted.

Faster payment yes but I'd be surprised if regular 3 or 4 day BACS will work as it will arrive after today which is the end of the grace period after the issue closed.

crispy2_2

My wife applied for a Newcastle 5% bond on the day that they stopped taking online applications, and asked for the opening balance to be taken by direct debit. They didn't immediately accept her application but asked for posted ID which she sent in the next day. She received a confirmation email.

Then, 2 days ago, she received a letter dated 17th July enclosing her ID, thanking her for the application, and stating that the account would be opened within 21 days.

I telephoned this morning, because the opening balance was burning a hole in our bank account, and I wanted to know when the DD would be taken. Imagine my surprise when the customer service rep said that the DD instruction would be ignored as the immediate ID check had failed. She said that the last day for them to receive opening balances was today (July 24) and that my only choice was to deposit it by CHAPS.

I argued with her on this for the good part of 30 minutes, and she did not move on this position: CHAPS was the only way to get the account opened. To cut a long story short, I raised a complaint about their communication - at no point had they told me that our DD opening balance instruction would be ignored, and at no point had they told us that today was the deadline.

Once I had hung up I worked out that it would still be in my advantage to pay the £20 CHAPS fee and so tried to arrange this with Nationwide. But they only take CHAPS instructions by post or at the branch, so I decided not to bother.

So imagine my surprise when I received a telephone call from the Newcastle customer service rep this afternoon, stating that they had had a number of complaints from people in our position, and that they were going to give us 20 days from date of account opening to get our initial balance paid in! I've now made my payment by BACS. :beer:

PLEASE NOTE: I have no idea whether this 20 day grace period is across the board, or just for people who have been offered it following a complaint.

andy1c

crispy2 wrote: »

So imagine my surprise when I received a telephone call from the Newcastle customer service rep this afternoon, stating that they had had a number of complaints from people in our position, and that they were going to give us 20 days from date of account opening to get our initial balance paid in! I've now made my payment by BACS. :beer:

PLEASE NOTE: I have no idea whether this 20 day grace period is across the board, or just for people who have been offered it following a complaint.

during my telephone call with newcastle this morning they mentioned 20 day grace period that was regarding my direct debit so i didnt think about a bacs transfer, you maybe right about only happening when you complain as i was first told today was the last day.

dov

andy1c wrote: »

during my telephone call with newcastle this morning they mentioned 20 day grace period that was regarding my direct debit so i didnt think about a bacs transfer, you maybe right about only happening when you complain as i was first told today was the last day.

I think its just an exception because it was Newcastle's fault. Same with my case above where they just didn't collect the Direct Debit.

evenasus

dov wrote: »

This should be fine but be sure to check that the money is collected. On one account it wasn't for me so they agreed I could send in a cheque with a short note of explanation even though it will be after today before they receive it. Other direct debits worked fine.

Same thing for me.
Thought everything was fine, even received the folded Investment Card a couple of days ago, showing the £XXX amount received on 17th July.
Then today, a letter saying…

You recently carried out a transition on your NewcastleNet account. Unfortunately the Direct Debit request has been returned by your bank. The reason they have given is: no instruction.

Now what's all that about?

Anyway, I've now sent (as advised) a cheque with a covering letter, quoting the name of the person (at Newcastle) I spoke to. I'm told it will be honoured.

The Newcastle Online Saver account I opened with, I thought, a direct debit, has also not been taken.
The letter about that just states that the account is now open and how to fund it.
Thing is, they sent a letter nearly two weeks ago to say it was open.

My husband made the suggestion that Newcastle are playing for time.

dov

evenasus wrote: »

Same thing for me.
Thought everything was fine, even received the folded Investment Card a couple of days ago, showing the £XXX amount received on 17th July.
Then today, a letter saying…
[/FONT]Now what's all that about?

Anyway, I've now sent (as advised) a cheque with a covering letter, quoting the name of the person (at Newcastle) I spoke to. I'm told it will be honoured.

The Newcastle Online Saver account I opened with, I thought, a direct debit, has also not been taken.
The letter about that just states that the account is now open and how to fund it.
Thing is, they sent a letter nearly two weeks ago to say it was open.

My husband made the suggestion that Newcastle are playing for time.

I haven't received any letter yet.

evenasus

dov wrote: »

I haven't received any letter yet.

Have you checked the account the direct debit was to be taken from?
I never thought to check mine, as I'd already logged in and checked on my Newcastle account earlier this week. There it showed up as being received. Not checked since. I imagine it will now show NIL.

dov

evenasus wrote: »

Have you checked the account the direct debit was to be taken from?
I never thought to check mine, as I'd already logged in and checked on my Newcastle account earlier this week. There it showed up as being received. Not checked since. I imagine it will now show NIL.

The account from which the money was to be taken from shows the direct debit set up correctly and I received yesterday the direct debit setup confirmation form Newcastle. But the Direct debit was supposed to have been taken on Tuesday.