3.95% for 1 year with NS&I

shibumi

Just discovered that Barclays would not pay my £150000 cheque over to NSI ..reason being 'no signed mandate'???
They have happily allowed all my other cheques for smaller amounts in the past! I am livid, especially if I can't now have the NSI account

Does this mean I lose out on the NSI account now?
I have yet to hear from NSI and will be making an urgent visit to my bank Monday as the money was always there in the bank.

intalex

shibumi wrote: »

Just discovered that Barclays would not pay my £150000 cheque over to NSI ..reason being 'no signed mandate'?

What is a "signed mandate"? Never heard of such a thing. I applied for a new bond with 2 separate cheques on Monday - 1 from HSBC and 1 from Barclays. No sign of the money having left either account, and when I called both banks, there was no sign of a cheque undergoing the clearance process.

I'm not going to be a happy man if they drop me this "no signed mandate" story and cause me to miss out on the bond.

shibumi

intalex wrote: »

What is a "signed mandate"? Never heard of such a thing. I applied for a new bond with 2 separate cheques on Monday - 1 from HSBC and 1 from Barclays. No sign of the money having left either account, and when I called both banks, there was no sign of a cheque undergoing the clearance process.

I'm not going to be a happy man if they drop me this "no signed mandate" story and cause me to miss out on the bond.

Not sure what 'no signed mandate ' means , their letter says I have to go into the branch and complete one. I am presuming its something needed for large amounts as other cheques have cleared no problems. Why can't the bank pick up a phone and call me when something like this happens instead of cocking everything up

D1zzy

It seems to me that , in the name of security, thay are making it harder and harder to get at your own money. At least if they had a "one size fits all" set of rules we would know all know where we stood...... I feel a campaign coming on

cvd

I called Abbey again and was told by someone that the Visa limit for such a direct debit transfer was £9,000 to £10,000

Not true. It may be an Abbey limit but it is not a VISA limit.
I invested £12,000. The money was taken from my HSBC current account by a VISA debit card without any problem. I did not warn the bank beforehand but I have made similar transactions in the past.

MarkFromCornwall

cvd wrote: »

Not true. It may be an Abbey limit but it is not a VISA limit.
I invested £12,000. The money was taken from my HSBC current account by a VISA debit card without any problem. I did not warn the bank beforehand but I have made similar transactions in the past.

Yes, I agree. Bank of Scotland Visa Debit worked for me for £20k without me contacting them.

TykeUK

MarkFromMullion wrote: »

Yes, I agree. Bank of Scotland Visa Debit worked for me for £20k without me contacting them.

Same for Barclays.

digannio

This is what I suspected. They seem to be making the rules up as they go along. And they can't claim it as a security issue if you have already contacted them and specifically stated that the transaction is OK and should be allowed. They are handicapping people's ability to move money around and snap up the best rates while they are around. It seems different banks have diffirent limits and they all work in a different way. Which is exactly what the woman from NS&I told me. The major problem for me is that these kind of transactions are becoming vital and sometimes you have to move quickly and I can't be with a bank that is going to be obstructive while I'm trying to manage my money in a proper way. Looks like bye bye Abbey and they still haven't replied to my written complaint more than a week later, not even an acknowledgement. Probably still trying to decide which of the many excuses I have been given is the official one!

yee_har

I went into my local A&L and asked if there was any transfer limit: "Is there any limit at all or does it just depend on having cleared funds?". "The latter" was the answer - albeit not 100% convincing. I went ahead anyway and the money was taken no problem.

Re.: Abbey vs. A&L. I've worked alongside Abbey systems and whilst I know what a pain they can be I can't see why a limit can't be quickly changed/removed to get consistency across the group - assuming of course that they're aware of the issue &/or want to go that way. Maybe they'll impose Abbey limits on A&L!?

I'd advise anyone getting the right answer to the limit question (even if not from the branch) and then the wrong outcome to - practicalities permitting - get into their local branch and politely lean on the local manager. I took this tack when Nationwide screwed up my ISAs and it proved productive. I suspect branches are particularly keen to help when things have fallen down in the back office....(and it saves on phone calls/aggravation)

Stavros_3

Here is the real reason why NS&I pulled its fixed rate account

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=494730&in_page_id=7