Birmingham midshires maturity of fixed account

bryanb

Logged on to my 1yr fixed account(Matured today) today intending to transfer the funds elsewhere. I found that the account showed the annual interest correctly.
However there is a note saying leave 2 banking days before closing the account, any instructions given before this will not be successful.
The statement shows the full amount as available funds, but they are not available!
Can anyone explain why this might be, I will be phoning them later but would like any opinions first.
Will they be paying interest at the fixed rate, the variable maturity rate, or not at all for 2 days, I wonder?
I've read the T&Cs, It says the account will be changed to an easy acces of their choice, nothing about 2 days.

rb10

Phone them?

bryanb

rb10 wrote: »

Phone them?

Yes I have now, they said it defaults to instant. I said what rate of interest-negligible. Said I was not happy about delay (4 days as today is Fri), answer-It's always been like this. I've now emailed a complaint asking them to pay the contracted rate till my money is available to withdraw.

Mikeyorks

From memory BM have always provided me with maturity options - several weeks in advance.

The only time I've been able to move the matured funds myself - has been when I also had a BM savings account to move it into. They're not the quickest when it comes to relinquishing the matured funds otherwise - it's normally been via cheque. But then it's usually taken them 10 days to process the inbound cheque deposit - so at least they're consistent!

rb10

Mikeyorks wrote: »

But then it's usually taken them 10 days to process the inbound cheque deposit - so at least they're consistent!

It took them one day to process the cheque that I sent them for my AA Savings account a couple of weeks ago.

bryanb

Mikeyorks wrote: »

From memory BM have always provided me with maturity options - several weeks in advance.

Yes, they did that.
To quote their rather condescending letter.

"Want to close your account?"
"..............If you can remember your your login details you can withdraw from your account using the Bank's Automated Clearance Service (BACS), once your account has matured. If you choose to do this there is no need to return the maturity instruction form."

I could remember my login and chose that option, however "once your account has matured" apparently means 4 days after maturity!

Stompa

bryanb wrote: »

I could remember my login and chose that option, however "once your account has matured" apparently means 4 days after maturity!

FWIW I recently had a similar experience with them. I figured it was probably due to the time it takes them to open a new BM account into which the funds were transferred. As soon as it was available I closed this new account and transferred the funds to my linked account. A few days later I received a DD instruction for the (now closed) new account!

bryanb

Stompa wrote: »

FWIW I recently had a similar experience with them. I figured it was probably due to the time it takes them to open a new BM account into which the funds were transferred. As soon as it was available I closed this new account and transferred the funds to my linked account. A few days later I received a DD instruction for the (now closed) new account!

Thanks, I anticipate that's what will happen. Just that I object to my funds not earning, even if only for a few days.
After all £50,000 @ 5.6% is £7+ daily

Stompa

bryanb wrote: »

Thanks, I anticipate that's what will happen. Just that I object to my funds not earning, even if only for a few days.
After all £50,000 @ 5.6% is £7+ daily

Actually now you mention it, the transferred value did exceed the maturity value by a small amount. I think it was around £6 (gross) on ~£10k, so I guess that roughly equates to 4 days at 5.6%. So you may be in luck.

Mikeyorks

bryanb wrote: »

If you can remember your your login details you can withdraw from your account using the Bank's Automated Clearance Service (BACS),

Nice! Never had that option as my several fixed rates with them have always been postal accounts. Not sure if they still do that - but they seemed to alternate between postal and online term deposits .... never both together. And my timing always, irritatingly, gave me the postal ones.