Principality-bond maturity issues?

C_Mababejive

MarkFromMullion wrote: »

£32? You are obviously a favoured customer. My closure letter for the St. David's Day Regular Saver Bond offered a BACs transfer for £37.50.

Mark

Yes,your probably right mark,,i knew it was thirty something.

Shows how contemptuous these institutions are. They want to send a cheque so that they can stall paying you our but if you want it via the only marginally quicker bacs system,they want to overcharge. A transaction which costs pennies suddenly costs £37.

I have just sent a letter of complaint regarding their antics.

2010

I can`t see how Principality is any different from the likes of Nationwide.
When I had a fixed rate bond mature with them, they said they could only issue a cheque on maturity.
Upon further investigation I discovered that on the day of maturity I could go into any Nationwide branch and collect the cheque myself.
There was no need to await them sending it by post causing further delay.
When in my local branch I asked if they could send the money electronically, they said only if I paid.
I got the cheque and walked over the road and deposited it into my Halifax current account.
OK,I know it still takes 4 working days to clear but it could have been a much longer delay if I hadn`t discovered that it could be collected from a branch.
Principality is probably the same.
Of course if there isn`t a branch locally,then the post is the only way.

steady__eddie

"Google Principality Freepost"

I was going to use the freepost address but that goes to Cardiff and I was instructed in the letter to send my reply to the branch where I opened the account (Shrewsbury).
My deranged mind tells me that if I send my reply to Cardiff, they will have an excuse to delay posting my cheque, (we have only just received your paperwork etc.)

cottager

steady__eddie wrote: »

I was going to use the freepost address but that goes to Cardiff and I was instructed in the letter to send my reply to the branch where I opened the account (Shrewsbury).

If the Shrewsbury branch is within reach for you, go in personally and they should be able to handle whatever you want to do. You can close the a/c and have a cheque on the spot; or if you want to stay with PBS and do something else with it, hand in the instructions you've been asked for and they'll send it to Cardiff with their internal mail (keep a copy for yourself). But, depending what your choice is, they may well be able to arrange it in-branch for you anyway -- worth asking. Or phone them first and check: Shrewsbury details here.

It isn't an option for many people as PBS only have branches in Wales and the border areas, but I'm local to one and came to the conclusion after applying for a couple of accounts online that it would have been simpler if I'd gone in to the branch in the first place, instead of waiting on the post. I also had to send ID but the branch happily sent it down with their internal stuff, and a bit later also a letter when I needed to send one.

When the Regular Saver ended in November I just went in and got a cheque, as I didn't want to take out another product at that stage (though they asked of course! -- but no pressure when I said no).

2010

cottager wrote: »

When the Regular Saver ended in November I just went in and got a cheque, as I didn't want to take out another product at that stage (though they asked of course! -- but no pressure when I said no).

This confirms what I said in post 13.

Careful_ly

They will also let you have £500 in cash at branch without any notice, or if you give them 2 days notice £2000.

I have found them to be a little slow in sending out the cheques on maturity, and would agree that a visit to the branch is a good idea if not too far away..

steady__eddie

This is the fourth Regsave that I've had with them and I've usually gone to Shrewsbury to close it and fire up a new one on the day of maturity.
It's only abut 40 minutes on the motorway and I quite like to gave a stroll round looking through the windows of those qaint little shops.
I currently finish my daily toil at 3 p.m. which gives me plenty of time but rumour control has it that new work patterns dictate that closing time is being changed to 4:30, this would rule out an afternoond trip.
i was not going to renew anyway but use the cash for this years ISA.
Thanks for all your input.