Chelsea Building Society - cheque only

claire07

Just had a fixed rate bond mature from Chelsea BS and they only offer payment by cheque not bacs. So as I've opened all the latest instant access (AA, Natwest, Post Office) and they will all only take money from a linked account I had to pay it into my bank (5 days to clear) before I can even send it out.

That's the only snag with these latest instant access accounts for me in that they won't take a cheque (though hopefully not many are as outdated as the Chelsea in not doing bacs). So by the time I received the cheque, got it cleared (why do they always arrive at weekend?) and moved on it loses about 2 weeks interest.

Loughton_Monkey

claire07 wrote: »

Just had a fixed rate bond mature from Chelsea BS and they only offer payment by cheque not bacs. So as I've opened all the latest instant access (AA, Natwest, Post Office) and they will all only take money from a linked account I had to pay it into my bank (5 days to clear) before I can even send it out.

That's the only snag with these latest instant access accounts for me in that they won't take a cheque (though hopefully not many are as outdated as the Chelsea in not doing bacs). So by the time I received the cheque, got it cleared (why do they always arrive at weekend?) and moved on it loses about 2 weeks interest.

If you think that's bad, then try the Post Office! When (as I have posted elsewhere) one of their bonds matures, they pay it into an Internet 'Instant Saver'. Now even though (obviously) they are transferring their 'own' money, they require something like 6 days for it to be in there, and then you suffer the normal BACS delay to move it to its final resting place.

Absolute Charlatons!

calypso_rhapsody

I was told that by the Post Office too when i had a bond mature recently ... i had a bit of time so decided to argue the point - even accused them of theft as the agreement i had with them was for a specified period and they had no right to hold onto the funds beyond that period. I had a copy of the terms and conditions to refer to so was able to argue my ground quite robustly.

After being referred to a supervisor, it transpired that i was being told absolute rubbish and the funds can be transferred immediately from the instant access account. The 6 day period applies if you open a new instant access account so that they have time for the initial deposit to clear. That makes sense, but when the money is coming from a bond that they have had for a year or more it is completely inappropriate.

So i fought hard and got my money back immediately - i am not as surprised as i should be to find that others have had the same experience. If they keep all the maturing funds for an extra 6 days, effectively cost free, that's a nice little money spinner.

Grounds for a complaint to someone???