Saving with the Post Office

U.K.Brian

I took out a Post Office Growth Bond on behalf of my 93 year old blind Uncle two weeks ago. Yesterday I received a cheque from them (sent to the wrong address and made out in a combination of my name and my Uncles !) refusing his money based on analysis of information from Experian and CIFAS (UK Fraud Prevention). The money was the payout from his Halifax Bond and in the form of a Halifax cheque.
I used the phone number from the refusal letter to ask why a 93 year old with no debts, criminal record etc should be refused. First the Post Office did not recognise their own reference or ID number from the letterhead. Then I was informed that the refusal "might" be due to his NOT having debts or due to his change of address (he was moved from a residential home to a nursing home as his health required one-on-one health care). I was told to read the enclosed CIFAS leaflet....but no leaflet was enclosed.

Having spent over an hour on the phone to the Post Office facing their demand for his "security number" which we have not been issued with, and why would they, when they have not opened an account for him, a senior officer finally agreed to issue another cheque in the correct name.
Question is what do we do with it ? If it really is a change of address that upsets Experian so much then nothing is going to change that. Meanwhile my cheque, for the same type of account, was accepted in branch and I've heard nothing since. I very much doubt if I will comply with the "rules" as I've made the mistake of paying off my mortgage and have no debts either. Experian in the past has stated that I'm not on the Electoral role though I have been for forty years and have lived in the same house for over twenty.

Does thus now mean that the old are blocked from selecting the best savings rates because they have sold their property to enter full time nursing care and cannot comply with these fraud prevention databases that appear to operate on the basis that debt is good and not to have any bad ?

As for the Post Office....Never again.

soulsaver

EDIT this info is apparently incorrect, see later post#32:Ok £15k daily withdrawal limit online or or over phone confirm their help desk (Sat 4/12/10) but larger withdrawal possible by letter with signature, 3-5days from receipt, to your linked account.

Now :

SS: Your webby says 'unlimited withdrawals'.
PO: That means as many as you like.
SS: Max £15k a day sounds like a limit to me.
PO: You can have more by postal request.

SS: So the PO position is it's actually unlimited withdrawals by limited method?
PO: Er - yes.

SS: Can you have more than I account? (view to getting £15k from ea option)
PO: No, but you can open a joint....

May just do that methinks.

tigga_1961

hi from a po advisor for now..post office savings have recently had a lot of changes mainly not for the better, call centres now being in ireland with poorly trained minion for advisors and fulfillment recently moved from widnes to welwyn gc they didnt bother to tell us for 3 weeks they were moving, and processing even we are stumped as to where this is done now , as for how secure is your money, ever tried getting a bone off a rottweiller? its safe until you want to withdraw then the fun begins.
I for one certainly wouldnt bank with post office savings :eek:

molly_mandy_2

tigga_1961 wrote: »

ever tried getting a bone off a rottweiller? its safe until you want to withdraw then the fun begins.
I for one certainly wouldnt bank with post office savings :eek:

Rotties will give up their bones - you just have to ask nicely and not shout at them!

I've withdrawn twice in the last month from my PO online savings, each time on a Monday and my money has been in my bank account on the Wednesday morning. Suits me fine.

Loco

thought they`d pulled the account that as it is not showing in the Top Savings Accounts of MSE anymore.

Just looked via the Post office web site and it`s still there

d-b_2

The PO have now had my cheque for over a month and I have lost interest of about £30 as the money is sitting in my current account. I have phoned twice and received the same letter from them requiring a signature twice, but they tell me that my cheque processing didn't go thru - no reason why. Anyone been able to clain recompense for lost interest??:(

soulsaver

Well having defended the PO we can now add to the mix the just launched Northern Rock esaver4: Pays a point more... getting good press on account opening; and appears to have easier access.. but like the PO, no FP out.

Better bet I'd say.

savetilibleed

soulsaver wrote: »

Well having defended the PO we can now add to the mix the just launched Northern Rock esaver4: Pays a point more... getting good press on account opening; and appears to have easier access.. but like the PO, no FP out.

Better bet I'd say.

Not if you want interest monthly it isn't - only 2.70%. Seems to be a general feature of some NR accounts, bonds and the like. Not the ESaver 3 though.

soulsaver

savetilibleed wrote: »

Not if you want interest monthly it isn't - only 2.70%. Seems to be a general feature of some NR accounts, bonds and the like. Not the ESaver 3 though.

Good point - reminds me to change mine to annual which you can do by phone after opening.

C_Mababejive

I have pulled my wad out of the PO account irrespective of the FSCS protection.

We live in dangerous times and it hardly matters about loss of interest since almost no accounts no produce a positive return.

your cash will soon be mere Confetti.