Northern Rock Fixed Rate Bond

gt94sss2

I opened an account by telephone last Monday,

Just found out that my opening deposit/faster payment was returned to my account.

Spoke to Northern Rock who say its because their savings accounts each have to be separately with a special FPS 'gateway' rather than the default BACS. (Its not done automatically apparently!)

The team that needs to do this isn't there today but will do this on Monday when I can make my opening FPS deposit again..

Regards
Sunil

soulsaver

gt94sss2 wrote: »

I opened an account by telephone last Monday,

Just found out that my opening deposit/faster payment was returned to my account.

Spoke to Northern Rock who say its because their savings accounts each have to be separately with a special FPS 'gateway' rather than the default BACS. (Its not done automatically apparently!)

The team that needs to do this isn't there today but will do this on Monday when I can make my opening FPS deposit again..

Regards
Sunil

Sounds to me like they're telling you tosh. A CHAPS payment has to be given a specific NR sort code, FP & BACS is the same one. You don't know when you submit your transfer whether its going FP or BACS until after it's submitted, so how would you know how to select the appropriate sort code?
My guess is your payment arrived for deposit on Wednesday when there was a period in which the account was 'closed'. It was later reopened for further deposits.

soulsaver

soulsaver wrote: »

TBF its a postal account, but I know what you mean! I got a statement in the post showing my opening deposits today, so you do get some record.

I got another notification today (Saturday) showing subsequent deposits; good stuff.

Rollinghome

gt94sss2 wrote: »

I opened an account by telephone last Monday,

Just found out that my opening deposit/faster payment was returned to my account.

Spoke to Northern Rock who say its because their savings accounts each have to be separately with a special FPS 'gateway' rather than the default BACS. (Its not done automatically apparently!)

The team that needs to do this isn't there today but will do this on Monday when I can make my opening FPS deposit again..

Regards
Sunil

I had the same problem. This account has been a nightmare.

Opened the account last weekend told them I'd be FPing funds in from three banks. Due to FP limits it would take at least two days to transfer the funds and was told that although he expected the product to be pulled, they would definitely still allow plenty of time for the transfers.

Got the funds in place, set up the mandates, and on Monday sent the money, then found it had all been returned with the message that the account didn't exist. I'd triple confirmed the account numbers with them and checked that against the mandates. I'd put the payee as 'my name/Northern Rock' so created new mandates with payee as just 'Northern Rock'. Tried again and still funds returned.

Called them and after a very long conversation they went off and conferred and eventually decided it was a fault with the account. Said it would be fixed by Tuesday. Tried again on Tuesday, funds still returned.

Back on the phone to various people and later that day a manager called to say it would now accept transfers but… he then said they wouldn’t accept any funds after closed of business that day, which meant I had funds sitting in current accounts I couldn’t pay in. I emailed a complaint to their customer services and then tried to pay in what I could.

Still couldn’t make payments. Now found that each of my banks had flagged the transfers as suspicious due to the multiple returns and were blocking further transfers. More long phone calls and they agreed to OK the transfers. Because it was now beyond the cut-off time this affected the FP limits for the next day.

Then in the evening of the next day I got a phone call from NR customer services replying to my email and saying the time for paying in funds would be extended. I asked him for a formal reply to my complaint as NR have cost me a loss of interest and an unbelievable amount of time. Phoned them today to confirm that they have the funds but still waiting for anything in writing to confirm the account exists.

Not exactly impressed.

Stompa

soulsaver wrote: »

I got another notification today (Saturday) showing subsequent deposits; good stuff.

I got my first today thank goodness, hopefully the second will arrive shortly.

gt94sss2

soulsaver wrote: »

Sounds to me like they're telling you tosh. A CHAPS payment has to be given a specific NR sort code, FP & BACS is the same one. You don't know when you submit your transfer whether its going FP or BACS until after it's submitted, so how would you know how to select the appropriate sort code?

I presume that even though the bank account details for BACS and FPS payments to NR are the same, as the payment systems involved are different and something needs to be 'switched on' at the NR end for an account to accept faster payment - though why they don't do this by default now that all the decent banks have FPS working, I don't know..

My guess is your payment arrived for deposit on Wednesday when there was a period in which the account was 'closed'. It was later reopened for further deposits.

No, my payments didn't arrive on Wednesday

Regards
Sunil

soulsaver

gt94sss2 wrote: »

I presume that even though the bank account details for BACS and FPS payments to NR are the same, as the payment systems involved are different and something needs to be 'switched on' at the NR end for an account to accept faster payment - though why they don't do this by default now that all the decent banks have FPS working, I don't know..



No, my payments didn't arrive on Wednesday

Regards
Sunil

Yep sounds like hard work at their end, that looks like rubbish at our end.
I can't fault my experience much other than the negative balances causing some short term confusion but which sort themselves out over night. Good luck with yours.

Mols

I had the same problem with faster payments. My funds were returned 4 times! I am also waiting for them to call me on Monday but deposited a cheque at the local branch yesterday to make sure the account is funded.

talexuser

Got my paperwork through for my top up investment ok. Has anyone put in their notice yet, and what did NR say?

SnowMan

SnowMan wrote: »

Has anybody given notice to withdraw or close the account yet?

talexuser wrote: »

I think I'll wait until I get the paperwork in my hand to prove the investment - a few days should not make much of a difference!

talexuser wrote: »

Got my paperwork through for my top up investment ok. Has anyone put in their notice yet, and what did NR say?

Hee hee. Whose being impatient now

I'm waiting for a statement for my last deposit before giving my notice. But will go in and give notice after that.