NS&I certificates

Sceptic001

Oblivion wrote: »

Wish now I'd flouted the banking terms and done the same myself. Ah well, live and learn. Financial regulation in this country is a sick joke!

Please can you provide a link to the financial regulation that limits online debit card transactions? Many thanks.

Stompa

Sceptic001 wrote: »

Please can you provide a link to the financial regulation that limits online debit card transactions? Many thanks.

AFAIK it's not a financial regulation as such, but a limit that may (or may not) be imposed by individual banks. FWIW the first page of the NS&I ILSC application process contains a warning about this.

whu

Oblivion wrote: »

Well, having purchased £10,000 worth yesterday I attempted to purchase a further £5,000 this morning ... all seemed to go ok with an immediate confirmation order number.

This evening I get an email which says ...

"Thank you for applying to invest in Savings Certificates from National Savings and Investments.

We're sorry to let you know that we cannot accept your application as a subsequent purchase of Savings Certificates as we need a Customer Number to process a subsequent application. The Customer Number is shown on any Certificate you already hold for this product.

If you have only recently made your first purchase, please wait until you have received your Certificate showing the Customer Number before making your subsequent purchase.

We have not taken any money from your debit card."

What a bunch of total !!!!!!!

Oblivion wrote: »

A couple of observations ...

1.) I do find it odd that when applying online they warn you not to enter your NS&I user number. As a Premium Bond holder and having an NS&I ISA I am already registered with them.

Surely simply being able to enter your user number would speed up the on-line process no end since they already have all my details ... plus it would negate the need to ask for any identification.

2.) If like me you are going for the full £15,000 please remember that the banking code is that for online transactions your debit card is only good for a maximum daily limit of £10,000. Some banks or specific accounts may impose an even smaller daily maximum so you need to be sure what applies to you.

Because of this I've paid for £10,000 this morning and will try for a further £5,000 tomorrow morning. The clock is reset at midnight in the banking world as you might expect (it's not 24 hours from your last transaction).

The helpful HSBC customer services chap did say that if you make an application by phone and they take your debit card details over the phone, then the daily limit rises to £50,000. I tried phoning but gave up after a very long time. They are either very busy as the message says, or they don't have sufficient staff.

I applied online and there was no problem with the £15k going out - maybe it was because I has applied to them before

The threads on here have been pointing out that you need the customer number before you can apply for another one- let's hope they dont take long to come through for those who want additional certificates

lisyloo

and feel fairly OK about waiting a couple of days for the confirmation letter with my customer number

Ok, but if you're into June the you won't get the same RPI starting point as in May.
I don't happen to know off the top of my head if that's good or bad, I just know it's different :-)

Sceptic001

Stompa wrote: »

AFAIK it's not a financial regulation as such, but a limit that may (or may not) be imposed by individual banks. FWIW the first page of the NS&I ILSC application process contains a warning about this.

Thanks, Stompa, in which case the basis of Oblivion's original posting is incorrect.

JamesU

Sceptic001 wrote: »

Thanks, Stompa, in which case the basis of Oblivion's original posting is incorrect.

Just some minor confusion over online limits and telephone limits between the banks, rather than actual banking regulations. In Oblivions's case, £10K online daily limit at HSBC, but e.g. £25K possible online through Lloyds. Some typical examples of variation in online limits between the banks in the link here, but they might not be up to date though:

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

BTW: would be interested in your thoughts on the post in link below:
http://forums.moneysavingexpert.com/showpost.php?p=43875906&postcount=16

JamesU

le_loup

Na, I've done £15k through HSBC.

JamesU

le_loup wrote: »

Na, I've done £15k through HSBC.

Well if that was an HSBC online purchase (not telephone) there is no sane way to rationalise any of this!

Which was it, online or telephone?

JamesU

le_loup

Online ................. twice!

JamesU

le_loup wrote: »

Online ................. twice!

So between Oblivion and yourself there is no consistency on what HSBC online payments are actually allowed. In that case, I give up!

JamesU