West Bromwich Building Society

Ifts

notbritishgas wrote: »

Also to confirm that West Brom do send out notification.
My 1 year bond matures on 30 June and I received my option letter during this last week.

Same as you I have also had a letter advising me my fixed term bond is coming to an end. (Renewal rate is poor, I will prob go with Close Brothers 3 yr offering)

Like a previous poster I have already let them know I wish to withdraw on maturity, this wil be done by BACS, whether it will be by faster payment who knows.

Even after posting back the maturity options letter it is advisable to remember the maturity date (of old bond):

• If you have chosen to withdraw on maturity, leave it for up to about 3 working days after maturity and the funds should be in your linked account by then, if not call them and query it.

• If you have chosen to re-invest, keep an eye out for the new reinvestment certificate (don't just rely on your instructions to be carried out, as mistakes do occur and sometimes you get put in to lower rate products) in the post shortly afterwards if not call them and query it.

The above may seem over the top to some, but for me I find by doing the above it reduces the chances of it going wrong.

And more importantly it gives you a chance to correct any mistakes usually within the cooling off period.

Ifts

Christmas57 wrote: »

The same thing has just happened to me. I did not get a letter telling me of my maturity options. The first I know about it was when I rec a certificate for a 2 year fixed bond at a rate of 2.15%. Ihave found a rate of 3.5% today. I rang West Brom who were not very helpful. R they within their rights to do this.

I'm sure you have 14 days cooling off period:

Cancellation period

Except in the case of fixed rate bonds opened in a branch, if you decide within 14 days of opening your account that you wish to change your mind, you can do so without incurring any charge. You may transfer to another account or close it.

If its within 14 days just call West Brom and close it and withdraw your funds.

Also there are slightly better rates out there than 3.50% for a 2 year fixed term bond (there are a few 1 yr bonds offering more than 3.50% LINK, although with restriction on the minimum amount you can open with).

Like BM SAVINGS are paying 3.75% on their 2 year bond, some more examples here:

http://moneyfacts.co.uk/compare/savings/fixed-rate/medium-term-bonds/

Fergy1_2

I was given no letter warning us of imminent maturity and instructions for destination of the considerable sum. Yesterday (22 days after maturity) I received an Investment Certificate showing that it had been rolled over into a very poor rate Bond (about half 2.15%). I want the money to help buy my daughter a house and had never any intention of re-investing, especially at this pathetic rate. I phoned them up saying that since I never received any letter, I want my money. They state that since it is more than 14 days since it AUTOMATICALLY defaulted to this drop down Bond, I have little chance of getting " the funds released" ie getting MY money back NOW. I have just this minute had my plea to have the money released REJECTED by West Brom. I have not had recourse to the 14 day cooling off period as I was not aware of being in the new bond until yesterday already too late. The Financial Ombudsman is now getting involved as I have made a formal complaint.

Sceptic001

I received a reminder from the West Brom about 4 weeks before maturity. I received a text confirming receipt of my withdrawal instruction the day after I posted it. So no complaint from me (assuming the money arrives in due course :fingers crossed: )

Although it is no help to Fergy1 and others here who did not get a reminder, the moral is as others have posted: Make a diary note of the date of maturity and act in good time if you do not receive a reminder.

premierfella

West Brom certainly are not alone in adopting this automatic reinvestment on maturity if maturity instructions are not received. This week I had a maturity letter from Aldermore for a fixed rate bond that is due to mature - it arrived barely 2 weeks before maturity (so even less time than West Brom) and my 5 year FRB would have automatically rolled over into a 2 year FRB I believe.

Although one positive with Aldermore is the ability to give maturity instructions via the internet.

k9oky

West Bromwich send a letter out to you that you have to fill in with your directions at maturity over 4 weeks before maturity.

To be fair on that letter there is NO CLEAR RETURN ADDRESS on the form. I was puzzled by this and just rang them up 2 weeks prior to maturity and just said look at the end I want my money sent to my nominated account thanks. Since I felt sceptical I rang them 3 times since in the past 2 weeks to make sure they knew what I wanted.

Then on the day of the maturity was very impressed that day at 9am faster payments in of the correct amount. I even made a note in my records:

"West Bromwich *TERMINATED*
THIS BANK (BS) DID FASTER PAYMENTS QUITE LIKE IT ACTUALLY BIT LOW BUDGET BUT PAID REAL FAST AT END SAMEDAY!"

I got rolled over in 1 year fixed rate bond in 2010 from Yorkshire Bank - never again.

Fergy1_2

Have ascertained that the West Brom unilaterally changed our mailing address from a failsafe one in our experience to a mutated one which is a hybrid of our house name and the post-code list, simplified address which we did not sanction. They must therefore take responsibility for any mail not arriving. Watch this space.

psychic_teabag

A bit hypothetical really, but things do get lost in the post from time to time. Where does the responsibility lie when this happens ? I've tended to think that the institution ought to send out a second notification if it hasn't had a response to the first one - chances of two (correctly addressed) notifications getting lost seem remote.

JoVal

Although it is no help to Fergy1 and others here who did not get a reminder, the moral is as others have posted: Make a diary note of the date of maturity and act in good time if you do not receive a reminder.[/QUOTE]

SavingsChampion.co.uk has a free reminder service which also tells you if rates on a variable rate account changes.

Fergy1_2

Why don't they just send a cheque or phone. At end of 2year fixed term , the TERM of our dealings with them is TERMINATED. Rolling over to any bond of their choosing, without a mandate from us MUST BE ILLEGAL. It is a misappropriation of funds which will earn them a profit, but at that point, ITS OUR MONEY NOT THEIRS.