Principality Building Society?

giggler123

Hi,

I tried to close my eISA with them on the 24th of November online, they replied to my request with a message about alternative products on their website and didn't process the closure.

I called them yesterday and they told me some guy called chris would telephone me tomorrow about the problems I've had closing my eISA. That never happened.

Has anyone else had problems or hurd of a run on Principality Building Society because right now all I want is my money?

regards,

giggler

Old_Slaphead

I think if there had been a run on a major BS it would have been all over the TV.

Suggest you phone & ask to speak to customer services manager if you're not getting what you think is decent service

giggler123

Thanks oldslaphead.

I've just been told, sorry for the delay in processing my closure. By the way, you only here stuff in the news on T.V. when it's already happened...

:j

giggler

claire07

I'm not impressed with them. I recently had a fixed rate bond mature and had to accept the proceeds by cheque as they were charging £25 for a bacs transfer.

They seemed to be making it difficult to withdraw rather than roll over for another fixed rate bond.

Milarky

you really don't need to go down the cheque route any longer:

When my last passbook account matured recently I enquired and they said they could (on my instruction) transfer the proceeds from there to my already opened e-saver (why I originally opened an e-saver with them.)

Once the money was in the e-saver I requested most transferred out to my (nominated) bank account. I expected the payment - which went by BACS - would lose me two days interest but, although taking two days to send, Principality 'post dated' the withdrawl by two days to match the actual date of arrival. I was duly impressed.

Today they have published their improved payment times as per the 1 Jan 2012. Have a read:

We’re pleased to advise you that on 4 December 2011, we’ll be implementing a Faster Payment service. The introduction of this service is in keeping with new regulations from 1 January 2012 which change the way payments are processed between bank accounts.



This is great news for you, as it will speed up electronic payments to and from your Principality internet account/s. However the changes may affect the way you manage your savings, so please read the details below.



How the changes may affect the way you manage your savings


If you want payments, withdrawals or transfers to reach your linked account on the same day, then we will need to receive your request by 4.30pm. If we receive your instructions after that time, the money will be transferred on the next day.

We will no longer use BACS (Bankers' Automated Clearing Service – a method of electronic payment) for payments, withdrawals or transfers, as they take up to three days to reach your linked account. There will be no change to payments called into ‘Your Account’ via direct debit. These will continue to operate as currently.

Faster Payments are limited to a maximum of £10,000 per transaction, up to a daily limit of £100,000 per internet account. You can however split your payment of more than £10,000 into a number of smaller transactions up to the overall daily limit.

For 'single payment' transactions over £10,000, or above the daily limit of £100,000, you will need to send us a secure message through ‘Your Account’ including your payment instruction, the amount, payee, destination sort code, account number and a reference for the payment. This payment will be sent by CHAPS (telegraphic tansfer) and will incur a fee of £37.50*. We will need to receive your request before 12 noon on a business day for the money to be transferred on the same day. We will contact you to verify all CHAPS transactions and will not make the payment until we have done so.

If you’ve already requested a payment, transfer or withdrawal from your internet account of over £10,000 to take place after 4 December 2011, we will cancel it on the date requested. We will send you a secure message nearer the time asking you to contact us, so we can reorganise your transfer.

A full copy of the new terms and conditions will be available from our website or at any Principality branch from 4 December onwards

I'm impressed again. No messing about, they will let you move £100k a day for no charge - using 'CHAPS' only for house purchases I'd imagine...

If only the other providers were as prompt, fair and clear as these terms?

kostigovs

claire07 wrote: »

I'm not impressed with them. I recently had a fixed rate bond mature and had to accept the proceeds by cheque as they were charging £25 for a bacs transfer.

They seemed to be making it difficult to withdraw rather than roll over for another fixed rate bond.

It's not uncommon to receive maturing funds by cheque. Skipton Building Society for one and I'm sure Northern Rock is another.

OP don't put the fear of God in me by suggesting there is a run on the building society just because they are trying to get you to reinvest with them and/or have not returned a phone call.

My limited dealings to date have not thrown up any problems. Fingers crossed right enough

ctdctd

Milarky wrote: »

you really don't need to go down the cheque route any longer:

When my last passbook account matured recently I enquired and they said they could (on my instruction) transfer the proceeds from there to my already opened e-saver (why I originally opened an e-saver with them.)

Same here as Milarky. All my passbook Regular Savers with them, and I've had a few (!), have matured into the esaver and been available for immediate BACS transfer.

HTH

Rollinghome

giggler123 wrote: »

By the way, you only here stuff in the news on T.V. when it's already happened...

You don't get a run on a bank until it's been all over the news. It doesn't happen by telepathy.

Ifts

kostigovs wrote: »

It's not uncommon to receive maturing funds by cheque. Skipton Building Society for one and I'm sure Northern Rock is another.

Don't know about Northern Rock but Skipton Building Society from my recent experience lets you transfer the funds out via BACS transfer (maybe they have changed things recently).

Ive got a Fixed Rate Bond with the Skipton BS that matures this month, on the 15th Nov and the money will be transfered into an My Loyalty Saver Online with easy access.

I got an email yesterday with maturity options for my Skipton fixed rate bond:

When you originally invested in your e-bond, we told you that on maturity your funds would be transferred into an easy access account. So, if you don’t contact us before maturity to provide alternative instructions, your account will continue as our My Loyalty Saver Online (annual Interest) 2280 which pays a variable rate of 2.250% gross pa/AER and is subject to the Further terms and conditions as set out in the following link www.skipton.co.uk/maturityoptions. The general Investment Account Terms and Conditions continue to apply and are available on request. The My Loyalty Saver Online (annual Interest) 2280 allows access to your funds without notice and the variable rate of interest can go up as well as down.

I also spoke with Skipton BS yesterday, they confirmed that I can login into my accounts online once the bond has matured, and providing I have my Grid Card to setup the transaction, I can transfer the money out via BACS.

oldvicar

Northern Rock - BACS is offered.

claire07

Thanks for the suggestion to open an esaver and transfer the proceeds into that.

I must admit the reason I didn't was because a few years ago when I tried to tranfer a maturing Principality fixed rate to my esaver I was told I couldn't so I presumed that still applied. I should have checked whether things had changed.