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Principality want to charge me £37.50 to get my hands on matured bond

I really hope this is just me being thick, but I just had a message from Principality Building Society saying that there will be a £37.50 charge to move my money into my current account!

I had a one year regular savers bond with them, which matured in October and the £6,000 was swept into an 'Instant Access Savings Account - Matured Fixed Rate Bond' where it is now earning negligible interest. I would like to take the money into my current account (Halifax) while I decide what to do with it.

No options come up in my internet banking menu that will allow me to do ANYTHING with the Principality account at all, so I emailed them to ask and they replied saying they could do a CHAPS transfer to my bank account, but it would cost me £37.50.

Is this seriously the only option available to me? If so, I wish I'd read the bloody small print a bit better when I opened it - I only earned £100 in interest anyway!
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Comments

  • apt
    apt Posts: 3,191 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You can request a cheque.
  • dunstonh
    dunstonh Posts: 117,945 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    saying that there will be a £37.50 charge to move my money into my current account!

    That is for CHAPS. What about the cheaper methods?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jem16
    jem16 Posts: 19,455 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    apt wrote: »
    You can request a cheque.

    Or possibly even a BACS transfer which would take up to 3 days but is free unlike CHAPS.
  • exel1966
    exel1966 Posts: 4,980 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    BACS is usually not an option from these type of accounts and smaller B/S. Cheque still seems to be the norm.
  • Chadsman
    Chadsman Posts: 1,105 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 9 November 2011 at 8:33PM
    Open an e-saver with £1, transfer the funds into the e-saver then BACS the funds to your current account free of charge.
    God save the King!
    I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.
  • ses6jwg
    ses6jwg Posts: 5,381 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    they have to use the services of a clearing bank so usually charge for electronic transfers.

    I tried to transfer some money from Leeds BS and had the same issue, £10 charge for a BACS, cash and cheque was free.
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    edited 10 November 2011 at 2:20PM
    You need to have opened a[STRIKE]n[/STRIKE] Principality e-saver to receive the proceeds ideally. They could transfer the amount to that sort of account on your instructions - and you would then be able to move the money (currently it's BACS, but imminently Faster Payments out) at a time to suit you whilst continuing to earn a decent interest rate.
    claire07 [#11]:
    My fixed rate bond matured end of October and the BACS transfer was then going to be £35ish so the only option I had was to receive a cheque. At the time I hadn't thought about transferring to the esaver as on a previous occasion I hadn't been able to but that may now have changed.
    Yes they were able to do this for me when my last account matured - in August.
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  • adindas
    adindas Posts: 6,853 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 9 November 2011 at 11:19PM
    Request to pay by Cheque. THat is also what I did.S
    TBH why they can not do bank trasfer for free ?
    Other BS such as Furness, Skipton could do free transfer ?

    Are they delibewrately do this ? ....
    feesh wrote: »
    I really hope this is just me being thick, but I just had a message from Principality Building Society saying that there will be a £37.50 charge to move my money into my current account!

    I had a one year regular savers bond with them, which matured in October and the £6,000 was swept into an 'Instant Access Savings Account - Matured Fixed Rate Bond' where it is now earning negligible interest. I would like to take the money into my current account (Halifax) while I decide what to do with it.

    No options come up in my internet banking menu that will allow me to do ANYTHING with the Principality account at all, so I emailed them to ask and they replied saying they could do a CHAPS transfer to my bank account, but it would cost me £37.50.

    Is this seriously the only option available to me? If so, I wish I'd read the bloody small print a bit better when I opened it - I only earned £100 in interest anyway!
  • Ifts
    Ifts Posts: 1,956 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Name Dropper
    Contact them again and ask for a BACS payment, I know you get charged for CHAPS payment but BACS should be free. If they want to still charge for a BACS payments tell them that you have posted your little dilemma on MSE, and you were advised by other users to request a BACS payment, you never know they might do it for you then thinking they will get bad feedback if they don't (worth a try, if you don't ask you don't get....)
    I would also let them know that I would never use them again unless they reunite you with your money for free.

    If all else fails, if I was you I would do as Chadsman suggests in post # 6 (& next time read the small print ;)).

    Maybe Ive been lucky up until now but I have had my money returned to me via BACS payment for free. I have never had to wait for a cheque when one of my fixed rates bonds matured. To name a few - Skipton, Aldermore, BM, WB, AA, Rothschild Reserve, Close Brothers are a few that I can think of of the top of my head that have matured and the funds returned to me free via BACS, there are other financial institutions that Ive used before and never been charged for BACS transfer out. Cant remember which one it was now but one of them shocked me and sent the funds back via CHAPS for free!
    Never let the perfume of the premium overpower the odour of the risk
  • claire07
    claire07 Posts: 664 Forumite
    Part of the Furniture 500 Posts
    My fixed rate bond matured end of October and the BACS transfer was then going to be £35ish so the only option I had was to receive a cheque. At the time I hadn't thought about transferring to the esaver as on a previous occasion I hadn't been able to but that may now have changed.

    I ended up requesting a cheque (delayed by a week as they mislaid my requesting letter!) so I finally closed my accounts and got out of there.
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