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

dunstonh

the BACS transfer was then going to be £35ish so the only option I had was to receive a cheque.

That would be CHAPS not BACS.

claire07

Ah yes, apologies - I think it was £25 to receive my money by bacs which I had never encountered before from any other building society.

As I have now shredded the maturity paperwork due to closing my accounts with them I was unable to check but I know it was an amount I was not willing to pay.

adindas

No they do not do bank trasnfer for free (BACS?), that is what the CS told me. Unless the CS information is inaccurate. In my case I also have asked them that I want a free bank transfer eventhoug take afew daya, they informed me they do not have that option.
I ended up getting paid by cheque.


Other smaller BS society like Furness, SKipton,.etc could do bank trasnfer for free why Principality can not do this ??? Big Question Mark from me as well ....

Are they deliberately do that so they money could still stay sometime without earning interest at all as they only other visible option is to be paid by cheque ??

Ifts wrote: »

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!

feesh

Thanks all, guess it will have to be the cheque route then. What a hassle, you wouldn't think this was the 21st century!

opinions4u

feesh wrote: »

Thanks all, guess it will have to be the cheque route then. What a hassle, you wouldn't think this was the 21st century!

Yet when the banks propose getting rid of cheques, there's uproar and MPs get all excited.