National Savings and Investments - CHAPS transfers

GustyGardenGalaxy

Why are NS&I so SLOW at processing CHAPS transfers?!?

Some money was transferred to one of my NS&I savings accounts a few days ago using CHAPS, and when logging in online it STILL hasn't appeared in the account.

According to assorted customer services staff, the people they have that process CHAPS transfers are somewhat inundated right now for some reason. As a result of this, it's going to take at least a few more days before it appear on my online account.

NS&I's bank is Citibank - when you transfer funds to them it first goes to Citibank then, when the NS&I staff aren't snowed under, they register the funds to your account.

While it's reassuring to know that Citibank have received the funds, AND that any interest will be back-dated to the date of the transfer, I'd be far happier if I could actually SEE the funds in my account when I login online.

The current situation is not good enough.

oldvicar

GustyGardenGalaxy wrote: »

NS&I's bank is Citibank - when you transfer funds to them it first goes to Citibank

...

The current situation is not good enough.

If this is true then its almost scandalous if they use a US bank.

You would have thought that NS&I would either:

- fly the flag by using a British bank as a clearer - or have its accounts ostensibly with the Bank of England

or

- use a German bank (correct me if I am wrong, but NS&I is actually operated for the NS&I board/HMT by SIEMENS).

GustyGardenGalaxy

NS&I's use of Citibank surprised me too, not so much because it was citibank, but I had just assumed that the money went straight to NS&I.

A few people at NS&I have confirmed this, such as customer service supervisors.

Even so, why does it take NS&I so damn long to put the money into the saver account so that it shows up when you login online? It's been a few days now and I STILL cannot see it. It's so very infuriating.

Bernard_Coleslaw

oldvicar wrote: »

- use a German bank (correct me if I am wrong, but NS&I is actually operated for the NS&I board/HMT by SIEMENS).

I think Siemens might provide the technology, to be honest.

Mikeyorks

GustyGardenGalaxy wrote: »

NS&I's use of Citibank surprised me too, not so much because it was citibank, but I had just assumed that the money went straight to NS&I..

HMRC use Citi as well. And have done since 2009 when BofE opted out of day to day banking. HMRC / NS&I etc don't 'hold' money .... it goes into their varied accounts with their different Banks. .

Even so, why does it take NS&I so damn long to put the money into the saver account so that it shows up when you login online?

At a guess because it's CHAPS. And - despite what you were told - I doubt NS&I get many incoming CHAPS. So they will process the credits on to your account manually - and they're behind. As opposed to BACS etc where they will get an update file from the Bank and process it direct into their accounting overnight.

Mikeyorks

Bernard_Coleslaw wrote: »

I think Siemens might provide the technology, to be honest.

A bit more than that. NS&I was one of the first major outsourcing deals (to Siemens) 12 years ago.

It's not quite the joined up panacea this article portrays - but it has improved dramatically. Quite at what cost - I don't know.

http://www.idea.gov.uk/idk/core/page.do?pageId=23517828

GustyGardenGalaxy

Mikeyorks wrote: »

At a guess because it's CHAPS. And - despite what you were told - I doubt NS&I get many incoming CHAPS. So they will process the credits on to your account manually - and they're behind. As opposed to BACS etc where they will get an update file from the Bank and process it direct into their accounting overnight.

What a pain - if they had told me that in the first place I would have asked for a BACS transfer. Grrrrrr .........

Mikeyorks

Overall you're not losing out (assuming you factored the CHAPS fee into your arithmetic) as they will give you the effective date of the CHAPS transaction - when they eventually credit your account.

GustyGardenGalaxy

Not losing out, no. It's a 'peace of mind' issue for me - I just want to be able to see the money in my online account.