Are NDF fair or are they a poor company ?

Rhino666

I have a couple of maxi ISAs with NDF, one of which matured on 22nd March. The investment was poor and I was keen to get the money away from NDF as soon as possible. Instructions were sent over 3 weeks before maturity but the maturity cheque has still not materialised.

I had to phone NDF because they cannot be contacted online. Apparently maturity cheques are posted out 5 - 7 working days after maturity :-(

I think this is pretty poor and a good reason to avoid NDF in the future. Am I being over the top or is this an unsatisfactory company ?

dunstonh

you are being over the top. 5-7 days after is an acceptable standard. That said, NDF products (mostly GEBs) are nothing special and that is a good enough reason to avoid them.

Rhino666

'5-7 days after is an acceptable standard.'

Allowing for postal times and processing at the other end we are probably looking at two weeks real time where a matured investment is out of the market. As can be seen from recent stockmarket volatility a lot can happen in 2 weeks - good and bad. In this instance the 2 week delay is costing me :-(

If this is typical I think the industry standard stinks.

dunstonh

They cannot even start to transact it until the day after maturity. I think you will more likely find that you get the cheque within 7 days of maturity rather than them taking 7 days and then posting it to you.