M&S fixed rate savings works like easy access account

rated

Also, regarding the movement of large chunks of cash, I contacted a couple of my banks to find out about making a substantial CHAPS xfer:

LloydsTSB. Absolutely required me to be present in the branch with ID, no exceptions.

Smile. Totally happy to transfer any amount with a fax and supporting 'phone call. Likely they have a system like this in place because they don't have branches.

Anyway, because I wasn't going to be near a LloydsTSB branch and thats where the cash was I ended up resorting to the cheque book.

During my investigations I came across the following limits for faster payments which maybe of interest.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

claire07

Just to update after large amount sat in current account for nearly 2 weeks. Posted cheque first class 12th October and got through for the third time yesterday (much quicker than previously) to chase it. No record of application yet but was told they are only processing applications received on the 15th (which mine should have been.)

Told not to worry(!) but am not happy about cheque possibly going astray for that amount as would like to put stop on it. Also if not accepted have missed out on any alternative decent 3 year fixed bonds which have been pulled in the meantime.

Regardless of eventual outcome will never go near them again.

merchant_ac

evenasus wrote: »

Santander (not M & S) rejected your transaction, afer confirming it was legitimate?
Did they give a reason?

The anti-fraud call was an automated one, but I phoned customer support immediately afterwards. They couldn't tell my why it had been refused, put a note on their system, and suggested I get M&S to try again. I emailed M&S to try again, after 6 hours I gave up and emailed them again to say I was going to send a cheque and not to try the debit card again. I had an email back from them acknowledging that.

I had a callback from M&S on Monday confirming that they had received the cheque and that the interest would be back-dated. The money is still in my Santander account....

innovate

rated wrote: »

During my investigations I came across the following limits for faster payments which maybe of interest.

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

I found that the FP limits bear no relationship with when the "fraud prevention" (or whatever they call them) measures kick in. I have had anything from £2K upwards intercepted by banks and building societies.

It's annoying when you can't do what you want (and are entitled) to do with your own money, but it's very much like having to take your shoes and your belt off at airport check-ins, opening your suitcase to manual searches in full sight of a few dozen strangers, and to even be subjected to potentially embarrassing full-body scans: it is, in the end, for our own protection because a few criminal elements are out to inflict maximum damage on unsuspecting people who just want to go about their daily life.

Just grit your teeth and blame the real culprits for the inconvenience.

claire07

Don't want to keep banging on about this but is there anyone else out there still waiting for their application to be confirmed and who has money still sitting in their current account?

I'm normally a patient person with low blood pressure but dealing with M&S has put paid to that. Tried again yesterday and eventually got through to be told they are now dealing with applications received 17th October. Well as I posted mine first class Friday 12th they should definitely have got to mine by now but no sign of it.

It took me 2 minutes to open another Coventry Poppy Bond yesterday and I'm tempted to stop the cheque and move it to that. However I guess the minute I do it they'll find my cheque and take it out of my current account.

Another downside is Barclays are so excited about my leaving this in my current account I'm having to fend them off!

Would be grateful for any responses.

ricky101

Hi,

Been interesting to read this thread as I was just looking at the M&S bonds.

Certainly makes me wonder if its worth bothering with, I've never had any such trouble like that mentioned when opening accounts before.

What did annoy me was that as part of the application form / money laundering they want to know your Gross Annual Income ? - can that be correct ?
I would never give out such info, partic over the web.

merchant_ac

claire07 wrote: »

Don't want to keep banging on about this but is there anyone else out there still waiting for their application to be confirmed and who has money still sitting in their current account?

I'm normally a patient person with low blood pressure but dealing with M&S has put paid to that. Tried again yesterday and eventually got through to be told they are now dealing with applications received 17th October. Well as I posted mine first class Friday 12th they should definitely have got to mine by now but no sign of it.

It took me 2 minutes to open another Coventry Poppy Bond yesterday and I'm tempted to stop the cheque and move it to that. However I guess the minute I do it they'll find my cheque and take it out of my current account.

Another downside is Barclays are so excited about my leaving this in my current account I'm having to fend them off!

Would be grateful for any responses.

I have just received a certificate of deposit from M&S (hurray!). I sent the cheque off to them on the 15th and they have backdated the interest to the 17th (hurray again!). However, the money is still sitting in my Santander current account!

saver9999

Application posted 12th Oct, certificate and money out of current account 2 days ago.
Relative's application posted 16th, cert. received today (money still in current account.
I'm sorry this is no comfort to Claire07. The trouble is that applications have to go through Royal Mail which is a bit like Russian Roulette. They may arrive early, late or not at all. It would be so much better if the account could be opened on line and cheques sent later as other banks do. Hope it all turns out OK eventually.

barak

claire07 wrote: »

.....I'm normally a patient person with low blood pressure but dealing with M&S has put paid to that. Tried again yesterday and eventually got through to be told they are now dealing with applications received 17th October. Well as I posted mine first class Friday 12th they should definitely have got to mine by now but no sign of it.

.....I'm tempted to stop the cheque.....

Would be grateful for any responses.

I can well understand your frustration as I too applied by post, but I wouldn't stop your cheque yet as although you should have had a certificate by now, M&S were clearly overwhelmed with applications and the chances are they just haven't got round to processing yours.

I sent mine a day or two after you and received my backdated certificate today, although the cash is still earning 1% in my current account as well.

Their reports of which day's receipts are being dealt with don't appear to have been accurate over the last week. I suspect they have several piles of postal applications received before October 24th and some are running ahead of others.

I would hope that you will hear from them next week!

claire07

Many thanks for all the responses - it looks as though everyone else has received confirmation even if the money has not yet been taken. I put a first class stamp on the application rather than relying on freepost so they should have received it on the 15th or 16th.

Having waited this long I'll leave it till mid week before taking action as it's been such a pain trying to get through to them I dread trying to cancel it.