Coventry Building Society - late payment of 1 year Bond & Interest

Cavemanu

hi there, I took out a 1 year bond with Coventry Building Society with a 3.5% interest rate on bond maturity. About a month prior to the bond maturing (in August) I received a letter asking me what I wanted to do when the bond matured at the start of September 2013

Basically, you could do nothing and the default would be that the money would be rolled into another lesser interest bearing account.

Alternatively you could elect to have the capital (and interest) paid back into your designated bank account and would be available as of the 2nd September 2013.

I completed the paperwork in good time, stating my bank account as I needed the money to pay some credit card bills this month.

I checked my bank account online on the 6th September, assuming the money would be there by the 2nd Sept as promised by Coventry BS.

Guess what?, no credit from Coventry Building society this is 5 working days after the agreed payment date.

I called Coventry Building Society on Monday 9th September. yes the paperwork had been received in good time stating my wishes but the payment had not been processed! The Customer Services representative was helpful and said they would call me back once they had investigated.

I finally received a call on the morning of Thursday 12th September to say that the money would be in my designated bank account later on that day.

I am just thinking, if I had not called them to chase it, would they have made the payment. No compensation was offered.

Apparently they were "very busy" processing all the time sensitive 1 year bonds maturing but I don't think that is my problem, surely Coventry BS could have predicted/planned for this?

If you have had a bond with Coventry BS suggest you check the date it matured to ensure you have received it

I am normally very happy with this mutual BS but this time they have failed big time. My confidence in them has become seriously dented by this "schoolperson error".
Argh!:mad: