Royal Mail Shares (£5000 taken from my bank account)

hollie.weimeraner

I applied for £5,000 shares via the Royal Mail website. As the share alloocation has been limited to £750 I decided to transfer the £4,250 I had placed in my bank account to cover the purchase back to the savings account it came from. Logged on to my bank account and RM have taken the full £5,000 on 8th October.

Anyone know what's going on please?

hollie.weimeraner

Sorted - money to be refunded by 21st October, so somebody will be making a fortune somewhere

blinko

Thanks for this post Hollie

brewerdave

hollie.weimeraner wrote: »

Sorted - money to be refunded by 21st October, so somebody will be making a fortune somewhere

...presumably HMG !!!

Cotta

Since they're going to be holding your money for 10 + days, are you entitled to any form of compensation?

dollydiva

Cotta wrote: »

Since they're going to be holding your money for 10 + days, are you entitled to any form of compensation?

No - and it tells you that clearly in the FAQs

msallen

Cotta wrote: »

Since they're going to be holding your money for 10 + days, are you entitled to any form of compensation?

No, as per the FAQ. Maybe you can find a paving stone to trip over instead.

Cotta

msallen wrote: »

No, as per the FAQ. Maybe you can find a paving stone to trip over instead.

(a) Not my style and (b) I never applied for any shares with RM, I was just curious to know if holding sums of money would incur any interest?

only1pooley

Whether or not it is mentioned in FAQs, to request your bank details and remove money from your account before you have any assurance you will even receive a product in return is nothing more than a con . . . to have to wait up to 14 days to see it returned is quite frankly unacceptable.

opinions4u

only1pooley wrote: »

Whether or not it is mentioned in FAQs, to request your bank details and remove money from your account before you have any assurance you will even receive a product in return is nothing more than a con . . . to have to wait up to 14 days to see it returned is quite frankly unacceptable.

If you agree to it, why is it unacceptable?

apt

If you find it unacceptable I am sure you could find someone who would take your PO shares off your hands at 330p each and give you the couple of pounds you would have earned in an interest bearing current account.