Matured Post Office Bond

parcival

I have a bond that matured today.

Post Office have placed money in an easy access account. I set up a 'nominated account' a few weeks ago and that is in order.

This morning I transferred the full amount into my nominated account and got an on-line confirmation that the funds would arrive in the nominated account in 2-3 business days.

I though BACS was a thing of the past and that all transfers went by faster payments.

Anyone know why I should be waiting 2 or 3 days for the money......

greenglide

Because the small print says that payments will be made by BACS?

Perfectly standard in cases like this. Faster Payments have an upper limit and not every bank account can send or receive Faster Payments. Generally the option is by BACS or CHAPS at a cost.

parcival

Thanks - just checked T and C's (should have done this before!!!!). Anyway it states that withdrawals to nominated accounts will take 1 working day.

Ifts

parcival wrote: »

I though BACS was a thing of the past and that all transfers went by faster payments.

In my experience it all depends on what the financial organisation has in place to return maturing funds back to the customer. Some its 2-3 days and others via FP on date of maturity.

I had a fixed rate bond mature last week that I held with Rothschild Reserve, date of maturity was October 6th and the money landed in my linked bank account 2 days later on the 8th.
The Maturity payment letter I received from RR said - Depending on the financial institution at which you hold your nominated bank account, these funds should be in your account within 3 to 4 business days after 6 October 2014.

Then Ive had some fixed rate bonds held elsewhere (iirc it was Close Brothers or Secure Trust Bank) where the money has landed in the linked bank account on the day the bond matured.