Pensioner Bonds Guide

nilrem_2

Defeated wrote: »

I'm in the same boat. Been checking my dad's account every day but cheques still not cashed. We sent the cheques by recorded delivery and they were signed for last Thursday, but NS&I has presumably been sitting on them ever since. All my family has an account with NS&I of one sort or another and we all agree it's the worst bank in the world. The private sector ones are bad (some of them), but as nilrem said, this one is a complete shambles.

Thanks for that, reassuring to know that I am not the only one.
Living out in the sticks my broadband is very slow, I tried the website for several days with no success and decided post was the best option but now I am in limbo not knowing whether they have my application or not and the money is sitting in my current account and I can't do anything with it!

From an earlier post it appears pointless to phone as they can't or won't check whether they have even received ones application.

Defeated

Sterlingtimes wrote: »

Applied for my mother, but got no Registration email with NS&I number. Cannot therefore make a further application. Letter received by post requires the documents that are generally difficult to provide. As people get older, passports may not be reviewed and driving licences may no longer be valid.

You're not kidding. My father is 91, deaf and with dementia, and I look after his finances - not easy to do when I work full time and he lives on a State Pension of £114 a week. I have Power of Attorney but to do the simplest thing - e.g. move his electricity supplier to a cheaper one - requires me to get a copy of the whopping great Attorney document signed (on every page) by a solicitor and then post it to the new electricity company (who will probably lose it). Try doing that for every utilities, bank, savings institution and it takes HOURS every week, and quite a lot of cost involved, too. Why is there no central database of Attorneys that banks etc. can check?

And yes, I too have had the problem of a bank demanding a driving licence or passport from my dad, who has neither. When I pointed out that few 91-year-olds drive or go abroad, the bank sent me a list of other documents he could provide instead. They included such things as evidence of residency in Northern Ireland (he lives in England) or a Firearms Licence. None was feasible so he couldn't open an account at that bank.

These rules don't stop fraud, but they do make life really difficult for those of us trying to follow the rules.

I-LOV-MONEY

Defeated wrote: »

You're not kidding. My father is 91, deaf and with dementia, and I look after his finances - not easy to do when I work full time and he lives on a State Pension of £114 a week. I have Power of Attorney but to do the simplest thing - e.g. move his electricity supplier to a cheaper one - requires me to get a copy of the whopping great Attorney document signed (on every page) by a solicitor and then post it to the new electricity company (who will probably lose it). Try doing that for every utilities, bank, savings institution and it takes HOURS every week, and quite a lot of cost involved, too. Why is there no central database of Attorneys that banks etc. can check?

And yes, I too have had the problem of a bank demanding a driving licence or passport from my dad, who has neither. When I pointed out that few 91-year-olds drive or go abroad, the bank sent me a list of other documents he could provide instead. They included such things as evidence of residency in Northern Ireland (he lives in England) or a Firearms Licence. None was feasible so he couldn't open an account at that bank.

These rules don't stop fraud, but they do make life really difficult for those of us trying to follow the rules.

(Slightly OT, apologies).

I was in a similar situation with my late mother. However, I don't recall having many problems once I explained I had POA.

If you are male you could 'become' your father on the phone if necessary.

Defeated

Thanks I-LOV-MONEY. I'm female, but I suppose I could get my husband to pretend to be my father (oh dear, that doesn't sound psychologically healthy, but you know what I mean). Thing is, that would theoretically be fraud... and call me stubborn, but I don't think I should be forced (by the banks and utilities providers) into committing fraud, just to do the right thing for my dad. There are all sorts of databases that banks check, so why not one of Attorneys? There must be increasing numbers of people facing the same problem.

mgdavid

Defeated wrote: »

Thanks I-LOV-MONEY. I'm female, but I suppose I could get my husband to pretend to be my father (oh dear, that doesn't sound psychologically healthy, but you know what I mean). Thing is, that would theoretically be fraud... and call me stubborn, but I don't think I should be forced (by the banks and utilities providers) into committing fraud, just to do the right thing for my dad. There are all sorts of databases that banks check, so why not one of Attorneys? There must be increasing numbers of people facing the same problem.

Isn't this the great advantage of doing things online? I've opened several accounts, SIPP etc in recent months and never been asked for any ID at all. And in your case, nobody can tell whose fingers are on the keyboard...

[Deleted User]

our joint bonds are now completed and are showing online for both of us, as the total joint amount for each account. Signatures were requested and sent in last week. So now done and dusted. Having them joint would make things a little easier if one of us were left on our own

nilrem_2

kittie wrote: »

our joint bonds are now completed and are showing online for both of us, as the total joint amount for each account. Signatures were requested and sent in last week. So now done and dusted. Having them joint would make things a little easier if one of us were left on our own

Agreed and most of our funds are in joint accounts, however there is tax to consider and my wife has some unused tax allowances so in this case we are better of with separate bonds. In effect she will get the 4% (when tax paid is claimed back) whilst I will only get 3.20%.

(That is if we get the bonds! Have heard nothing so far.)

verntern

nilrem wrote: »

Thanks for that, reassuring to know that I am not the only one.
Living out in the sticks my broadband is very slow, I tried the website for several days with no success and decided post was the best option but now I am in limbo not knowing whether they have my application or not and the money is sitting in my current account and I can't do anything with it!

From an earlier post it appears pointless to phone as they can't or won't check whether they have even received ones application.

Possibly light at the end of the tunnel Nilrem. After 10 days of my postal application, my cheque has finally been cashed. I'm sure that yours will be to. Unlike us mere mortals who toddle down to a bank occasionally to pay in a cheque, NS&I must surely batch cheques to pay in.
I'm encouraged by an earlier comment that bonds will start from the day the form and cheque are received and not when cheques are cashed.

nilrem_2

verntern wrote: »

Possibly light at the end of the tunnel Nilrem. After 10 days of my postal application, my cheque has finally been cashed. I'm sure that yours will be to. Unlike us mere mortals who toddle down to a bank occasionally to pay in a cheque, NS&I must surely batch cheques to pay in.
I'm encouraged by an earlier comment that bonds will start from the day the form and cheque are received and not when cheques are cashed.

Thanks for that, gives one a little hope that ones cheques have not disappeared into a great NS&I black hole never to be seen again!

libra10

I posted an application for these bonds almost two weeks ago, and just noticed that the cheque has been cashed this morning.

Things are looking up, will await the paperwork.