Sainsburys Bank Problems

the_gooner

I applied for a Sainsburys Bank Internet saver on 22nd June this year. Today, 31st July, I still do not have access through the online portal.

Even though I am on the electoral register, AND having sent them my driving license, credit card bill and BT bill, I'm still waiting.

I called them this morning to find out what was going on, and was told that I need to send more ID, because:

My BT bill is supposed to be within less than 3 months old. It was dated 24th April 2007. :mad:


My Driving Licence was only the paper part, and not the card as well. (I'm not sending that through the post). :mad:

My credit card statement was fine.

They are now asking me to send more proof of ID, which would probably take the total time waiting for this account to be authorised to 2 months.

I think not.

I have now requested the funds to be returned to me.

The world has gone mad with this ultra-checking business. I have recently set up 2 other accounts with different banks, and have had no such problems.

My advice to all is, if you fancy waiting forever, and sending everything you have in your filing cabinet to prove who you are, go with Sainsbury's. Otherwise, steer clear.

:mad: :mad: :mad:

End of rant.

Malachi_Constant

Dear "the_gooner" I'm afraid you are you are only just starting with your problems with the Sainsbury Internet Saver.

After the ID stage it took me three weeks and several phone calls to get the account running.

Then there is paying in. With most sensible internet banks you set up a linked high street current account for electronic transfers in and out. It is easy, fast and pretty secure. But not the Sainsbury Bank.

Their preferred method for deposits is by posting a cheque together with a slip from their pay-in book.

I was not happy with trusting a sizeable cheque to the post and I would have liked a stamp on the counterfoil of my pay-in book. So following the instructions in the pay-in book I took the book and cheque to my high street bank for deposit (6 miles round trip). Sorry, no can do said the bank.

So I looked up on Sainsbury's website for a branch that could take my deposit and made a 16 mile round trip to it. Spent 30 minutes at the Service Desk while the assistant rang the Sainsbury Bank to find out why he could not take my deposit while the pay-in book specifically said he should be able to. So another no-go. Meanwhile above each aisle was a large poster extolling the wonders of the bank. A serious case of a bank that is all mouth and no trousers.

It is puzzling: a bank that tries so hard to prevent you lending them money. But it's specially puzzling as setting up a web based bank is not novel rocket science. ING Direct (the bank with ever decreasing returns) has a brilliant web interface, why not just copy that.

So I agree steer clear of the Sainsbury Internet Saver. Icesave and Hisave have their act together. If you're worried by foreign banks, both have the UK banking guarantee of 90% of deposits up to £35K.

jem16

Malachi_Constant wrote: »

Then there is paying in. With most sensible internet banks you set up a linked high street current account for electronic transfers in and out. It is easy, fast and pretty secure. But not the Sainsbury Bank.

The only way i have ever paid into my Sainsbury's account is by transferring directly from my HBOS account electronically. You can have 19 payment mandates of you want.

Their preferred method for deposits is by posting a cheque together with a slip from their pay-in book.

Never used the pay-in book.

So I agree steer clear of the Sainsbury Internet Saver. Icesave and Hisave have their act together. If you're worried by foreign banks, both have the UK banking guarantee of 90% of deposits up to £35K.

I have had problems recently with my Icesave account - it's so slow it's practically unusable. See the recent thread about it.

TomsMom

Malachi_Constant wrote: »

Then there is paying in. With most sensible internet banks you set up a linked high street current account for electronic transfers in and out. It is easy, fast and pretty secure. But not the Sainsbury Bank.

Their preferred method for deposits is by posting a cheque together with a slip from their pay-in book.

I have successfully paid into my Sainsburys account with a BACS payment from my A+L current account, took 3 days and no problems.

When I opened my account I received a booklet "Your guilde to saving with Sainsbury's bank". On the first page, in the deposits and withdrawals section, it states "To make a deposit you can: Set up an electronic payment with your bank or building society so that you can make deposits at any time that suits you". It also mentions paying in cheques by post, using the Instore Deposit Points and Customer Service Desks at selected stores and setting up a standing order for regular payments. Nowhere does it state that the preferred method is by cheque through the post.

Searcher2

I think the OP was unlucky with being asked for ID and it is bad that it has taken so long to start up. I wasn't asked for ID and the process for me was quick and painless. Although I think it took about 2 weeks to get my account fully functional from applying I could deposit money into the account after about 3 days I think. Sainsbury's have been advertising heavily and a lot of the delays are due to high demand. I would expect it to settle down once the rush is over - like it has done with Icesave and ICICI.

As for the post by Malachi Constant... it sounds like scaremongering. I agree with other posters in that there is no indication that the preferred method of payment in is by posting a cheque! From memory during the sign up process you are given an account and sort code so you can deposit from wherever you want electronically. All seems well to me... and always had phone calls answered swiftly (I had cause to ring about paying in by CHAPS).

oldagetraveller

From Sainsbury's Bank website -
There are a number of easy ways to pay in:

• Bank transfer - ask your current bank to transfer your money to your new Internet Saver account
• Set up a standing order - for convenient regular saving
• Send a cheque in the post - we supply you with pre-paid envelopes and personalised pay-in slips or you can use our express pay-in voucher.

So not just cheques!
I too had to send i/d but it didn't take long to open the account, however, it was a couple of weeks before the account could be used fully. BAC transfers in are not a problem, I've completed two and they were fully actiooned in three days, it's just a matter of using sort code and a/c number then setting up details on paying bank.
I also like the facility to nominate more than one account for transferring out

Malachi_Constant

"oldagetraveller" has kindly shown the Sainsbury's Bank paying in methods. Unfortunately they do not fit with what I, and I am sure many others, want from an internet bank.

When I get largish cheques into my current account I want to get on my computer and transfer the money immediately into my internet account. I do not want to go through the rigmarole of asking my bank every time.

The Sainsbury bank allows payments out via their interface, why not payments in (which is the lifeblood of a bank) ?

I accept that this information is available on the Sainsbury website before signing up, which is why I draw attention to it, as this bank may well not suit many peoples' needs.

It is also a shame that the internet banks taking over from ING as top payers, do not seem to have learnt from their excellent interface.

jem16

Malachi_Constant wrote: »

When I get largish cheques into my current account I want to get on my computer and transfer the money immediately into my internet account. I do not want to go through the rigmarole of asking my bank every time.

Do you not have online banking with your current account? When I want to transfer money from my current account to my Sainsburys account I simply login to my current account via online banking and transfer the money over immediately as I have already set up a transfer mandate.

I can't see the difference between logging onto Sainsbury's to do the transfer and logging onto my current account with HBOS to do the transfer. Perhaps you could explain?

Malachi_Constant

<P>Thanks jem16.  Rooted around my high street bank web interface and found I could transfer out electronically.  Never knew that, you learn something new every day. </P>

jem16

Malachi_Constant wrote: »

<P>Thanks jem16.  Rooted around my high street bank web interface and found I could transfer out electronically.  Never knew that, you learn something new every day. </P>

Now if your High Street bank is HBOS as mine is it's even better as transfers are instantaneous - no waiting for 3 days for it to arrive.

sav4it

It's worth opening an HBOS account ( Halifax High Interest current) for that very reason and good rate on £2.5k.