Sainsburys Bank Problems

Dopple

I've tried setting up a payment mandate to my Nationwide Account but keep getting the message:
"An initial deposit must be credited to this account before your request can be completed".
I'm not sure what to do next.

jem16

Dopple wrote: »

I've tried setting up a payment mandate to my Nationwide Account but keep getting the message:
"An initial deposit must be credited to this account before your request can be completed".
I'm not sure what to do next.

How long have you had money in this account?

I have had that message before when I tried to set up a mandate within a day or two of transferring money into the account.

Dopple

I've had the account for about 10 days now.

jem16

Has money been in the account for 10 days also?

Stavros_3

Ring the help desk on 0845-8500092, I had a similar problem and they talked me through it on the phone in a couple of minutes

derrick

Stavros wrote: »

Ring the help desk on [strike]0845-8500092,[/strike] I had a similar problem and they talked me through it on the phone in a couple of minutes

No,no,no , ring the help desk on:- 0113 3809321

Or you could try:- 0500 405060, you may have to ask to speak to some one on the online accounts section.

wilroda

I have just opened a Sainsburys account and am wondering how long it takes for an online transfer into the account from Lloyds TSB.
Its been four days now but my account says it left LLoyds three days ago...
Has anyone else had the same problem?

GoodFun

My OH opened a Sainsbury's Bank saving account last month. She received two letters in a few days: one with the access code and the other a welcome letter which mentioned something about identity check etc. The saving account was activated with the access code and funded with a token amount from her Halifax current account. Now after a few days the account is fully functional and the money is available for use. I though she had to sign and return something before the account was fully activated...

Stavros_3

If Sainsburys can electronically verify identity your OH wouldn't have had to send anything off, this has obviously happened in your situation as it was with me, happy saving

Eoin_McLove

I applied for the Sainsbury's internet saver about four weeks ago. I quickly got in the post the request for documentation to confirm my name, so I sent them a utility bill and my P60, both of which are acceptable according to Sainsbury's guide. In the meantime, I deposited about £1k, since you're encouraged to take advantage of the "market-leading rate of interest".

About ten days later, my account was fully operational, i.e. I could make withdrawals, in addition to deposits. I subsequently received my documents required to confirm my identity, along with a letter stating that copies of my documents had been made, and my identity would be confirmed in due course, after which my account would be fully operational - although it actually already was, as I had been making withdrawals/deposits all over the place, which is a little odd!

The letter (dated 1st August) also stated that I would be contacted within ten days if there were any problems confirming my identity. I have not heard anything from Sainsbury's, and given that I have had full access to my account, including being able to make withdrawals, I assumed that everything had been authorised.

Anyway, the fun began today when I logged into my account, planning to make a withdrawal of £350 to transfer to my current account, so that I can pay my rent at the end of next week. When I logged in, it said "Awaiting Authorisation", so I am unable to make withdrawals - all I can do is deposit money! Although I had been using my account fully on a daily basis for the last couple of weeks, I was now been told that my account was awaiting authorisation!

Needless to say, I rang Sainsbury's customer service, and the guy I spoke to was as confused as me. Apparently, my P60 was not an acceptable form of ID, and it seems that Sainsbury's has retrospectively repealed the full use of my account. The guy said that this was ridiculous, because my account had already been authorised and made fully operational. I explained that I urgently needed to transfer £350 to my current account to pay for my rent next week. He fully sympathised, and has passed the matter to a colleague who will contact me tomorrow. Either my account access will be restored, or if the P60 is deemed unacceptable as ID, I will have to send them another form of ID, which is going to take at least five days - by which time my rent will have to be paid!

Basically, I keep all of my money in my Sainsbury's savings account (previously I had used Natwest E-Savings) to maximise my interest, and then transfer money to my current account when direct debits, etc. are due. I make all purchases on my Egg Money card, earning me 1% cashbook. Good money-saving, right?

My current account balance is -£500 (left university a year ago, and have since been training as a chartered accountant!), which is interest free up to -£500. I had planned to transfer £350 from my Sainsbury's saver today, ready to come out of my current account on 17th August. Of course, my Sainsbury's account access is now restricted to deposits, so I can't make the transfer! So, I'm going to have to use my overdraft (interest of c. 1.3% per month when over the £500 interest-free limit) to pay my rent.

And this is all because Sainsbury's has retrospectively limited my account access! Essentially I have £1,200 tied up in my Sainsbury's saver, to which I have no access! I can't believe they've done this. Fortunately I still have a means of paying my rent, although I will be charged interest because of exceeding the interest-free part of my overdraft.

I'll be taking this right to the top, and plan to be recompensed for the trouble caused to me. Not only is this a completely unacceptable way to treat customers, but the whole point of this lengthy identity-confirming business is to comply with FSA anti-money-laundering regulations - if ID is rejected as unacceptable, then the account cannot be used. But Sainsbury's has given me full access to my account, in spite of telling me that one of my forms of ID was not acceptable! I don't think the FSA would be too pleased...

What would other people do in this situation? I think I could take Sainsbury's to the cleaners over this...

(Apologies for lengthy rant!)