Cashing In Withdrawing Premium Bonds

longhotsummer

I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

Appalling.

Ballard

They repay by BACS as per their terms and conditions.

bigfreddiel

Ballard wrote: »

They repay by BACS as per their terms and conditions.

Hehehehe, so it's not NSANDI's fault then, nice one.

People seem to think everything should be instantaneous without checking the t&c's, why is that?


fj

ColdIron

That's how BACS works. Some regular banks will pay your interest via Faster Payments but return your cash via BACS. I would question your 7 days and 7 days logic though. Should be 3 days or so

Thrugelmir

longhotsummer wrote: »

Appalling.

Well they are not a bank. So what do you expect?

coyrls

longhotsummer wrote: »

I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

Appalling.

Really...... really, that is your definition of appalling, you must lead a very sheltered life.

longhotsummer

bigfreddiel wrote: »

People seem to think everything should be instantaneous without checking the t&c's, why is that?
fj

You check them as well, do you? Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.

ColdIron wrote: »

I would question your 7 days and 7 days logic though. Should be 3 days or so

I withdraw on a Friday evening. If it does take 5 working days, I get the money the following Friday. Seven days.

Thrugelmir wrote: »

Well they are not a bank. So what do you expect?

Ah, riiight. Yeah. Nice one. 

coyrls wrote: »

Really...... really, that is your definition of appalling, you must lead a very sheltered life.

Heh! I am laughing at you now. I have looked through a wad of your previous Posts. You derive pleasure from pouring your worthless scorn on many other fellow members of this Forum,. There is enough material in you for an entire therapists’ conference. :-)


It is a long time since I posted here and only now do I remember the sad little contingent of miserable characters who like to gang up on Posters. Heh! Go and have your dinners. :-)

Thrugelmir

longhotsummer wrote: »

It is a long time since I posted here and only now do I remember the sad little contingent of miserable characters who like to gang up on Posters. Heh! Go and have your dinners. :-)

MSE is unfortunately the realm of adults. Not the place for kids who find it difficult to debate sensibly.

YorkshireBoy

longhotsummer wrote: »

Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.

I like a challenge.

I don't have any PBs presently, but I clicked on the T&Cs and when the document opened I searched (Ctrl+F) for "cashing in"...well you would wouldn't you!?...you even put it in your thread title.

The 4th occurence lead me to an entire section (conditions 45-62) devoted to "cashing in". In there I found...

Condition 57 says they'll normally action an internet or phone requested BACS payment within 3 banking days.

Condition 59 says such payments take 2 banking days after they're initiated.

teddysmum

The wording appears to be 'up to'.


There are complaints about broadband speed quotes being 'up to' , but here it works the other way, as 'up to' 10 days means that's the maximum time, so you are likely to have less than 10 days to wait.

ColdIron

longhotsummer wrote: »

I withdraw on a Friday evening. If it does take 5 working days, I get the money the following Friday. Seven days.

No

Both Bacs Direct Credit and Direct Debit payments work on a three day cycle, taking three working days to clear. Payments are submitted to Bacs on the first day, processed by the banks on the second day, and simultaneously taken from the sender account and credited to the recipient account on the third day

As I said this is how BACS works. Your instruction will be received on the first working day, i.e. Monday, and should be credited to you on Wednesday. You could have waited until Monday before submitting your request but the outcome would be the same, 3 working days. I hope you find this information useful

I apologise for these facts and am aware that you can prove anything with facts but I suspect that you were never looking for these in the first place were you

It is a long time since I posted here and only now do I remember

Don't let the door hit you ...