NS&I Childrens Bonus Bonds - WARNING!

IanM2555

Hi

I wanted to give everyone a warning so they do not fall into the a trap on maturing N&SI Children's Bonus Bonds which results in the interest not being paid.

We received notification on 27 September 2016 that two bonds were maturing and asking for notification as to what we wished to happen with the proceeds. The forms supplied with these letters got damaged, so we printed new forms from the NS&I website. The website states that these are forms for repayment of bonds but gives no warning that these forms will trigger early repayment with interest forfeited. The letters sent also give no warning that only the form supplied should be used.

When the payment was received for one bond it was paid less all the interest. The payment was received on 19 October 2016 and the maturity was 2 weeks later on 2 November 2016. The other
bond was requested to be paid by warrant but has never been received. As we have still not received payment I can only suspect that this also has interested forfeited. This is even more annoying it is now 2 months after the maturity date.

I called the contact number for NS&I and was told there was nothing that could be done as the wrong form was completed.

I am making a compliant and will go to the financial ombudsman. It is not the money but the principle that NS&I has mislead a customer and are now not paying the small amount of interest due to a child.
:mad:

xylophone

nothing that could be done as the wrong form was completed.

And no interest at all?

Not even about the proceeds not received?

https://www.nsandi.com/files/published_files/asset/pdf/childrens-bonds-brochure.pdf

This all seems very odd.