West Bromwich BS 8% Regular Saver (Magic 8)

debbie42

I was planning on a transfer to my Star Saver which is currently 6.2% with a rate guarantee until 01/02/2009. It has a limit of 12 withdrawals p.a., I think.

Speculator

I transferred most of my balance in the Magic 8 to a WB 1 yr fixed rate bond paying 7.05% gross a couple of months ago.

10_66

mary wrote: »

I was told that if I asked for a cheque to be sent to me it would cost £15, for the privilege, or else free by BACS!

When I rang a branch last month I was told that they don't do BACS, only CHAPS at a charge, but could do cheque via post (no mention of a £15 fee)!

Speculator

Just spoke to the West Brom call centre. https://www.westbrom.co.uk/westbrom/callme

She said because it's a Branch operated account, I will have to send the passbook to the Head Office. I can either withdraw by BACS or cheque and both are free of charge.

10_66

I originally rang their HO and was told that they could withdraw by BACS. As it's a branch based account I thought I'd better check with a branch so rang them. They said, as it's a branch based account, closure would have to be dealt with either in person, or they would permit a letter and passbook in the post and send a cheque by return, or CHAPS at a charge, but no BACS. I mentioned that their HO had said they could close via BACS, but I was assured that was incorrect. I wish there was some consistency with their information!

mary

Rang a second time to double check before posting the passbook - most adamant that it can be sent by BACS. We'll see next week.

Milarky

mary wrote: »

Rang a second time to double check before posting the passbook - most adamant that it can be sent by BACS. We'll see next week.

I can confirm that they did a BACS transfer when my bond matured - but that is the 'direct' department. The fact that branches say they can't do BACS may simply be because they would be handled centrally (i.e. HO) anyway. And the 'branch-based' description for the account should not be interpreted too literally

Dagobert

I phoned the Investments department (0121) 525 7070. I was told that my account was branch based and therefore payments HAD TO BE made by cheque.

The advisor also insisted that the cheque had to be sent to my home address. All other building societies are happy to send the cheques to my bank, the Coventry BS, directly to avoid needless loss of interest. That'll be £12K in nirvana for a week then.

Speculator

I used their call back service https://www.westbrom.co.uk/westbrom/callme and the lady insisted that I can withdraw either by BACS or Cheque free of charge.

10_66

Had email confirmation from them this morning stating that if you have opened an account at a branch, withdrawals out of the society cannot be processed via BACS, whether or not you return the passbook to their HO or a branch for cancellation. BACS will only be carried out on accounts that have been opened "direct". If it's a branch opened account, you could request an internal transfer into an exisiting direct account, which you could then withdraw from via BACS (what I intend to do).