Withdrawing premium bonds

smem18

My boyfriend withdrew his Premium Bonds online on the 30th May. It said they would be withdrawn after the next draw, which I presume was the 1st June. We need the money to exchange on the flat we are purchasing on Wednesday 7th. I'm panicking because the money isn't in his account yet. Can anyone who has done an online withdrawal tell me how long the money took to hit their account?

I did tell him to do it earlier but he didn't bother till the last minute!

EachPenny

The relevant section of the T&C's says:

To make sure that Bonds remain eligible for the prize draw for the maximum period of time applications to cash in received during the last two banking days of a month will not be processed until one banking day after the first day of the next month. Consequently there may be a delay of up to three banking days in us issuing the payment.

So the application wouldn't have been processed until 2 June. Most NS&I withdrawals take two to three working days from the process date to the money actually appearing in your account - so he should expect to have to wait until Tuesday, possibly Wednesday, before the money arrives.

eskbanker

There are various separate clauses within the Ts & Cs that you/he should read, see https://www.nsandi.com/files/published_files/asset/pdf/premium-bonds-brochure-print-friendly.pdf:

52. To make sure that Bonds remain eligible for the prize draw for the maximum period of time applications to cash in received during the last two banking days of a month will not be processed until one banking day after the first day of the next month. Consequently there may be a delay of up to three banking days in us issuing the payment.

57. For telephone or internet applications to cash in, we will normally initiate the electronic transfer within three banking days of receiving instructions.

59. Once we have initiated the electronic transfer, the date of repayment, for the purposes of these terms and conditions, will be taken to be the date on which, in the normal course, the requested amount would be credited to the nominated bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.

smem18

Thanks everyone. I asked them on Twitter in the end and they were amazingly good and quick at responding. They phoned my boyfriend to say that they can see the transfer has been initiated and it should be in his account Monday. Tuesday at worst. So it's close but we should be able to get the money to the solicitor for exchange on the Wednesday.

eskbanker

smem18 wrote: »

I asked them on Twitter in the end and they were amazingly good and quick at responding. They phoned my boyfriend....

Sounds like they've given a decent response but I'm curious about the data protection aspects - it's obviously normal practice for any institution only to discuss matters with the account-holder, so it would be unusual if you were effectively able to trigger a call to him on an account-specific matter via a public medium like Twitter, or was the phone call unrelated to the Twitter dialogue?