Bradford & Bingley Transfer

Loir

I opened an eSavings account with B&B. But I have found their Move Money facility very strange. You cannot request to Move Money today but only three days later. Then the process starts and takes several more days.
EG
27/9/07 I requested a transfer from my linked account to my B&B account but it would accept nothing earlier than 1/10/07
1/10/07 After log on I found the transfer was "processing"
8/10/07 The money finally credited to my account

This is appalling! 12 days from my request to the money arriving in the account. I have never had a bank take so long.

Do any other banks delay starting the transfer process like this?

Steve

Mr_Mumble

The first transfer via direct debit usually takes around 8 working days. Now the DD mandate has been set up it should be quicker next time around. Check out this thread for more on the account and its foibles:

http://forums.moneysavingexpert.com/showthread.html?t=565911

lorrie_peters

I have open a B & B account and have found it quite good. If I wish to transfer money a request is made and I am told the exact date that it will be taken from the originating account. I have to ensure money is in that originating account on that day. So far it has always been taken as scheduled. As far as appearing on the statement of the receiving account, it will show as being received on that date but will not register in the balance. I am assured that interest is earned from this date of receipt.

In comparison, I have invested a sum in a fixed interest account (7 working days ago) with another bank and was told that the cheque will be cashed in three days time. So far it has not been cashed and the money is sitting in the originating account earning diddly pot!

So I think (so far) that B & B are spot on!

Beate

I agree with the OP, it takes an awful lot of time to be able to access your money! I phoned them about it the other day and they say that it takes about 4 working days for the money to be credited, but as they take it via a Direct Debit, they have to wait another 6 working days before they can make the money available to you, as this is the time frame the other bank could request it back due to insufficient funds. Although this was my initial deposit for the Internet Saver, my DD did not have to be newly set up as I had one already from having an e-ISA with them. I do not think therefore that the timing will change with later transactions. I instigated another transferral yesterday which is said to be processed on 11 October, plus DD waiting time of 6 days. But then, once it's in there, I intend to leave it in there to earn interest, so I am not too fussed, but should I need some money all of a sudden to fill up my current account, it will be quite nerve-wrecking to have to wait that long.

rosemary_hobday

i wish that i could get to speak to martin personally. we opened this account because he said how good it was. we deposited 20k and all we have had in 4 weeks is our direct debit mandate. we cannot log in because we dont have the log in information. i havre spent hours on the phone trying to get through but never succedded. now i desperately need to access these savings and cant get through so tomorrow i am going to a branch to try and sort personally. if martin had not receommended this site i would be seriously worried by now if it is genuine!

globetrotter2007

I fully agree with your comments Rosemary. I too am very disatified with B&B. Please read below which I have posted elsewhere on this site.


Hi
Is anyone else having problems with their B&B internet savers account?

The whole experience of joining up with B&B has been a horror story. I joined on 28th Sept 2007. I still haven't had my welcome pack (oct 14th). I rang about 8 days ago and they emailed me my user name (what ever use that was!) I have had one letter saying that if I didnt deposit money into the account they would assume I did not want to save with them and would close the account! Likewsie I had an email saying the same thing asking me to send a cheque for my first deposit, to an account of which I had no control! I think not. I recently received a password through the post (still no welcome pack). I decided to deposit £250 as a start, although I did eventually intend to deposit a 5 figure sum. I did the deposit about a week ago, but initially the statement reported me having £500 in the account! interesting. It now seems to have got it self sorted. The lady on customer service could not help me as she was not allowed to get into my account but gave me a "technical number" which I would have to ring again. She did say try about 5 to 5-30pm as they were very busy and I could be waiting ages! She also said that there were only about 8 people in the customer services section ref the new account help desk.

I have found the whole experience a catalogue of errors, and one which I now feel very unsure of trusting them with my money. I think when eventually I am able to withdraw the £250, I will and forget the whole idea.

I have set up accounts with Alliance and leicester and others all of which went through superbly, I feel B&B have a long way to go and lot to learn.



I feel unable to recommend this account to anyone!

Is anyone else having similar problems?

Sorry to hear you have had similar problems Rosemary. I was originally going to invest 20k but decided to test them out with £250 to start with.

I have to say they have excelled at being my worst bank like experience ever!

mary

Paid my £1 by DD on 9th Oct and another payment by DD for £8K the following day. The balance still shows as nill, although it is "processed". The woman assured me that it starts earning interest on the date it is processed. Their website says something about not showing up for approx 6 days. Bit disconcerting when you look on your Egg Money Manager where I keep all my accounts and still you have to remember, oh yes, there is £8K with B&B but it's not visible. Other institutions seem to manage it, i.e. Egg, Ing, etc but I suppose this is because B&B are a building society and not a bank.

ric2003

You cannot request to Move Money today but only three days later. Then the process starts and takes several more days.

This is actually a good thing, you select a date two/three days in the future (depending what time you set up the transfer, I think the cutoff is 11am) then on the date you select, the funds leave your linked account, and although the money hasn't arrived at your savings account yet, you begin to earn interest from the savings account on the same date. Therefore no loss of interest in the transfer. The alternative is to set up a BACS transfer from your linked account, but then the funds disappear for 2 or 3 days, not earning any interest in either the current or savings accounts.

If you regularly top up your savings account, eg from your monthly salary, you could always set up the transfer in advance, ie time it so the money leaves your linked account on the same day it arrives from your employer, that way you can earn the higher interest form the savings account straight away.

1/10/07 After log on I found the transfer was "processing"
8/10/07 The money finally credited to my account

they do make you wait a while before you can withdraw your money, i think its 2/3 days to let the transfer go through, then another 6 or 7 working days. But then, this is a savings account, if you only want to keep your money in there for less than 10 days, maybe you shouldn't really be using a savings account, perhaps a high interest current account might suit you better?