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Delays to NS&I payments after technical glitch - MSE News

edited 30 November -1 at 1:00AM in Savings & Investments
6 replies 840 views
MSE_NaomiMSE_Naomi MSE Staff
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MSE Staff
edited 30 November -1 at 1:00AM in Savings & Investments
Thousands of NS&I customers are facing delays after trying to withdraw money from their accounts this week...
Read the full story:
'Delays to NS&I payments after technical glitch'
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Replies

  • polymaffpolymaff Forumite
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    What a shambles NS&I are:

    Can't calculate interest correctly

    Don't understand the law.

    Report the wrong data to HMRC

    Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

    - and there are GDPR ramifications to the above.

    and now this.

    Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.
  • TwopintsTwopints Forumite
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    Maybe NS&I should be privatised, like they did with the Trustee Savings Bank. Wonder how that one panned out....

    :beer:
    Not even wrong
  • badger09badger09 Forumite
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    polymaff wrote: »
    What a shambles NS&I are:

    Can't calculate interest correctly

    Don't understand the law.

    Report the wrong data to HMRC

    Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

    - and there are GDPR ramifications to the above.

    and now this.

    Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.

    In the case of my late sister and myself, NS&I didn't report any data to HMRC, despite both of us having more than one reportable source with them
  • ThrugelmirThrugelmir Forumite
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    Reliance on technology. Let's hope there's never a power cut. The country will be in a meltdown.
    “An investor who has all the answers doesn’t even understand all the questions.” - John Templeton
  • edited 3 November 2018 at 12:45PM
    polymaffpolymaff Forumite
    3.3K posts
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    edited 3 November 2018 at 12:45PM
    polymaff wrote: »
    What a shambles NS&I are:

    Can't calculate interest correctly

    Don't understand the law.

    Report the wrong data to HMRC

    Even though they admit the reported data is wrong, they refuse to resubmit to HMRC.

    - and there are GDPR ramifications to the above.

    and now this.

    Time that their bosses - HMT - sorted this unfit-for-purpose shambles out.
    badger09 wrote: »
    In the case of my late sister and myself, NS&I didn't report any data to HMRC, despite both of us having more than one reportable source with them
    Thrugelmir wrote: »
    Reliance on technology. Let's hope there's never a power cut. The country will be in a meltdown.

    Nothing - in the case I have in mind - to do with technology but "Don't understand the law." What was pretty obvious, and what NS&I vehemently denied was that they didn't understand that the relevant date with regards to payment of interest is not when NS&I calculate the interest but the date that the interest is due*. I pushed HMT to force NS&I to admit their error and correct it. As a result NS&I have admitted their error - but they're still sticking to their position that they are not going to notify HMRC of the correct figures - or change their procedures.

    Unfit for purpose is a pretty mild description of NS&I.

    * in this particular case, interest calculated 5th April, due - and paid - 7th April
  • Wizard_of_IdWizard_of_Id PPR
    5.5K posts
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    No delay for my transfer, got to my bank today as expected.
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