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pecunianonolet

Section62 said:

pecunianonolet said:

Second time round we noticed that at the end where you put down your nominated bank details they specifically ask to only initial your first name in the account holder field. I was probably just not fully awake this morning and put the full name down. Maybe this tripped up the system asking for snailmail as it's not an exact match? 

Just a thought as so many faced the same issues, having openend probably many accounts before without the need for such stuff. 

I put initials and surname exactly as requested... so in my case at least it wasn't that which caused the problem.

Maybe just bad karma 

allegro120

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

That's right, no benefits from choosing annual. Monthly option is more flexible for EA accounts. I don't know why people choose annual, may be because it feels better to have a higher rate displayed on their account? 

Section62

allegro120 said:

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

That's right, no benefits from choosing annual. Monthly option is more flexible for EA accounts. I don't know why people choose annual, may be because it feels better to have a higher rate displayed on their account? 

I've opted for annual because it makes tracking interest payments easier when you have one payment per account rather than 12 (per year).  Not so much of an issue when you only have a handful of accounts, but when you are counting them in the hundreds then 11 fewer payments per account makes a big difference to the admin involved.

artyboy

sheslookinhot said:

I am a new customer to Newcastle BS. I was not asked for any documents. I also made two separate deposits using the reference number supplied on application for account  opening.

Ditto, all fairly easy for me in the end. Admittedly there is no option on the website or app for me to withdraw money, but it sounds from other posts here that there's an additional linked account verification step to come - not that they make that at all clear.

But until I can get money out, £10 is all that will be in the account!

allegro120

pecunianonolet said:

Right, opened this morning NCB and was facing the annoying verfication stuff and wasn't impressed to use snailmail for verification as was sure not to proceed. At the same time, was thinking that I might get annoyed in the future by not putting the effort in. Intrigued by the process, OH just opened the account and it's the same address and no verification nonsense. 

Second time round we noticed that at the end where you put down your nominated bank details they specifically ask to only initial your first name in the account holder field. I was probably just not fully awake this morning and put the full name down. Maybe this tripped up the system asking for snailmail as it's not an exact match? 

Just a thought as so many faced the same issues, having openend probably many accounts before without the need for such stuff. 

That might be it. I ignored this and put my full name as I always do and got this "post your ID" nonsense thing as a result. 

pokemaster

Newcastle Base Rate Tracker (Issue 1):

"If any monthly interest payable is less than £1, we will not pay this to a third party bank or building society account. The amount due will be accrued on this account and will be paid once the cumulative interest earned is greater than £1, on the next Monthly Anniversary interest payment date."

Hmmm, don't like the sound of this

Are they saying they won't even put the interest into the tracker account until it reaches £1?

OR

Are they saying it will be added to the account then when the interest is £1 or more it will be sent out to the 3rd party account?

I worked it out that £300+ needs to be in the account to get over £1 interest

ircE

Thanks @Kazza242 for the heads up.

Signed up for the account (new member to the society) this AM after getting into work. Email with user ID received in about half an hour. Made the £1 deposit after I got home. It definitely took more than an hour, but given it's the evening I don't hold that against them. From what I've read the withdrawals will take longer than other providers (days??) but for my use case that isn't a major problem. I'll be transferring my funds over from Skipton's BRT in my next monthly shuffle.

Does anyone know if the 13-character 'account number' that I've been told to wait for before transferring beyond my initial deposit is the same as the 13-character 'account number' I can see online and in-app with my account? Just wondering if I'm being silly...

allegro120

Section62 said:

pecunianonolet said:

Second time round we noticed that at the end where you put down your nominated bank details they specifically ask to only initial your first name in the account holder field. I was probably just not fully awake this morning and put the full name down. Maybe this tripped up the system asking for snailmail as it's not an exact match? 

Just a thought as so many faced the same issues, having openend probably many accounts before without the need for such stuff. 

I put initials and surname exactly as requested... so in my case at least it wasn't that which caused the problem.

Sounds like a mystery on what criteria they choose who is subjected to "post ID" burden and who is not.  Could it be the age, gender, post code or just randomised???  

ForumUser7

pokemaster said:

Newcastle Base Rate Tracker (Issue 1):

"If any monthly interest payable is less than £1, we will not pay this to a third party bank or building society account. The amount due will be accrued on this account and will be paid once the cumulative interest earned is greater than £1, on the next Monthly Anniversary interest payment date."

Hmmm, don't like the sound of this

Are they saying they won't even put the interest into the tracker account until it reaches £1?

OR

Are they saying it will be added to the account then when the interest is £1 or more it will be sent out to the 3rd party account?

I worked it out that £300+ needs to be in the account to get over £1 interest

Interest accrued if less than £1 will still be paid into the base rate tracker, if you have opted for it to be credited to the account.

If you’ve opted for it to be paid to a third party account, not sure

PloughmansLunch

allegro120 said:

Section62 said:

pecunianonolet said:

Second time round we noticed that at the end where you put down your nominated bank details they specifically ask to only initial your first name in the account holder field. I was probably just not fully awake this morning and put the full name down. Maybe this tripped up the system asking for snailmail as it's not an exact match? 

Just a thought as so many faced the same issues, having openend probably many accounts before without the need for such stuff. 

I put initials and surname exactly as requested... so in my case at least it wasn't that which caused the problem.

Sounds like a mystery on what criteria they choose who is subjected to "post ID" burden and who is not.  Could it be the age, gender, post code or just randomised???  

I honestly didn’t even spell my own name correctly on the application first thing this morning (also not fully awake) yet wasn’t asked for ID, and my account was fully functional mid-morning with a £10 deposit accepted.