NS&I have stopped accepting/making payments

Archi_Bald

The likes of NS&I, i.e. the ones who need you to specify your actual account number in the payment reference field, are not likely to participate in COP anytime soon, if ever. As withdrawals from these outfits can only be made to a nominated current account, the risk of fraud which COP is intended to address doesn‘t really exist. Yet we still have to go through the COP checking, and are getting not very helpful warning messages ........... 

polymaff

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Oh, don't get me wrong, RG.  When I quote NS&I, I'm not trying to tell you a fact, other than this is what they've said.  Actually, NS&I have been becoming more like a retail bank over the last two decades - but their progress is glacially slow.

Fingerbobs

One of my NS&I Bonds matured today. I wondered if it would happen today as it's a Saturday, but it did.

coachman12

eskbanker said:

coachman12 said:

Archi_Bald said:

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

https://www.gov.uk/government/organisations/ns-i

eskbanker

coachman12 said:

eskbanker said:

coachman12 said:

Archi_Bald said:

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

https://www.gov.uk/government/organisations/ns-i

Yes, that gov.uk page refers to them as a 'savings bank', which does indeed include the word 'bank', just like blood bank, sperm bank and riverbank do!

Whether or not an institution is accurately labelled as a bank will largely depend on context though, so returning to the start of this nest of quotes, they're obviously not similar enough to fully-fledged 'proper' banks to participate in CoP....

coachman12

eskbanker said:

coachman12 said:

eskbanker said:

coachman12 said:

Archi_Bald said:

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

https://www.gov.uk/government/organisations/ns-i

Yes, that gov.uk page refers to them as a 'savings bank', which does indeed include the word 'bank', just like blood bank, sperm bank and riverbank do!

Whether or not an institution is accurately labelled as a bank will largely depend on context though, so returning to the start of this nest of quotes, they're obviously not similar enough to fully-fledged 'proper' banks to participate in CoP....

I'll stick with the Government's own official page in my earlier link and its description of NS&I as our "state owned savings bank"----but thanks for your input as you are trying to get to grips with the Government's definitions; they can be complicated for the uninitiated.The Government does not class sperm, blood or part of a river as anything to do with money. Money, unlike the other irrelevant products you list for some very strange reason , is kept in a financial institution which the Government and the rest of us call a "Bank".

eskbanker

coachman12 said:

eskbanker said:

coachman12 said:

eskbanker said:

coachman12 said:

Archi_Bald said:

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

https://www.gov.uk/government/organisations/ns-i

Yes, that gov.uk page refers to them as a 'savings bank', which does indeed include the word 'bank', just like blood bank, sperm bank and riverbank do!

Whether or not an institution is accurately labelled as a bank will largely depend on context though, so returning to the start of this nest of quotes, they're obviously not similar enough to fully-fledged 'proper' banks to participate in CoP....

I'll stick with the Government's own official page in my earlier link and its description of NS&I as our "state owned savings bank"----but thanks for your input as you are trying to get to grips with the Government's definitions; they can be complicated for the uninitiated.The Government does not class sperm, blood or part of a river as anything to do with money. Money, unlike the other irrelevant products you list for some very strange reason , is kept in a financial institution which the Government and the rest of us call a "Bank".

I'm neither uninitiated nor trying to get to grips with anything, thanks, and if I was wishing or needing assistance on either front then on this particular subject I wouldn't be looking for enlightenment from a casual informal reference on a high-level overview of government departments (hardly 'official' or definitive in any way when compared with the detail available elsewhere) or from an internet poster with an apparent delusion of being the authoritative source of expertise about their pet institution.

The point I was making, perhaps too subtle for some, was that trying to pigeonhole a financial institution as a bank isn't a particularly useful exercise in a vacuum, but it's all about context.  So, as Archi Bald rightly observed, there are numerous financial institutions that could loosely be regarded as banks but don't fall within what could reasonably be construed as the 'official' definition, namely the regulator:

http://www.prarulebook.co.uk/rulebook/Glossary/Rulebook/0/03-09-2015/B

bank means:

(1) a firm with a Part 4A Permission to carry on the regulated activity of accepting deposits and is a credit institution, but is not a credit union, friendly society or a building society; or

(2) an EEA bank.

However, to reiterate, it's all about context, hence the sensible discussion about CoP and sort codes above....

Archi_Bald

coachman12 said:

 thanks for your input as you are trying to get to grips with the Government's definitions; they can be complicated for the uninitiated.

This is the first time I have heard eskbanker being referred to as uninitiated. 

badger09

eskbanker said:

coachman12 said:

eskbanker said:

coachman12 said:

Archi_Bald said:

RG2015 said:

polymaff said:

RG2015 said:

Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.

As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

https://www.gov.uk/government/organisations/ns-i

Yes, that gov.uk page refers to them as a 'savings bank', which does indeed include the word 'bank', just like blood bank, sperm bank and riverbank do!

Whether or not an institution is accurately labelled as a bank will largely depend on context though, so returning to the start of this nest of quotes, they're obviously not similar enough to fully-fledged 'proper' banks to participate in CoP....

You omitted eskbanker.

Oh, wait a minute..... you're not a bank....... are you?

eskbanker

badger09 said:
You omitted eskbanker.

Oh, wait a minute..... you're not a bank....... are you?

My username stems from one of the three I did mention, I imagine that most should be able to figure out which of those it is!