NSI attrocious customer service

H4GYS

Martin keeps pushing NSI as a great option. 

Let me tell you for withdrawals, its without doubt the worst option. 

My MIL died in May, we sent off her prem bond cash in and they recd it on the 10th May, written conf of this recd, as well as the death cert, power of attorney paperwork returned, but now almost 10 weeks later still no payment. 

Despite numerouse phone calls, still no idea when this pmt will be made, the funeral directors are being very patient thankfully, but i really feel that instead of constantly pushing for people to invest , Martin and his team, should also be advising of the attrocious customer service, savers receive, when trying to withdraw very necessary funds.

Its a 2 way thing, the govt wants our money but at the moment wont give is it back. I have an 86 year old FIL sick to death he'll be taken to court over his wife's funeral bill, through no fault of his own.

The NSI have even updated there online time frame calculater to cover delays in C19, but as always this is rubbish, says we should have recd the funds end of may. 

So until issues like this are solved  think its a bit hypocritical of Martin and his team, only advertising the front end positives , when in reality, the back end negatives outweigh these. 

I know the MSE team monitor the forum wonder if they'll come back to me on this. 

Prism

This isn't a standard premium bond withdrawal though which takes a few days. Its cashing in by probate which doesn't follow the same timeline. I thought this could take up to a year to pay out. 

csgohan4

Prism said:

This isn't a standard premium bond withdrawal though which takes a few days. Its cashing in by probate which doesn't follow the same timeline. I thought this could take up to a year to pay out. 

ouch 1 year, that would be long

OP can you not make a written complaint before taking it to the ombudsman? 

https://www.nsandi.com/how-do-i-get-touch

colsten

NS&I have clear procedures for dealing with accounts held by deceased persons: https://www.nsandi.com/what-do-i-do-if-nsi-customer-has-died. Hopefully information contained in there will help you progress your request.

MSE does not push NS&I, or NS&I products. They are merely listing the top interest rates. The site clearly states "This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service."  As far as Premium Bonds in particular are concerned, MSE have long pointed out the pros and the cons, and have been far from pushing PBs.

Swipe

OP, that is truly shocking. Please keep us updated.

xylophone

 the funeral directors are being very patient thankfully, 

 Then reassure your FiL! 

Do you really think that a firm would have so little regard for its reputation as to proceed in such a way against a grieving widower waiting for a post probate payment?

Despite numerouse phone calls, still no idea when this pmt will be made, 

What were you told when you made the enquiry?

msallen

I'm also in the process of closing down all my mother's accounts since she died a fortnight ago - NS&I amongst them. I have absolutely no expectation of this being complete in any less than 6 months, quite likely much longer. That's just the way it works. You need realistic expectations.

Thrugelmir

Many people sadly seem oblivious to the impact of Covid on many organisations. Patience is a virtue. The funeral undertakers are very understanding in such circumstances. 

Zanderman

H4GYS said:

.....
Its a 2 way thing, the govt wants our money but at the moment wont give is it back. I have an 86 year old FIL sick to death he'll be taken to court over his wife's funeral bill, through no fault of his own.

The NSI have even updated there online time frame calculater to cover delays in C19, but as always this is rubbish, says we should have recd the funds end of may. .....

Sorry to hear about your loss and the problems you seem to be having with NS&I.

But are you not over-worrying?   The funeral directors will face this sort of problem all the time.  It seems to me, from reading your post, that your worrying may be affecting your FiL.  Just tell him it will be fine.  Which it will.

But I'm a little confused.  What are you actually trying to do?  Whose money is this?  You mention PoAttorney - but that's irrelevant on death - it no longer applies.  Is the money in your FiL's name and it's PoA for him you sent in?  In which case how does it relate to your mother?

Do you have probate?  Do you need probate? 

steampowered

It is reasonable to expect that:

- Probate withdrawals will take much longer. They have to verify that the person requesting withdrawal of funds is entitled to do so.
- It will take longer to process withdrawals requiring legal paperwork in the middle of ground.
- It will take a bit longer if you send them the wrong documents.

10 weeks is quite a long time but it doesn't strike me as atrocious in the circumstances.


I don't understand why you have sent them a power of attorney? Powers of attorney cease to be valid when someone dies. You should probably be sending them the grant of probate or something similar!

greatcrested

The POA has probably delayed matters by confusing things. POAs cease to be valid as soon as the donor dies. Sending in a POA along with a death certificate is bonkers! No wonder NS&I are confused!

When someone dies, all their bank accounts (& premium bonds) are frozen. On receipt of the death certificate NS&I will have frozen the account.

This is required to ensure that only the right person can access the deceased's money (eg the Executor of the will if there is one, but not the POA - see above).

And the Executor (or Administrator if no will) can only access the money after Probate has been granted - which in turn will only happen once HMRC are happy that Inheritance Tax has been paid (if relevant).

There is a way to obtain funds from frozen accounts prior to Probate, for specific purposes eg paying HMRC or funeral costs, but there are specific forms for this.

So, no - "NS&I attrocious customer service" is not an appropriate title to this thread. More appropriate would be:

"I don't know how to manage deceased's finances - please help"

* Dis she leave a will?

* Are you the Executor?

* if no will, have you applied to be Administrator?

* has Probate been applied for?

* has Probate been granted?

I doubt COVID-19 has anything to do with the delay in this case (though the Probate Office as well as NS&I may be taking longer than usual) - it's simply the process of dealing with an Estate.

edit: NS&I even have a dedicated page for this, with explanation of the process and FAQs:

https://www.nsandi.com/what-do-i-do-if-nsi-customer-has-died