santander blocking SO payments to NS&I

colsten

The length of time it takes NS&I to clear deposits is inddpendent of the sending bank. It’s also clearly stated in the relevant account literature how long it takes. For some deposit methods, they even pay interest from the day of deposit, even if the deposit doesn’t clear for days, and isn’t yet debited at source.

I am not trying to explain why they take as long as they do take, but there’s no need to ring them up and to get upset over it. It’s all there in black and white before you sign up. If it doesn’t suit you, don’t go for it.

wiseonesomeofthetime

On Monday, I had a SO and an FP to NS&I, for premium bonds, go through from Santander without a hitch.

I wonder if PBs and other accounts differ for any reason.

Never had an issue to PBs.

Niv

I haven't read every response so apologies if this has been covered.
NS&I appear to use different sort codes/ acc numbers depending on which type of account you hold, i.e. you cant use the same NS&I sort code / acc number to pay into a 'direct saver' and 'income bonds' for example.
I found it a bit odd when I set up a direct saver and an income bonds account so I am sure a number of people miss this detail. Could that be an issue?

[Deleted User]

Colsten.....if I choose to phone them I will, but my point is money laundering for a customer known to them for 60 years and manual allocation in 2020? Really? The govt has for years been trying to persuade banks to use faster payments, best it does it itself by example.

Thrugelmir

Deleted_User said:

Colsten.....if I choose to phone them I will, but my point is money laundering for a customer known to them for 60 years and manual allocation in 2020? Really? The govt has for years been trying to persuade banks to use faster payments, best it does it itself by example.

NSI is not a clearing bank nor are Building Societies nor secondary financial institutions. That's life. Not going to change for the foreseeable future. As the investment in systems most likely exceeds any benefit. Not seeing the funds credited to the account within 2 hours is hardly grounds for complaint. 

where_are_we

mighty_hammers said:

Agree we moved money  from another savings company and it sat pending for 4 days, so it knew it was coming but we couldn't transfer it out. Still can't set up a standing order, people are so quick to think your incompetent but its their system. 

As Molerat posted does your our first SO payment date fall on a weekend or Bank Holiday? If yes simply change the start date by one or two days to fall on a business day.

colsten

Deleted_User said:

Colsten.....if I choose to phone them I will, but my point is money laundering for a customer known to them for 60 years and manual allocation in 2020? Really? The govt has for years been trying to persuade banks to use faster payments, best it does it itself by example.

Whilst I would not in any way want to suggest that anything about your NS&I deposits might be suspect, not having laundered money in the past does not mean you could never become a money launderer.

If you want to launch a campaign for Government to modernise their IT systems, by all means do so but perhaps choose a more appropriate place than a thread that discusses a problem with SOs at Santander?

[Deleted User]

Sorry Colsten I will of course write to you direct in future and ask your express permission before daring to add any further comments to any thread.....I humbly apologise......

[Deleted User]

@Thrugelmir It wasn't 2 hours, it's running into two days, money (£100k+) gone from bank, no trace at NS&I not even in the pending transactions. Account numbers all fine as test transaction of a few pounds done previously and was successful but over a weekend and therefore timescales would have been different which I fully understand. And if money is coming from a UK bank going to NS&I how can that money be laundered unless Santander have original accepted laundered money or are delivering it to NS&I in cash? Finally and I will repeat again manually allocated in 2020......

Thrugelmir

Deleted_User said:

@Thrugelmir It wasn't 2 hours, it's running into two days, money (£100k+) gone from bank, no trace at NS&I not even in the pending transactions. Account numbers all fine as test transaction of a few pounds done previously and was successful but over a weekend and therefore timescales would have been different which I fully understand. And if money is coming from a UK bank going to NS&I how can that money be laundered unless Santander have original accepted laundered money or are delivering it to NS&I in cash? Finally and I will repeat again manually allocated in 2020......

The money is there though. Will earn interest from the date received.  I would hazard a guess that like many organisations based in large open plan offices. They are not working at anything like full capacity, with productivity suffering.  Personally I'm amazed that after over 4 months I would have thought that this fact would have sunk in by now. 
What's "2020" got to do with manual allocation and processing?  Technology doiesn't come off the shelf.