NS & I incompetence

garmeg

Transferred a cash ISA from NS&I to my shares ISA with Hargreaves Lansdown.

Well, I thought I had, until the payment disappeared. Checking my inbox, this is why ...

I wonder how long for the replacement cheque?

It isn't a large cheque, three figures, so no impact on my share investing really. Just a tidy up as no point keeping a tiny cash ISA. They pay out interest and withdrawals via FP or BACS so why not a transfer, given that they don't seem to know how to complete a cheque!

I suspect they will blame covid and not the upcoming minuscule intetest rates they are offering!

😀

Stonesmike

Never known a banking institution take so long to accept money into an account, I have one from 30th October, it’s pending, but as I said!!

garmeg

Stonesmike said:

Never known a banking institution take so long to accept money into an account, I have one from 30th October, it’s pending, but as I said!!

Did you sign the cheque? 😀😀😀😀

Stonesmike

garmeg said:

Stonesmike said:

Never known a banking institution take so long to accept money into an account, I have one from 30th October, it’s pending, but as I said!!

Did you sign the cheque? 😀😀😀😀

What’s a cheque? 😂😂🤦‍♀️

colsten

Stonesmike said:

Never known a banking institution take so long to accept money into an account, I have one from 30th October, it’s pending, but as I said!!

As you get interest from the date your transaction shows, this is not an issue. Not until their interest rates drop, anyway - but then, you would most likely not want to use them any longer anyway

colsten

garmeg said:

Transferred a cash ISA from NS&I to my shares ISA with Hargreaves Lansdown.

Well, I thought I had, until the payment disappeared. Checking my inbox, this is why ...

I wonder how long for the replacement cheque?

It isn't a large cheque, three figures, so no impact on my share investing really. Just a tidy up as no point keeping a tiny cash ISA. They pay out interest and withdrawals via FP or BACS so why not a transfer, given that they don't seem to know how to complete a cheque!

I suspect they will blame covid and not the upcoming minuscule intetest rates they are offering!

😀

Pretty abysmal show. Did you raise a formal complaint with them?

Alexland

I'm suprised that HL even attempted to deposit an unsigned cheque, still this looks like NS&I error as normal.

refluxer

Stonesmike said:

Never known a banking institution take so long to accept money into an account, I have one from 30th October, it’s pending, but as I said!!

I made two identical online payments from my current account into a Nationwide CTF and an NS&I Junior ISA on Monday evening. The money was credited at the Nationwide within an hour or so but it took two days to show at the NS&I.

As the account number was used as the payment reference in both cases, I can only presume that the Nationwide accept these automatically, whereas the NS&I payments have to be checked or authorised by someone.

whitesmith

I am surprised that cheques from an institution as large as NS&I are not 'printed signed' ie is it really the case that cheques are signed by pen by a real person or persons? They must issue an awful lot of them.

Alexland

whitesmith said:

I am surprised that cheques from an institution as large as NS&I are not 'printed signed' ie is it really the case that cheques are signed by pen by a real person or persons? They must issue an awful lot of them.

Maybe there is a covid shutdown at the NS&I farm where the geese are grown to provide the feathers for the quills.... Or maybe that army of people who normally sign the cheques have been busy working under contract for a US customer who wants big batches of postal votes completed...

wmb194

Are you sure it was a cheque and not a warrant? NS&I often (normally?) uses warrants and these don't have signatures on them, the depositor actually signs it themselves. Perhaps someone at HL doesn't understand the difference in how they work.