NS&I withdrawal "could take several weeks to complete"

gunjin

Just got this from their customer support line (after 30 mins on hold) following an error message trying to make the withdrawal online. I was trying to withdraw income bond monies to my registered external account although they also indicate the delay is for all internal transfers too. Basically my money is stuck with them for multiple weeks due to a "large backlog" of these technical errors with specific accounts which need to be fixed. Hopefully others here won't be affected but if you've not made any transfers out it might be worth doing a small transfer out to see whether it completes without problems. If you do get an error, you NEED to contact their support line ASAP to get your account in their "to be fixed" queue as they confirmed that they aren't pro-actively trying to find and fix accounts with these errors.

Speedbird676

I tried to make a withdrawal this morning.

On the first attempt I received a "technical error" before being taken to the phone verification. I tried again and made it to the phone verification but when I received the call, the first stage is to press the # key but it wouldn't recognise my pressing of the # key so it hung up on me after three goes.

I logged out and tried again about an hour later. When logging in I had to go through the phone verification step, which successfully recognised my pressing of the # key. I then re-tried my withdrawal and had exactly the same problem with the phone verification not recognising my pressing of the # key.

So, it seems they can recognise my # key to log in, but not to make a withdrawal. All very odd!

gunjin

UPDATE: This story has taken a slightly odd twist. The "technical error" is actually a security flag applied for no particular reason to accounts at random - so I'm told. Customer support are not told that this requires a security block to be cleared and are only told it is a technical error and to report it as such. Unfortunately the "several weeks" time frame to remedy still remains under normal circumstances as there is a multi-week backlog of security clearance calls NS&I need to make (which is ridiculous). However, if you make a formal complaint to NS&I they will probably magically move you to the head of the queue. They even confirmed the only reason they are processing my security block lifting now and not next month is that I complained. 

Swipe

What an absolute shambles!

Thrugelmir

Everybody has waited until the last minute to empty their accounts. What a surprise. 

General_Grant

Is this why NS&I have just emailed me with reasurance that my money is definitely safe with them.
"In these uncertain times, it’s reassuring to know your money is in safe hands.
"So we wanted to remind you that as we’re backed by HM Treasury, your savings are 100% secure."

VXman

I transferred my money out and closed the account at around 10.00am this morning. (online - why are people using phones these days   ) No issues - all went smoothly, however the funds aren't due to reach my back account until tomorrow so we shall see.

st2011

VXman said:

I transferred my money out and closed the account at around 10.00am this morning. (online - why are people using phones these days   ) No issues - all went smoothly, however the funds aren't due to reach my back account until tomorrow so we shall see.

Did it confirm that you'd receive all the funds by tomorrow? I only ask as I'm sure I read somewhere that if you closed the account/tried to withdraw the final £500 after the 20th then it won't be received after the 5th of December after the usual 'interest is being calculated' period.

colsten

I requested withdrawal of a sub-£50k sum online yesterday. I agree, why are people phoning for withdrawals when you can do it yourself online in less than 2 minutes flat.

Money has now arrived in my current account, as expected. Pain free. No code required, just answering a couple of memorable questions.

Hopefully those who are stuck for some reason are the exception rather than the norm, and fingers xed their problems will be resolved asap.

gunjin

colsten said:

 I agree, why are people phoning for withdrawals when you can do it yourself online in less than 2 minutes flat.

Not sure if this is a reference to me or someone in a separate thread but as I explained in my original post, my attempt at the outset to do the transfer online gave me an error message which is why I had to go via their telephone support as that was the only option presented to me.

easterbunni

Requested transfer on Friday, money has arrived today