NS+I delays

newatc

I have not had any NSI problems so I'm not sure what I would do in their position, I'm just more sympathetic to those affected than your post was.

JK2021

Thrugelmir said:

JK2021 said:

Well it seems I am just another victim of NS&I and whatever game it is they are playing. 

In case you've missed the news recently recently no one is playing games. Complaining to all and sundry is simply causing unneccesary unproductive work that wastes valuable time. Then people wonder why everything takes far longer........

I am all too aware of the situation and that is exactly why this is so worrying.   The pandemic is causing severe financial difficulties for tens (probably hundreds) of thousands of people and and that's why they save for times like these.  I have had no issues with any other financial institution and do not understand why NS&I should be any different. 
Without raising a complaint how are people supposed to bring a problem to the attention of the right people within the organisation?  Are we just supposed to sit back and not worry about where funds are going to come from to buy food for our families, pay bills and keep a roof over our heads?

Intenso

JK2021 said:

Thrugelmir said:

JK2021 said:

Well it seems I am just another victim of NS&I and whatever game it is they are playing. 

In case you've missed the news recently recently no one is playing games. Complaining to all and sundry is simply causing unneccesary unproductive work that wastes valuable time. Then people wonder why everything takes far longer........

I am all too aware of the situation and that is exactly why this is so worrying.   The pandemic is causing severe financial difficulties for tens (probably hundreds) of thousands of people and and that's why they save for times like these.  I have had no issues with any other financial institution and do not understand why NS&I should be any different. 
Without raising a complaint how are people supposed to bring a problem to the attention of the right people within the organisation?  Are we just supposed to sit back and not worry about where funds are going to come from to buy food for our families, pay bills and keep a roof over our heads?

I agree entirely, it beggars belief that anyone could justify such poor service at a time of great national need.

Even if only one NS&I saver who has lost their job due to this pandemic and is looking after young children is unable to access their savings, this is a scandal.  I would hazard a guess that there may indeed be many such savers who are now suffering hardship due to an inability to access their savings.  If this is the case this is a national scandal that needs to be heard...

Hasbeen

Had no problems with NS&I 

Transferred savings out online to my bank. Account was closed.

Transferred money back into new premium Bonds account.

Very quick procedure.

Intenso

Hasbeen said:

Had no problems with NS&I 

Transferred savings out online to my bank. Account was closed.

Transferred money back into new premium Bonds account.

Very quick procedure.

The problem seems to have arisen when savers have filled in the online NS&I form to make the transfer.  What has then happened is that the IB account is closed and no PB account opened and the money has then gone missing.

The way you did it is how I would recommend anyone to do this transfer to avoid issues.

However, how many savers would know this when the NS&I website directs savers to fill in the online form?

colsten

Intenso said:

JK2021 said:

Thrugelmir said:

JK2021 said:

Well it seems I am just another victim of NS&I and whatever game it is they are playing. 

In case you've missed the news recently recently no one is playing games. Complaining to all and sundry is simply causing unneccesary unproductive work that wastes valuable time. Then people wonder why everything takes far longer........

I am all too aware of the situation and that is exactly why this is so worrying.   The pandemic is causing severe financial difficulties for tens (probably hundreds) of thousands of people and and that's why they save for times like these.  I have had no issues with any other financial institution and do not understand why NS&I should be any different. 
Without raising a complaint how are people supposed to bring a problem to the attention of the right people within the organisation?  Are we just supposed to sit back and not worry about where funds are going to come from to buy food for our families, pay bills and keep a roof over our heads?

I agree entirely, it beggars belief that anyone could justify such poor service at a time of great national need.

Even if only one NS&I saver who has lost their job due to this pandemic and is looking after young children is unable to access their savings, this is a scandal.  I would hazard a guess that there may indeed be many such savers who are now suffering hardship due to an inability to access their savings.  If this is the case this is a national scandal that needs to be heard...

Let's keep things in perspective: there are countless people, incl. myself, who have not experienced any problems with withdrawals from NS&I at all. I have made numerous withdrawals from both, the Income Bond and the Direct Saver account, just before the rate drop, and since. Each and every one arrived like clockwork, as per the withdrawal times published on the NS&I website.

It seems that most of the problems occurred where people did not use the online withdrawal facilities but followed the somewhat weird / obsolete NS&I guidance and filled in a withdrawal form, requesting that NS&I process the withdrawals and/or transfers to other NS&I accounts. It is difficult to understand why NS&I don't encourage people to use the self-service facilities, but it is easy to understand that in lockdown times, they will struggle with the processing of manual requests. Far from a national scandal, however.

If anyone finds themselves in financial hardship because they are unable to get at their NS&I funds, they should be raising a complaint with NS&I, directly with the CEO, Mr. Ian Ackerley if necessary. 

colsten

Hasbeen said:

Had no problems with NS&I 

Transferred savings out online to my bank. Account was closed.

Transferred money back into new premium Bonds account.

Very quick procedure.

There's an even easier way. Your money never needs to leave NS&I. Just withdraw from the IB to the Direct Saver (which takes seconds to open if you don't have one already), and from there to Premium Bonds (which also takes but a minute to open if you haven't got one already).

It is puzzling why NS&I don't mention this on their help pages, and instead point people at archaic forms to fill in. It should, however, be obvious to anyone who has online access.

JK2021

This has nothing to do with online/offline forms.  The issue is the accounts are frozen due to a 'technical error'.  I always use the online service to take money out or transfer money to PB's.  It does not matter what actions you try to take it is just not possible.  I tried the suggestion above and opened a Direct Saver; that didn't work, now I have another £1 invested with NS&I that I probably won't be able to get when I need it!  Not even those in customer services are able to take any action.  If I had a suspicious mind I might even think that accounts have been frozen to prevent a 'run' after they announced the interest rate drop.

As for 'Let's keep things in perspective'... When you have no money and you have a family to feed, bills and a mortgage or rent to pay your 'perspective' is completely different.

colsten

JK2021 said:

This has nothing to do with online/offline forms.  The issue is the accounts are frozen due to a 'technical error'.  I always use the online service to take money out or transfer money to PB's.  It does not matter what actions you try to take it is just not possible.  I tried the suggestion above and opened a Direct Saver; that didn't work, now I have another £1 invested with NS&I that I probably won't be able to get when I need it!  Not even those in customer services are able to take any action.  If I had a suspicious mind I might even think that accounts have been frozen to prevent a 'run' after they announced the interest rate drop.

There have not been many reports like yours, so your problem appears to be linked to yourself.

JK2021 said:

As for 'Let's keep things in perspective'... When you have no money and you have a family to feed, bills and a mortgage or rent to pay your 'perspective' is completely different.

As I said earlier, if you are in financial hardship, complain to the NS&I CEO. He / his office can do something about your issue. Nobody on this forum can.

JK2021

colsten said:

As I said earlier, if you are in financial hardship, complain to the NS&I CEO. He / his office can do something about your issue. 

Already done!!!