Investec Fixed Rate Savings Maturity Instruction delayed

RD88

Three years ago I opened a 1 year fixed rate savings account with Investec as it was advertised as the best 1 year fixed rate on MSE back in March 2018. When it matured in March 2019 I rolled it over into another 1 year fix and in 2020 did the same again. Generally my experience up until this point has always been very good, their customer service very helpful and their online banking worked fine (although admit I only used it once a year!). This year however due to needing some cash available (uncertainty of jobs, covid etc), I filled out the Maturity instruction to return the funds to mine and my partners joint current account with TSB. The maturity date was yesterday and we still do not have the money in despite this disappearing from our Investec fixed rate savings account on our online banking. I've have the following calls with them.

At 1pm Yesterday I rang just to check the payment had been made and confirm bank details for the payment, I wasn't overly concerned at this point, but did want to check them given the delay. The customer service confirmed the details which were correct and checked with their payment team and said it hadn't yet been sent out but it would be with me by close of business. They said they were open to 8pm so to call them if it still wasn't received.
7pm Yesterday when I'd still had nothing into TSB I called again. Was told the payment had definitely been made but to wait until Noon the next day at which point if I still hadn't received they'd be able to escalate it further and provide proof of payment. Again I confirmed the bank details with them. 
12pm Today still no funds in so I rang once more. Customer service apologetic, put me on hold to contact their payments team, couldn't get through so said they'd call me back before 2pm to advise.
2:28pm I got a call from the adviser confirming they still had my payment and it hadn't been made yet, it was currently in the 'queue' I was relieved it hadn't been lost or miss-paid, but I couldn't understand why they haven't paid me maybe. She was unable to give me any more detail as to the delay other than 'it's in the queue' but was extremely apologetic however she did say that the payments team had advised it could take 1 to 2 days before it's paid. I explained I didn't like the fact I couldn't see the money in my internet banking anymore and that I really had nothing to confirm where the funds sat currently other than a phone call from customer service (who the previous day had told me incorrect information that the payment had definitely been made) She agreed to send me an email whilst I waited on hold. The email I have now does note that the Investec payments team have confirmed the funds are currently sitting in their queue and will be paid out in the next day or two. 

I guess I just need some opinions on how worried I should be about this and whether anyone else has had anything like this? We're not desperate for the money in the next few days, but I've just never known anything like this at a maturity instruction and it's got me quite concerned, it's not a small amount either, just under £62k.
We have an easy access account paying 0.81% which we were going to put it into. Honestly that's not much interest lost on a few extra days, but still irks me a little. 
Should I just give it to Friday before I start to panic?
 

inspectorperez

I had a maturing bond on 15 January 2021 (£85K).

Gave instructions on 13 January 2021 for total funds to be repaid to nominated account. Total sum appeared in my nominated account on the morning of 15 January presumably by faster payments process.

Surprised, based on my own experience, to hear of the delays you describe!

RD88

Thanks for the reply yes every customer service person I spoke to seemed really surprised too and said they have never known it not to be the same day. I don't feel the customer service have been bad I just can't understand why it's delayed in a queue and unsure whether I should be more worried!

inspectorperez

It begs the question of "what about interest", however nominal that might be, and also raises the question of what might have happened if you were relying on those funds to complete a specific transaction.

Think Investec owe you an official explanation.

xylophone

In the circumstances you describe, it seems to me reasonable to make a formal complaint.

inspectorperez

I guess RD88 would have updated this thread if the funds in question hadn’t been received yet?

RD88

Just coming back to it now to update for anyone how is interested/might search this in future.
So on Thursday afternoon I got a call from Investecs fraud team. They were the reason the payment had been held and they just wanted to some extra security and confirm I wasn't being scammed, or a third party hadn't asked me to open the payment account etc type of things. they had never paid this account before (they've never paid any account before it's the first time I've ever tried to take money out) so wanted to do more checks before releasing funds. These checks should have been carried out on the date of payment but due to high volumes it was in the queue and wasn't reached until Thursday. So anyway they realeased the payment at 4pm yesterday after the call and I had the money first thing this morning.
I never registered a formal complaint however this morning at about 9.30 I got an email from them apologising and offering me compensation for the 3 days without funds at 8% of capital which is the ombudsman's recommend rate. I accepted and am happy to have the funds and a little extra for the issues. I am very glad I didn't have a transaction I needed them for on the 23rd.  
And that is that!