MSE News: NS&I to keep paying Premium Bond prizes by cheque following complaints 29 June 2021 at 11:23AM in Savings & investments 9 replies 221 views

MSE_Petar

Premium Bond-holders will be able to continue getting paper prize cheques after NS&I bowed to complaints about plans to axe them.

Read the full story:
'NS&I to keep paying Premium Bond prizes by cheque after complaints force U-turn'

Click reply below to discuss. If you haven’t already, join the forum to reply.

eskbanker

So those who kicked up a fuss about the move into the 21st century cause NS&I to incur unnecessary and entirely avoidable expenditure, which could ultimately end up affecting prize volumes?  Great....

colsten

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

d63

colsten said:

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

someone who doesn't have access to the internet? someone who doesn't want access to the internet? someone who doesn't have a smartphone? someone who put the mobile phone they were given for xmas several years ago into the back of a drawer and has never used it since? someone who, not to put too fine a point on it, is very much like my sister?

eskbanker

d63 said:

colsten said:

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

someone who doesn't have access to the internet? someone who doesn't want access to the internet? someone who doesn't have a smartphone? someone who put the mobile phone they were given for xmas several years ago into the back of a drawer and has never used it since? someone who, not to put too fine a point on it, is very much like my sister?

Nobody needs to use phones or computers to allow credits directly into their current account....

MX5huggy

eskbanker said:

d63 said:

colsten said:

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

someone who doesn't have access to the internet? someone who doesn't want access to the internet? someone who doesn't have a smartphone? someone who put the mobile phone they were given for xmas several years ago into the back of a drawer and has never used it since? someone who, not to put too fine a point on it, is very much like my sister?

Nobody needs to use phones or computers to allow credits directly into their current account....

Did they offer a postal notification of prize? With payment to bank account or was the only way you knew you won was on your monthly paper bank statement? 

eskbanker

MX5huggy said:

eskbanker said:

d63 said:

colsten said:

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

someone who doesn't have access to the internet? someone who doesn't want access to the internet? someone who doesn't have a smartphone? someone who put the mobile phone they were given for xmas several years ago into the back of a drawer and has never used it since? someone who, not to put too fine a point on it, is very much like my sister?

Nobody needs to use phones or computers to allow credits directly into their current account....

Did they offer a postal notification of prize? With payment to bank account or was the only way you knew you won was on your monthly paper bank statement? 

Since part of the justification for the move was to eliminate dealing with lots of pieces of paper, they weren't planning to write to winning holders, but to notify by text or email - obviously such methods do still involve technology but in a much less invasive way than actually banking online, and, as you say, people completely detached from any sort of technology will presumably still receive regular paper bank statements as a backstop.

https://www.nsandi.com/get-to-know-us/quicker-prizes

You can have prizes paid straight to your bank account (or NS&I Direct Saver) or reinvested into more Bonds, giving you even more chances to win. Choose either of these options and we’ll let you know by text or email if you win.

Edit: that page does also hint at additional (unspecified) options:

Don’t have an email address or a UK mobile phone?

Please call us and we can discuss an alternative arrangement for you.

MoJoeGo

Eh, you mean there's no longer an option to have my prizes delivered in Guineas by carrier pigeon??

I blame the demise of the gold standard. Everything went to pot after that...

colsten

d63 said:

colsten said:

I can't even fathom why anyone would want the inconvenience of a cheque when the money can 'magically' appear in a current account of your choice. On top of it, the use of paper, ink, production and transport is an unnecessary waste of precious resources and contributes to pollution.

someone who doesn't have access to the internet? someone who doesn't want access to the internet? someone who doesn't have a smartphone? someone who put the mobile phone they were given for xmas several years ago into the back of a drawer and has never used it since? someone who, not to put too fine a point on it, is very much like my sister?

You need neither internet access nor a smartphone to have your PB win paid into a current account.

colsten

MoJoeGo said:

Eh, you mean there's no longer an option to have my prizes delivered in Guineas by carrier pigeon??

I blame the demise of the gold standard. Everything went to pot after that...

Outrageous, isn't it. We should launch a petition.