NS&I Premium Bonds cash in

QuestionsQuestions

My 16 year old wanted to cash in some of his premium bonds (after the debacle pf NS&I removing him from my account and not providing any documentation to where his money was or a new account for over 3.5 months then going through hoops to fill out forms etc) we thought it would be easy for him to cash in some of his savings. We set up a bank account and even went through to a separate security check where he wasn't allowed to say who he was but gave them secure details (sorry a bot vague there but in essence he was transferred to this department after giving the bank account details ) Next we tried to cash in his money for his holiday. 2 days later he was given a call - vague in detail but he couldnt answer as he's at school so no phone. We called again at the weekend but NS&I don;t man the security department at the weekend so no one could tell me what the call was about nor why his money was still in his account. The lady said it was due to no signature on record (i am certain this was part of the reams of paperwork we had to do when his account changed at 16) so into the next week I called and cut a long and arduous story short where the person who I needed to talk to wasn;t in the office and no one else could help etc etc a request to speak to a manager meant miraculously i spoke to someone in security and they basically said my sons bank account couldnt be verified so he couldnt cash in his savings - i asked why it hadn't been verified she said she didn;t know, maybe because he was young???? (how many 16 year olds have premium bonds? he's not the first!) I said when will it be verified - again she said she didn't know!! I was livid - anyone else had this - it is spurious to say the least considering bank accounts are verified daily especially when making payments etc.
Thanks

Daliah

You, and your son, would be even more livid if his money had been paid to a fraudster’s account.

Calm down and ask NS&I quietly how your son’s account can get verified. Usually all that’s needed is a bank statement, to be sent to a named person in NS&I. None of the history, however annoying it may have been, is relevant to the account verification.

Flugelhorn

PB security seems to be a world of its own. I have changed address on mine several times, but this time? - no they couldn't do it as no signature.... sent me a piece of paper to be signed and witnessed then all was fine - honestly I could have been anyone, my witness could have been anyone..  

Daliah

Flugelhorn said:

PB security seems to be a world of its own. I have changed address on mine several times, but this time? - no they couldn't do it as no signature.... sent me a piece of paper to be signed and witnessed then all was fine - honestly I could have been anyone, my witness could have been anyone..  

Do they have your signature on file, e.g. from when you first opened your PB account? I am sure I had to sign the application form, back in the days when it was all still paper based.

QuestionsQuestions

They could offer no advice as to how to verify his bank account - they said it goes through a credit check agency and its probably because he has never had credit - i explained that this must be something they encounter numerous times with 16 year old bank accounts and how do we move forward - nothing. No suggestions as to how to verify his account she said its becasue they are not told why its not verified - her only suggestion is to send a cheque in the post to put in his bank account. I did highlight that this is hardly safe, and the cheque would end up in his bank account anyway!! I think its all about keeping the money within NS&I - especially as the 3 people I have spoken too have all said different things. I am going to use his bank account linked to his premium bonds account to try and buy some bonds- my guess t that will go like a dream! 

coyrls

What's the problem with accepting a cheque in the post?

Olinda99

log on to your ns&i account and open a direct saver account.You can then link your bank account to the direct saver

cash in premium bonds to the direct saver (instantameous) and then xfer the money from DS to your linked bank account.
 

Daliah

Olinda99 said:

log on to your ns&i account and open a direct saver account.You can then link your bank account to the direct saver

cash in premium bonds to the direct saver (instantameous) and then xfer the money from DS to your linked bank account.
 

That will not solve the problem. NS&I will not pay to an unverified account

QuestionsQuestions said:

 her only suggestion is to send a cheque in the post to put in his bank account. I did highlight that this is hardly safe, and the cheque would end up in his bank account anyway!! 

What is unsafe about a cheque? 

NS&I would effectively pass responsibility for verifying that the cheque goes into your son's account to the bank

QuestionsQuestions said:

I think its all about keeping the money within NS&I - especially as the 3 people I have spoken too have all said different 

NS&I are holding tens of billions of money. They are hardly interested in keeping your son's money, even if it was the full £50k you can have in PBs.

QuestionsQuestions said:

 I am going to use his bank account linked to his premium bonds account to try and buy some bonds- my guess t that will go like a dream! 

Are you sure it's a good idea to put more of his money into NS&I before you have ascertained that you/he can actually withdraw it? What are your trying to achieve?

Out of interest, which bank is your son's account with? There have been one or two reports about issues with Starling Bank accounts not recognised by NS&I without further verification.

Flugelhorn

Daliah said:

Flugelhorn said:

PB security seems to be a world of its own. I have changed address on mine several times, but this time? - no they couldn't do it as no signature.... sent me a piece of paper to be signed and witnessed then all was fine - honestly I could have been anyone, my witness could have been anyone..  

Do they have your signature on file, e.g. from when you first opened your PB account? I am sure I had to sign the application form, back in the days when it was all still paper based.

No because I was less than 6 months old when £3 of PBs were given to me - couldn't write at that stage 

libra10

When we had a slight issue regarding premium bonds, I messaged a question to their Facebook page, and they were very helpful.
They probably won't respond during weekends, but may be able to point you in the right direction.

https://www.facebook.com/nsandi

Good luck