Union Bank of India Certificate

lohr500

I'm sorry but I don't think you are right to criticise them over their offer to allow you to make a second payment to fund the bond to the value you specified on your application.
It may well be against their t&c's, but you didn't follow the initial instructions on how to fund the bond in the1st place.

I do agree that their speed of response has been poor, but I suspect they were inundated with applications resulting from them being at the top of the one year fixed list on both MSE and Moneyfacts. Your application was not completed correctly and as such would have gone into an exceptions handling queue.

Which day and at what time (GMT) did you instruct them to open the account with the funds they had received?

Their opening instructions say this :

Please Note:-
1.Cutoff time for processing the application for Bond is 1.00PM  funds received after 1.00pm will be processed next working day.

2.The confirmation for the funds received shall take 2 working days.

Could it be that 2 full working days have not elapsed since you instructed them to proceed? Or possibly your reply is still being processed by the team handling exceptions?

blueboy65

lohr500 said:

I'm sorry but I don't think you are right to criticise them over their offer to allow you to make a second payment to fund the bond to the value you specified on your application.
It may well be against their t&c's, but you didn't follow the initial instructions on how to fund the bond in the1st place.

I do agree that their speed of response has been poor, but I suspect they were inundated with applications resulting from them being at the top of the one year fixed list on both MSE and Moneyfacts. Your application was not completed correctly and as such would have gone into an exceptions handling queue.

Which day and at what time (GMT) did you instruct them to open the account with the funds they had received?

Their opening instructions say this :

Please Note:-
1.Cutoff time for processing the application for Bond is 1.00PM  funds received after 1.00pm will be processed next working day.

2.The confirmation for the funds received shall take 2 working days.

Could it be that 2 full working days have not elapsed since you instructed them to proceed? Or possibly your reply is still being processed by the team handling exceptions?

I would say I have every right to criticise them.

It's now 11 days since the original transfer, there were no errors on my part - I have opened other accounts where only one deposit is allowed and if the transferred amount varied from the application, then the account was duly opened to the deposited sum.
If they don't have the resources to handle the amount of investment they must have known was forthcoming then they should expect criticism.

To not have the courtesy or capability to send a simple reassuring email confirming receipt of funds (and if necessary, asking for patience as demand is so high) is amateurish and unacceptable.