Monmouthshire Nov / Dec new regular savers

wmb194

To prove my nominated account I've only ever sent paying slips with my maturity instructions. It's worked fine so far.

wmb194

silvercar said:

Bridlington1 said:

silvercar said:

Bridlington1 said:

silvercar said:

Bridlington1 said:

happybagger said:

Not until you asked. Disappointingly, I didn't apply, so didn't have opportunity to complain about the length of time it took, the lack of a passbook, lack of account number, inability to get a December payment in time, online access procedures, or Royal Mail.

I felt left out until now.

You could always open their easy saver at 0.85% and keep £1 in it if you really wanted. I suppose it would be a good thing in many ways as it would allow you to get a nominated bank account verified and online access set up now, so that if they launch another high paying regular saver in the future you'd save yourself a lot of time.

I did this myself back when the account was branch/post only and it allowed me to register for online banking and get the nominated account verified much sooner than many on this forum. Just a pity I didn't notice they'd updated the Ts&Cs to allow the account to be managed online before they launched the regular saver but there you are.

Online withdrawals from the easy access account are subject to further terms and conditions. I can’t find what they are. I’m thinking that to withdraw to a bank account elsewhere may again require verification with bank statements of that account. So back to square 1.

I can't seem to find anything that would suggest you need to set up a new nominated account for any easy access account. Indeed once my nominated account was verified I had the option to make withdrawals from both the Premium Instant account and the easy saver yet I'd only filled in one nominated account form.

Furthermore, their nominated account form says:

To protect your money we require our members to nominate a bank/building society account for withdrawals made to external accounts that are not held with the Monmouthshire Building Society. You can designate one account which we will use to facilitate withdrawals from all of your Monmouthshire Building Society accounts where you are registered as the primary holder.  

That’s my headache, getting the one external account verified. I can’t get statements without paying for them!

What about a cancelled cheque? They'll accept them as proof of nominated account. It may be worth ordering a chequebook if you don't have one already. The only alternative is seeing if you can get your local dentist or whoever to certify a print out of your bank statement.

I sent a cheque to open the account, so they haven't accepted that as verification. I am not even sure they will accept a pdf of a statement, even if verified.

It's never used the opening cheque as proof of nominated accounts, it's always asked again for a cheque, paying in slip, statement etc. for this. You then need to ask to have your account added to internet banking even though you'd think it would be automatic... Its processes are a very long way away from being joined up.

silvercar

When you say a paying in slip, do you mean an unused one torn out of the back of my cheque book? And for a cancelled cheque, one that has been submitted to the bank that I somehow need to retrieve from the bank?

Bridlington1

silvercar said:

When you say a paying in slip, do you mean an unused one torn out of the back of my cheque book? And for a cancelled cheque, one that has been submitted to the bank that I somehow need to retrieve from the bank?

You can just take a blank cheque, cross it out and write VOID on it. That will suffice as a cancelled cheque. 

wmb194

silvercar said:

When you say a paying in slip, do you mean an unused one torn out of the back of my cheque book? And for a cancelled cheque, one that has been submitted to the bank that I somehow need to retrieve from the bank?

Yup, and as Bridlington writes re cheques.

phillw

Bridlington1 said:
I do have overdrafts but they're all at 0% so I get more interest putting the cheque money in the VM current account and waiting for the cheque to clear than I do using the overdrafts.

I'm intrigued who you have overdrafts with

Bridlington1

phillw said:

Bridlington1 said:
I do have overdrafts but they're all at 0% so I get more interest putting the cheque money in the VM current account and waiting for the cheque to clear than I do using the overdrafts.

I'm intrigued who you have overdrafts with

I've got the Nationwide Flex Direct £2.5k 0% overdraft (ends 17/1/23), Santander 123 student account £1.5k 0% overdraft and the Club Lloyds £50 0% overdraft all maxed out.

phillw

Bridlington1 said:
I've got the Nationwide Flex Direct £2.5k 0% overdraft (ends 17/1/23), Santander 123 student account £1.5k 0% overdraft and the Club Lloyds £50 0% overdraft all maxed out.

The first £250 of First direct is interest free & the first £25 of hsbc advance is interest free.

But unless you only have a £50 overdraft at club lloyds, you can still write a cheque on the account and have it pay out & text you that you're overdrawn and then pay the money in.

Reg_Smeeton

Hallelujah! My passbook is here!

Keep the faith if you’re still waiting… I applied 24th November (no cheque), accompanying letter with passbook dated 28th December.

subjecttocontract

I applied 26th November and still haven't got all of my stuff......worst/ most delayed application for anything, anywhere at any time for me. The wooden spoon award goes to Monmouthshire Building Society for a complete failure in customer service.

Not worth the effort, delay, stress and annoyance IMO.