NS&I Withdrawls

Section62

Rollinghome said:

missile said:

I tried to make a withdrawal yesterday. I am not able to withdraw any funds until after the next draw  

My wife redeemed half of her PBs a short while ago.  As I remember, there was a check-box to select if she wanted the withdrawal to wait until after the next draw, which is useful if you're close to the date of the draw.  But it was an option, not a requirement.

The old T&C's used to say there may be few days at the end of the month where they wouldn't process a cash-in even if you didn't ask them to wait until after the draw.  This was non-optional and at NS&I's discretion.  Officially the reason was so people didn't miss out on their winnings, but I suspect it was in part due to there being a window where the prizes had been allocated and there wasn't time to weed out any further cashed-in bonds before publication of the list.

That said, the current version of the 'customer agreement' doesn't appear to contain the same wording, so it is possible they have changed their process and wihdrawals will now be acted on regardless.

km1500

Section62 said:

pridehappy said:

...

So I'm stuck with a large sum of money in a Premium Bonds account I need out quickly now and even they don't know what's happening. Submitted a complaint and said it would take up to 2 months for a reply.

Any ideas?

You aren't alone.

I tried witdrawing some funds from my Premium Bonds in early May using the online form.  The instructions said to leave the destination bank details blank if you want the money paid to your nominated account.  My nominated account is my NS&I Direct Saver.  Someone at NS&I started processing the form on the day I submitted it - but because the bank details section was blank they have sent me a snail mail letter saying I'd completed the form incorrectly and asking me where I want the money sent.

I complained, and was told that since their standard processing times were 8 working days before anyone looks at the form, and three working days for a bank transfer to be done, NS&I were still within their performance target for dealing with the withdrawal request.  I pointed out I'd just been told someone looked at the form the day I submitted it (therefore it didn't take 8 working days), and it shouldn't take 3 working days to move money internally from my Premium Bond Account to my Direct Saver.  They said they'd get someone to phone me within 3 days (which could include a Saturday/Sunday) to discuss the complaint.  Over a week later no phone call and no money.

On that basis, if they tell you it could take up to 2 months to get a response, I think you should expect to hear from them in about 6 months time.... if at all.  Phone them again to chase for a response... I think they may be so busy with complaints that they are dealing with the loudest ones first.

Just one other point - there was nothing in your initial description which suggested any urgency to the withdrawal.  So when you say you now need the money "quickly" you may need to explain (to NS&I) what the cause of the urgency is.  As others have pointed out, people needing money "urgently" is sometimes an indication they are being scammed or coerced into making a withdrawal (especially with funds that have been on deposit a long time) so if there is a genuine need for the money "quickly" make sure NS&I know exactly why.

Your'nominated account' is not your DS but the external account where withdrawals go. You have the option to set it up anytime.

'Your nominated bank account must be:

• A personal UK bank account, in your name
• Registered to the same address as your NS&I account

Sorry, we cannot pay money into business accounts or via a third party service."

This by leaving the form blank they did indeednot know where to pay it

probably a silly question but since transferring from premium bonds to direct saver is instantaneous when you log on to your NS&I account why do you do it via a form?

Section62

km1500 said:

Section62 said:

pridehappy said:

...

So I'm stuck with a large sum of money in a Premium Bonds account I need out quickly now and even they don't know what's happening. Submitted a complaint and said it would take up to 2 months for a reply.

Any ideas?

You aren't alone.

I tried witdrawing some funds from my Premium Bonds in early May using the online form.  The instructions said to leave the destination bank details blank if you want the money paid to your nominated account.  My nominated account is my NS&I Direct Saver.  Someone at NS&I started processing the form on the day I submitted it - but because the bank details section was blank they have sent me a snail mail letter saying I'd completed the form incorrectly and asking me where I want the money sent.

I complained, and was told that since their standard processing times were 8 working days before anyone looks at the form, and three working days for a bank transfer to be done, NS&I were still within their performance target for dealing with the withdrawal request.  I pointed out I'd just been told someone looked at the form the day I submitted it (therefore it didn't take 8 working days), and it shouldn't take 3 working days to move money internally from my Premium Bond Account to my Direct Saver.  They said they'd get someone to phone me within 3 days (which could include a Saturday/Sunday) to discuss the complaint.  Over a week later no phone call and no money.

On that basis, if they tell you it could take up to 2 months to get a response, I think you should expect to hear from them in about 6 months time.... if at all.  Phone them again to chase for a response... I think they may be so busy with complaints that they are dealing with the loudest ones first.

Just one other point - there was nothing in your initial description which suggested any urgency to the withdrawal.  So when you say you now need the money "quickly" you may need to explain (to NS&I) what the cause of the urgency is.  As others have pointed out, people needing money "urgently" is sometimes an indication they are being scammed or coerced into making a withdrawal (especially with funds that have been on deposit a long time) so if there is a genuine need for the money "quickly" make sure NS&I know exactly why.

Your'nominated account' is not your DS but the external account where withdrawals go. You have the option to set it up anytime.

'Your nominated bank account must be:

• A personal UK bank account, in your name
• Registered to the same address as your NS&I account

Sorry, we cannot pay money into business accounts or via a third party service."

This by leaving the form blank they did indeednot know where to pay it

"You can nominate a UK bank or building society account or an NS&I Direct Saver account"

^Text on the "Nominated accounts" page.

My Direct Saver was accepted and saved as my Premium Bonds Nominated Account, so they did know where to pay the money.

km1500 said:

probably a silly question but since transferring from premium bonds to direct saver is instantaneous when you log on to your NS&I account why do you do it via a form?

Because a form is the only way of cashing in specific bonds.  Previously you had to post a hard copy form to them, but now there is a form which can be filled in and submitted online.

km1500

yes you can have a nominated (external) account or a DS.

A DS is not a nominated account though.

IanManc

km1500 said:

yes you can have a nominated (external) account or a DS.

A DS is not a nominated account though.

NS&I say "You can nominate a UK bank or building society account or an NS&I Direct Saver account" so quite clearly if you nominate a bank or building society account then that is the "nominated account" and if you nominate a NS&I Direct Saver account then that is the "nominated account".

You nominate an account. Once you've nominated it, it is the "nominated account". It's obvious!

Section62

km1500 said:

yes you can have a nominated (external) account or a DS.

A DS is not a nominated account though.

NS&I appear to disagree with you though....

...although I concede when NS&I say "Nominated account" on that page they could have some entirely different meaning when they say to leave the bank details blank if you want the funds paid to your "Nominated account".

I only mentioned my experience so the OP was aware NS&I were having other PB cash-in issues, and their customer service/complaints handling is not that good at the moment either.

pridehappy

Thanks everyone for advice, decided enough was enough and asked to speak to a manager over the phone. Finally got a reply, and when the situation was explained, first person out of around 9 to understand and sorted the issues out, while looking into compensation.