Hanley Economic Building Society BRANCH SAVER

refluxer

ForumUser7 said:

FPs can be done but must be requested by post/in branch like with cheques etc.

Have anyone successfully done this, do you know ? If that's possible, then visiting my local branch with a passbook and getting them to transfer funds via faster payments would be a lot easier than cash or cheque for me at some point in the future, considering the bank I hold my current account with (and who I'd pay the cheque into) has closed branches in both my own and neighbouring towns !

Bridlington1

refluxer said:

Bridlington1 said:

refluxer said:

drphila said:

FP wthdrawals are limited to £10k. >£10k can be withdrawn electronically but is by CHAPS and incurs a £25 fee. 

Where did you get this info from, out of interest ? According to the Branch Saver terms, withdrawals can only be made from that account in a branch or by posting off your passbook to them and are limited to cash or cheque only. This was also reinforced by HEBS staff to a previous poster (either in this thread or elsewhere) who asked about the possibility of faster payment withdrawals. Online access to this account is limited to checking the balance only, unfortunately.

This is the withdrawal info from the Branch Saver product info in the guide linked to above...

Can I withdraw money?

You can withdraw once per calendar month without penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions. Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office. All other withdrawals are subject to 30 days loss of interest on the amount withdrawn. Following any withdrawals £1,000 should remain in the account.

I don't think the summary box gave any faster payment limit but section 10.3 of the general terms and conditions says this:

Yes - I spotted that but because a online and app withdrawals aren't possible from the Branch Saver, then that section of the general T&Cs doesn't apply. 

Apologies for that, I misread your post, I somehow thought you were referring to where the £10k figure came from (I really aught to learn to read properly before posting).

refluxer

Bridlington1 said:

Apologies for that, I misread your post, I somehow thought you were referring to where the £10k figure came from (I really aught to learn to read properly before posting).

No worries - I was actually presuming that @drphila had read that in isolation and not realised that it only applies to online accounts in general and not the Branch Saver specifically, due to it's branch/post-only limitations.

Bridlington1

refluxer said:
Have anyone successfully done this, do you know ? If that's possible, then visiting my local branch with a passbook and getting them to transfer funds via faster payments would be a lot easier than cash or cheque for me at some point in the future, considering the bank I hold my current account with (and who I'd pay the cheque into) has closed branches in both my own and neighbouring towns !

I can't see anything in the terms that rule out faster payments by post. All I can see in the terms is that you can make withdrawals by faster payment, but it doesn't seem to limit faster payments to online and branch only.

Also their Instant Access Account allows online withdrawals by faster payment yet their summary box never mentions withdrawals by faster payment either. It only says this:

You can withdraw without notice or penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions. Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office. Following any withdrawals £1 should remain in the account

So I imagine that the withdrawals part of the summary box is just a copy and paste from their previous accounts.

I haven't tried faster payment withdrawals from HEBS yet myself though. However I was going to be requesting a withdrawal from HEBS by faster payment to be completed on 31st August to feed Septembers regular savers so I should have confirmation as to whether a faster payment will work by then. If this fails I should be able to request an internal transfer to the Instant Access Account I've just opened and make a faster payment from there. If that fails as well then I've got some 5% fixed rate regular savers that I'll be emptying on 1/9/23 as a failsafe option.

10_66

When I opened this account, I sent an email asking about withdrawals and they replied that you could request (by letter with passbook) a withdrawal to be processed by FP and, as long as it didn't exceed £10K, there would be no fee.  Anything over that, electronically, would be CHAPS with a charge of £25.  Cheque, of course, would be no charge.  I haven't tried to make a withdrawal myself yet, though.

happybagger

Set up online viewing of this account without too much hassle, requested it 2 weeks ago, email with temporary pass came last week, and letter with temporary user ID came today. No big deal as it's only for viewing (for me it's just to check deposits have been received), withdrawals can't be made online.

One odd thing though, it asks you to create a password 8-16 characters long, but rejects it if it's over 12 characters and asks you to create another.

drphila

10_66 said:

When I opened this account, I sent an email asking about withdrawals and they replied that you could request (by letter with passbook) a withdrawal to be processed by FP and, as long as it didn't exceed £10K, there would be no fee.  Anything over that, electronically, would be CHAPS with a charge of £25.  Cheque, of course, would be no charge.  I haven't tried to make a withdrawal myself yet, though.

That s exactly the case as stated in my post. I did not mention the means to achieve the FP, which is as you say is by post (letter + passbook). If they already have the passbook due to you recently sending it for a recent withdrawal*, they still require an original (ie wet signed) letter, so scanned letters by email are not acceptable.

To answer the question asked by @refluxer, I have sucessfully withdrawn £10k by FP.

*only one (penalty-free) withdrawal allowed per month so this could be the case if you have done, for example, a late-July withdrawal and are doing another one early in August, as I am.

10_66

drphila said:

To answer the question asked by @refluxer, I have sucessfully withdrawn £10k by FP.

Approximately how long did it take from when you sent your letter (did you send it via their freepost address) to when you received the FP from them, please?

refluxer

drphila said:

10_66 said:

When I opened this account, I sent an email asking about withdrawals and they replied that you could request (by letter with passbook) a withdrawal to be processed by FP and, as long as it didn't exceed £10K, there would be no fee.  Anything over that, electronically, would be CHAPS with a charge of £25.  Cheque, of course, would be no charge.  I haven't tried to make a withdrawal myself yet, though.

That s exactly the case as stated in my post. I did not mention the means to achieve the FP, which is as you say is by post (letter + passbook). If they already have the passbook due to you recently sending it for a recent withdrawal*, they still require an original (ie wet signed) letter, so scanned letters by email are not acceptable.

To answer the question asked by @refluxer, I have sucessfully withdrawn £10k by FP.

*only one (penalty-free) withdrawal allowed per month so this could be the case if you have done, for example, a late-July withdrawal and are doing another one early in August, as I am.

Thanks for that feedback and it's good to hear that there are withdrawal options that at least avoid the inconvenience of them having to post (and the account holder having to pay in) a cheque.

drphila

10_66 said:

drphila said:

To answer the question asked by @refluxer, I have sucessfully withdrawn £10k by FP.

Approximately how long did it take from when you sent your letter (did you send it via their freepost address) to when you received the FP from them, please?

Sent  freepost Monday, funds ready to send to me Friday.Didn't actually receive the funds then though because I had asked for >£10k so there was a further 2 working day delay while they tried to get in touch with me to advise the CHAPS fee.

They would probably have been quicker if I had sent it 1st class but since I was moving the money to an account with only a slightly greater rate, the cost wasn't justified.