Kent Reliance Maturing

Loads0Moneyknot

Has anybody else had trouble with a maturing Kent Reliance account recently or have I been extremely unlucky?
My 1 year fix matured on 28th June, so all my paperwork said.  As their offer of a new fixed bond was not as competitive as others I advised them that I wanted my funds to be transferred to my linked current account.  However when I checked my Kent Reliance account on 28th the funds were still showing as with them so I phoned and asked why they hadn’t been transferred as requested.  I was then told that the funds were not actually available until after midnight - so it actually matured on 29th!
Fair enough what’s a day.  However, on looking this morning I now find that Kent Reliance have actually kept my money and transferred the funds into their lower 1 year fixed account at 5.13%.  That is despite me sending a secure message and two phone calls to their offices to confirm my instructions!
As they are not a bank even if they transfer today (which is not showing as being done yet online) the funds may not be available for up to a couple of days later (working days) so I may not get my funds until Tuesday.  As I specifically needed this money for tomorrow I am angry to say the least.  
All their offices are based in India and I am concerned that there is no one of authority there who is making sure that jobs are being done correctly.  Anyone else had these problems?

jak22

They claim they'll write 2 weeks before - but their letter seems to take a week to arrive so another week to reply isnt enough really. I phoned a week before maturity giving instructions - they were careful to go through the details but you dont get any confirmation. The funds were transferred OK the day after maturity date. There's no sign of any closing statement online.

There's a 14 day cooling off so it should be easy to close the unwanted fix.

southone

jak22 said:

They claim they'll write 2 weeks before - but their letter seems to take a week to arrive so another week to reply isnt enough really. I phoned a week before maturity giving instructions - they were careful to go through the details but you dont get any confirmation. The funds were transferred OK the day after maturity date. There's no sign of any closing statement online.

There's a 14 day cooling off so it should be easy to close the unwanted fix.

Much the same story here re letter as post delays, but you got the 14 day cooling off. Phone them up and tell him what you want done with the funds

Rudyson

I've had two fixed bonds mature recently. Received the letters, phoned up with instructions to transfer to my existing EA accounts, and this was done with no problems. !'ve had two or three bonds with them a few years ago and never had any problems, although I can't remember what the maturity process was then.

Loads0Moneyknot

jak22 said:

They claim they'll write 2 weeks before - but their letter seems to take a week to arrive so another week to reply isnt enough really. I phoned a week before maturity giving instructions - they were careful to go through the details but you dont get any confirmation. The funds were transferred OK the day after maturity date. There's no sign of any closing statement online.

There's a 14 day cooling off so it should be easy to close the unwanted fix.

Yes thanks.  I am aware of the 14 day cooling off period but I had already given them my instructions by secure message and two phone calls last week. I have had to phone them again this morning re them putting my funds in another of their accounts but it will now take at least two working days to reach my linked account as they are not a bank.  That means, if they do do it today and I have no faith they will from my previous correspondence, it is Monday, at the earliest I can access this and I really needed it tomorrow!  
I have had Kent Reliance fixed accounts in the past and never had this problem.  Having not heard of Kent Reliance until opening that account I assumed they were a small concern in Kent.  Now I know that all their work is actually done in India and it is so frustrating trying to get them, on the phone, to do anything with urgency.    
I shan’t bank with them again.

Loads0Moneyknot

Rudyson said:

I've had two fixed bonds mature recently. Received the letters, phoned up with instructions to transfer to my existing EA accounts, and this was done with no problems. !'ve had two or three bonds with them a few years ago and never had any problems, although I can't remember what the maturity process was then.

You were lucky it only took one phone call.  I had sent a secure message and two phone calls before maturity and yet they still ignored my request and put it back into one of their (lower) rate 1 year fixed. 

Loads0Moneyknot

Edit:  1 day AFTER maturity I have literally just received this email from KR.

“If you have requested a closure or a withdrawal, then this will be processed on your maturity date. You can expect to see your funds within 5 working days of maturity.”

I have/have had  many fixed a accounts over the years (including with KR) and have never been told that it will take up to 5 working days for my funds to be available?  

What on earth is going on with KR?

Bigwheels1111

Left them 2 years ago, would never ever use them again.

Took 11/12 weeks to tranfer my ISA to them.

Loads0Moneyknot

Bigwheels1111 said:

Left them 2 years ago, would never ever use them again.

Took 11/12 weeks to tranfer my ISA to them.

This is my second account with them.  I had no problem with my previous account, which did mature a while ago, but I can guarantee I will never go back to them now.
Something is really wrong when a customer cannot access their own money and no one at the bank/building society has any urgency about it.  I’ve just checked my account and still nothing has changed.  
My money is in their unwanted account with NO transfer/closure pending!

Frequentlyhere

Yup, they're on my 'avoid' list. Some people say "I've had no problem whatsoever' and I'm sure they didn't, but certainly a lot of people have.

CheekyMikey

My wife got a letter from them a week before maturity…she simply filled in her preferred reinvestment option on the instruction form and returned it in the free postage envelope. She got an email a few days later confirming her instruction to withdraw the funds and today, the day following maturity, the funds are in our bank account. So very easy really. Having said that, I won’t use them again as I prefer online or app managed accounts plus of course their rates are poor…