Premier Bond Union Bank of India

Chrisbdh

I have deposited savings with Premier Bond Union Bank of India however, it has taken two weeks for them to acknowledge the deposit and send a certificate and login details. I have decided I do not want to keep my money with them and have asked for it to be returned. I have had no response.  Has anybody else had problems with them?

eskbanker

If you've committed to a fixed term product then it's unlikely that you have the right to withdraw your money, or is there something within the product terms that you're looking to rely on?

Chrisbdh

Is there not a cooling off period?  I informed them of my wish to withdraw my money within 10 days and prior to receiving the certificate, would that make a difference?

eskbanker

Chrisbdh said:

Is there not a cooling off period?  I informed them of my wish to withdraw my money within 10 days and prior to receiving the certificate, would that make a difference?

I don't see any reference to a cooling-off period from a quick look at their site, but have you seen anything that suggests there is one?  There isn't one automatically granted by legislation or regulation....

Swipe

There's another thread here where people are not too satisfied with their communication and availability:

https://forums.moneysavingexpert.com/discussion/6485593/union-bank-of-india-uk-fixed-bond

born_again

Chrisbdh said:

I have deposited savings with Premier Bond Union Bank of India however, it has taken two weeks for them to acknowledge the deposit and send a certificate and login details. I have decided I do not want to keep my money with them and have asked for it to be returned. I have had no response.  Has anybody else had problems with them?

Key Feature.

Minimum amount GBP 5000 and Maximum GBP 340000. Open Multiple Bonds and Get certificates Online. Maximum of 4 Applicants are permitted per bond. No premature closure or partial withdrawal allowed during the period. View Balance Online. No Paper work. Online option for Auto renewal, investment or withdrawal of funds on Maturity Bonus of 0.10% above the current Interest rate for renewals. Save option or retrieve option to fill application in stages. Interest rate is fixed for the term of deposit. Before maturity of bond, we will notify you on your registered Email ID. UK based customer support

Interest paid on maturity. Interest is calculated as Simple Interest. On Maturity of your bond, your funds would be transferred to same account from where they were originally received. You can send us funds only via Faster Payment System / CHAPS. Financial services tend to not come under the 14 day cooling of period. Fixed-rate savings products do not have an automatic right to cancel or cooling-off period, unless that product is a cash deposit Isa. https://www.which.co.uk/consumer-rights/advice/can-i-cancel-a-financial-product-bought-online-aA7Fu1j5Gay1#coolingoff-periods-for-fixedrate-savings-products