Premium Bonds repayments

NYCCP

Hi all - has anyone else had an issue like this? We requested a PBs withdrawal online; filling in the application form, entering the account number we want the repayment to go into. BUT instead of paying the PBs withdrawal into the requested account, NS&I completely ignored the requested account number and instead paid it into a nominated account of their own! No phone call, text, or email message to us saying they'd done it! Gggrrr! We have complained this morning and have been told we've now got to wait another 3-5 working days for it to be rectified. We may now end up missing tge deadline to pay this money into a high interest account! We are very disappointed with NS&I

Section62

NYCCP said:

Hi all - has anyone else had an issue like this? We requested a PBs withdrawal online; filling in the application form, entering the account number we want the repayment to go into. BUT instead of paying the PBs withdrawal into the requested account, NS&I completely ignored the requested account number and instead paid it into a nominated account of their own! No phone call, text, or email message to us saying they'd done it! Gggrrr! We have complained this morning and have been told we've now got to wait another 3-5 working days for it to be rectified. We may now end up missing tge deadline to pay this money into a high interest account! We are very disappointed with NS&I

What type of account did you try to send the payment to?

I had NS&I refuse a PB withdrawal because they didn't recognise the account number as a valid one (it was my NS&I Direct Saver account).

Is the "nominated account of their own" actually your (current) nominated account?

Hoenir

Been online for as long as I can remember. Nominated account must be that you've previously provided. Is there an issue with the bank/account you've requested the monies to go to ? 

Kim_13

Is the issue perhaps that OP set up a Direct Saver as a nominated account when NS&I were planning to remove prize warrants, but provided a current account when requesting the withdrawal? NS&I have then realised there was a nominated account on file and overriden the instruction to withdraw to an account they haven't previously had. 

Isn't withdrawing from Premium Bonds to a current account via Direct Saver quicker though, rather than going direct to the current account?

The other possibility is the nominated account they had on file was out of date, and if it wasn't switched out, OP won't get the funds until they (hopefully) bounce back to NS&I and are sent again to the correct account. It'll be a bigger problem taking longer to resolve if that account number and sort code combination have been recycled and given to someone else. 

Swipe

Kim_13 said:

Isn't withdrawing from Premium Bonds to a current account via Direct Saver quicker though, rather than going direct to the current account?

Yes, instant withdrawal from PBs to the DS and then next working day from the DS to the nominated account (under £50K)

Section62

Kim_13 said:

Isn't withdrawing from Premium Bonds to a current account via Direct Saver quicker though, rather than going direct to the current account?

Yes, so long as NS&I recognise the NS&I Direct Saver account number as that, rather than writing a snailmail letter to you saying they don't recognise the number as any kind of account number.