SORRY MARTIN, PREMIUM BONDS NOT SO SAFE AFTER ALL.

wmb194

Grumpy_chap said:

It seems very unusual that an individual as meticulous to have all their bank statements from 29 years ago would not also have very detailed records of all other funds they held and keep those funds under regular review.

If I understand correctly:

• In 1975, the OP purchased 40 Premium Bonds (£40 ?)
• In 1990, the OP's post code (but nothing else in their address) changed.
• In 1996, the account was cashed in and closed (at a value of £2,2k)
• In 2025, the OP recalled these forgotten funds and sought to draw them out only to be advised that was not possible because of the funds being drawn in 1996.

For the £40 to increase to £2.2k, the OP must have received some winnings and must have selected for the winnings to be reinvested in Premium Bonds at the outset.
Given the timelines, it is possible but not probable that all the winnings were in the period 1990 (post code change) and 1996 (account closed).  If any of the winnings were in the far longer period between 1975 (purchase) and 1990 (post code change), the OP would have received a letter advising of the same.

Now, when someone else at elsewhere did receive the letter with the winnings notification, that individual did not simply put back in the mail "not known at this address" but opened the letter, and then made a claim to access the account, and then cashed in the funds. 
If we assume that the individual making this claim was not also called Doidle99 (or very similar), that would have required the individual to intentionally impersonate the OP to access the account to get the cheque sent.  Once in receipt of the cheque - assuming it was not crossed "account payee only" - the individual could have signed the back of the cheque to re-assign.
BUT, the very greatest number of people are honest and would not access a.n.others account in the event of such an opportunity.
So, something seems rather amiss here.

What was it that made the OP consider these 40 Premium Bonds this year that they have never considered in the past 29 years?

In the years since the post code change in 1990, what other correspondence has the OP not received by failure to update the records?
Again, for an individual as meticulous as to keep the bank statements for as far back as 1996, I would be surprised if there is anything that the OP did not update the records.

By the 90s all cheques/warrants were crossed.

Baldytyke88

Doidle99 said:

This is a warning to all of you who may have bonds tucked away and long forgotton. Register online and check your account making sure you have the correct address.  Your bond account may otherwise unaccountably and irritrievably disappear. 

What would happen to any bank account that wasn't checked for 29 years?

Hattie627

If NS&I still have "live" bonds purchased in (say) 1957 but never cashed in, or corresponded about since then, there must come a time when they can assume that the holder is dead. If the bonds were purchased for a baby at birth, they could still potentially be held by a live holder120 years later (at the absolute limit). So in 2077, could NS&I cancel the bonds or do they have to keep them open for  eternity? 

Kim_13

It might be most probable that any correspondence went to the property with the same door number as yours in the street that now has the postcode you used to have - Royal Mail seem to rely more on the postcode than the street address where one is given, as it saves them time. A relative of mine would routinely receive mail for a particular house, because their flat had the same postcode and door number. 

Someone would have needed to receive more than one piece of mail to cash out an account (something alerting them to the existence of an account, which contained enough details to apply to cash in the whole account, with the proceeds then arriving with the same unscrupulous person.) But this is not proof that the cheque went to that property and even if it were, the person who lived there in 1996 is probably long gone.

Swipe

How was the culprit able to cash a cheque / warrant that would have been in your name into their bank account?

Kim_13

Swipe said:

How was the culprit able to cash a cheque / warrant that would have been in your name into their bank account?

Did warrants have names on them that long ago? Had this been discovered within a reasonable time, a copy should have been obtainable to prove that the signatures did not match (unless the culprit is known to the victim and knew what their signature should look like in order to practice.) Maybe NS&I would have received the account number, sort code and roll number (if applicable) of the account used to cash it, but after 3 decades it is not reasonable to expect them to have that level of detail and the account details have probably been recycled. (Presumably the numbers of closed bank/savings accounts are eventually reissued, as with phone numbers.)

sheramber

Hattie627 said:

If NS&I still have "live" bonds purchased in (say) 1957 but never cashed in, or corresponded about since then, there must come a time when they can assume that the holder is dead. If the bonds were purchased for a baby at birth, they could still potentially be held by a live holder120 years later (at the absolute limit). So in 2077, could NS&I cancel the bonds or do they have to keep them open for  eternity? 

I bought bonds in 1959.

As far as am aware I am still alive and Kicking. 

eskbanker

sheramber said:

Hattie627 said:

If NS&I still have "live" bonds purchased in (say) 1957 but never cashed in, or corresponded about since then, there must come a time when they can assume that the holder is dead. If the bonds were purchased for a baby at birth, they could still potentially be held by a live holder120 years later (at the absolute limit). So in 2077, could NS&I cancel the bonds or do they have to keep them open for  eternity? 

I bought bonds in 1959.

As far as am aware I am still alive and Kicking. 

But do you expect that to continue past 2077?

kimwp

Hattie627 said:

If NS&I still have "live" bonds purchased in (say) 1957 but never cashed in, or corresponded about since then, there must come a time when they can assume that the holder is dead. If the bonds were purchased for a baby at birth, they could still potentially be held by a live holder120 years later (at the absolute limit). So in 2077, could NS&I cancel the bonds or do they have to keep them open for  eternity? 

I don't think that what you own disappears just because you die? Presumably they would be owned by whoever inherits, I don't think ns&I can just take them.

eskbanker

kimwp said:

Hattie627 said:

If NS&I still have "live" bonds purchased in (say) 1957 but never cashed in, or corresponded about since then, there must come a time when they can assume that the holder is dead. If the bonds were purchased for a baby at birth, they could still potentially be held by a live holder120 years later (at the absolute limit). So in 2077, could NS&I cancel the bonds or do they have to keep them open for  eternity? 

I don't think that what you own disappears just because you die? Presumably they would be owned by whoever inherits, I don't think ns&I can just take them.

They're not inherited, but NS&I don't actually 'take' them as such either:

If a Premium Bonds holder dies, their Premium Bonds become part of their estate. The Premium Bonds will continue to take part in prize draws for 12 months following the date of death, unless they are cashed in before that. 

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf