NS&I Premium Bonds "Cashing In" Issue

Oly

I recently tried to cash in my premium bonds to better invest elsewhere. Unfortunately the computer said no... adding that there was an issue and to call the office...

Several days, phone calls and many hours later and NS&I can't tell me even a rough timeframe as to when I'll get my money! 

Staff tell me that a security alert was put on my account 3 years ago (my details were part of a large data breach). Since then I've had a flag on my account. 

This flag hasn't caused any issue in my adding money or getting paid winnings, but I can't withdraw my money presently. 

Customer Services says it needs to go through a Fraud team who need to speak to another team (none of which I can talk to) and they have no idea how long it'll take. 

It's a farce! It takes 3 days anyway to get paid from NS&I, but they can't tell me how long this will take!

Has anyone else had similar? 

(If you're thinking about Premium Bonds/NS&I...I'd recommend avoiding!!)

sausage_time

It's shocking that you were not notified of this three years ago. Is there any way to see you have this alert (other than trying to withdraw)?

Oly

sausage_time said:

It's shocking that you were not notified of this three years ago. Is there any way to see you have this alert (other than trying to withdraw)?

Unfortunately not. You can still pay in, get prizes out, but not withdraw!

Oly

Finally resolved...but its taken 8 days to access my money (after a LOT of pushing) rather than the usual 3 working days. 🙄

Albermarle

Oly said:

Finally resolved...but its taken 8 days to access my money (after a LOT of pushing) rather than the usual 3 working days. 🙄

It is not unheard for a bank to freeze all your accounts, if there is suspicion of fraudulent activity. However they will not tell you any details of what they are actually looking into.
So NS&I are not alone in these things, although they should have warned you 3 years ago that there was an issue.