Northern Rock,new account.

knights

knights wrote: »

They say in their T's&C's withdrawals can be made into another NR account, I have one. I hope we will be able to email them or something rather that apply by post to make withdrawals?

To answer my own question I just rang them.

I was told that you could only withdraw money by postal application and they would send a cheque, or, you could request CHAPS which you will have to pay for. He said these were the only withdrawal options, I reminded him that the T's&C's said 'Transfer to another Northern Rock account', there was an AH & an AH YES, then he said yes ok you can but when you send in a postal application you must state on it that you wish the withdrawal to go into your NR acc .....etc and state on it 'as per the terms and conditions'.

Anyone else had this said?

regards

Steve_xx

knights wrote: »

To answer my own question I just rang them.

I was told that you could only withdraw money by postal application and they would send a cheque, or, you could request CHAPS which you will have to pay for. He said these were the only withdrawal options, I reminded him that the T's&C's said 'Transfer to another Northern Rock account', there was an AH & an AH YES, then he said yes ok you can but when you send in a postal application you must state on it that you wish the withdrawal to go into your NR acc .....etc and state on it 'as per the terms and conditions'.

Anyone else had this said?

regards

What you have been told then is contrary to their terms and condition which state:

4. Taking money out of your Account - Withdrawals
(a) You can only take money out of your Bond if you have sufficient
cleared funds in your Bond.
(b) You can take money out of your Bond by;
• Cheque
• CHAPS
• Transfer to another Northern Rock account

No mention there of stating your wishes during the application process.

frivolous_fay

It's an option on the application form.

knights

Steve_xx wrote: »

No mention there of stating your wishes during the application process.

Hi Steve_xx, forgive me if I havn't written my post clearly but it does not refer to 'stating wishes during the application process'.

My bond is up and running, there has been some discussion on this site that this is a 'postal' only account for withdrawals. I wanted to clarify the exact process for getting money out of the bond and rang to find out, the adviser only offered Cheque and CHAPS, when applied for by post. He only confirmed that money could go to another NR account when I reminded him of the T's&C's and then he said 'yes but got to be applied for by post but clearly stating on postal application as per terms and conditions',

Just thought that was odd as you would not normally have to put as per terms and conditions on an application to withdraw money would you?

Really just wondered if others were aware that this was necessary proceedure to move money from bond into another NR account.

mary

My application is in the post, but my advice is do not stick solely to the advice from just one Customer Service Agent. Check with another couple of agents as well. When they all sing from the same hymn sheet, then maybe, there's some truth in it!

Savings_Dave

Beate wrote: »

Savings Dave, in case you plan to empty your A&L Direct Saver totally, I was told if I did that by internet banking, I had to leave a £1 in and call them to request the account to be closed and the £1 and any remaining interest to be transferred, so I guess I will use telephone banking for the whole transaction. Do you know whether a transaction from Direct Saver to Premier Direct Current Account is instant so that I could immediately ask them to transfer the money over to Northern Rock? If it's not it means I would have to wait until Monday to transfer to Northern Rock. Which should still leave enough time, I don't think the bond will close that quickly, to be honest.

Thanks for that tip Beate. I plan to leave it open with £1.60. Doesn't earn interest as its below the £1000 minimum. Anyway a transfer from an A&L account to another A&L account only takes 24 hours (use Quick Transfer). It appears instant in the account totals but when you look at the itemised transactions it will not appear until next day (24 hours). I also agree that the bond won't disappear until probably next Thurs perhaps.

I think this 24 hour thing has something to do with A&L not using live banking. I've noticed this when transfering my monthly 'anything over £2500' from my Premier Direct Account into the Direct Saver - the totals are correct but the transaction does not appear.

JamesPond

Joy_Dean wrote: »

Thank you again.

I posted my application and cheque on Monday, and received the certificate today.

Same here.Does anyone know if I make a transfer from my NR tracker to this account, will it be an instant transfer.

Froglet

Hi James.If you go to your tracker account details you will find ,like i did,that the next day after asking them to transfer the money,it has been taken out of the account and shows as unprocessed.Then the following day to that it will show up as having gone to the new bond, with all your other transactions previous to that.

I am assuming though that you put on the application form that you wished them to take the money from the tracker account?

JamesPond

The transfer is not for the opening deposit, Ive already opened the account by cheque. I was thinking more of if I wanted to add to it, will the transfer from the tracker account be instant, or do you have to wait a few days.

Steve_xx

knights wrote: »

Hi Steve_xx, forgive me if I havn't written my post clearly but it does not refer to 'stating wishes during the application process'.

My bond is up and running, there has been some discussion on this site that this is a 'postal' only account for withdrawals. I wanted to clarify the exact process for getting money out of the bond and rang to find out, the adviser only offered Cheque and CHAPS, when applied for by post. He only confirmed that money could go to another NR account when I reminded him of the T's&C's and then he said 'yes but got to be applied for by post but clearly stating on postal application as per terms and conditions',

Just thought that was odd as you would not normally have to put as per terms and conditions on an application to withdraw money would you?

Really just wondered if others were aware that this was necessary proceedure to move money from bond into another NR account.

You've kinda lost me a bit here.

I clicked on their terms and conditons for this bond and I copied and pasted the example here. Surely these are the terms and conditions applicable to the bond?