Cashing in Premium Bonds - how long

jobbingmusician

Well, I've seen sense and decided to cash in my premium bonds (The money would be better sitting in my flexible mortgage account. OK, I did leave a tenner in PB just in case fate wants me to win a million )

I sent the bonds off in the special envelope provided with the form at the beginning of June. To date, NOTHING. Should I be worrying that someone has stolen my bonds in the post, yet? :rolleyes:

Kazza242

I found this on the NS&I's official website. It is taken from the premium bonds T&C's part of the site.

Repayment of Bonds
27. Bonds will be repaid at purchase price on application in writing to NS&I. Payment will normally be made by direct credit to a bank (including the National Savings Bank) or building society account in your name. You will need to give details of such an account in your application for repayment. The Director intends to use the Bankers' Automated Clearing Service (BACS) for this purpose, but reserves the right to use a different means of electronic transfer.

28. The date a Bond is repaid will be taken to be the date on which, in the normal course, the payment would be credited to the nominated account following initiation of the electronic transfer by the Director. In the case of BACS, this is normally two banking days after the Director initiates the transfer.

29. Where the Director initiates an electronic transfer properly, neither he nor the Treasury will be liable for:

(a) any failure or delay of the receiving bank or building society in crediting the nominated account;
(b) any failure or delay in any part of the electronic transfer process which is beyond the Director's direct control;
including any failure which occurs because the specified account is incapable of receiving an electronic transfer.

30. Payment can be requested by crossed warrant (like a cheque). In such cases the date a Bond is repaid will be taken to be the date on the warrant.

According to the above, repayment is made by crediting a nominated bank account - unless the bondholder has requested repayment by crossed warrant. I know this sounds silly, but are you sure that the funds haven't been credited to your nominated account? If they haven't paid you yet, then I think you should contact them to find out what is going on. On their website, the telephone number 0845 964 5000 is listed for all queries.

derrick

According to an info book I have, they will "send you a crossed warrant (just like a cheque) within eight working days of receiving your form"
So I would be contacting them a s a p.
Did you keep a note of the numbers?

Phone numbers to try:

0500 007007
0500500000
01253 840005
0845 9645000

jobbingmusician

This site really needs a VERY embarrassed smilie!

Thanks Kazza - whoops, the money was sitting in my bank account all the time!
(which is rather sad, as I hadn't noticed it and have of course spent it........ :rotfl: )

Kazza242

There's no need to feel embarrassed, eastchristina. I'm glad it's all turned out ok.

calleyw

I was going to say when I cashed some in. I sent the form off on the monday by friday had the money in my bank account.


Glad you found it.

Mind you don't you check your bank account very often. As I would notice a large sum coming in to my account. As I have very little money in and out of account at any one time.

Yours

Calley

melmassey

hi all, Iv just recieved my 1st crossed warrants - just like a cheque. Can I cash them at the post office? Its very confusing...Melissa xxx

G_M

Hi adeshsb
I'd guess melmassey has either worked it out by now, or given up and stuck the warrants in a frame on the wall!:rotfl: