Birmingham Midshire?

manic_saver

Applied to this account a couple of days ago and NO email from them. Is this normal, or will i just wait till the letter comes from them?

It's a good interest rate compared to sainsburys one that i have right now, and don't want to miss out on this opportunity.

Mikeyorks

manic_saver wrote: »

Applied to this account a couple of days ago and NO email from them.

Can only point you at posts #7 and #9. Yes there should be an Email in order to generate your access ..... but I'm similarly waiting for it, since last Thu.

manic_saver

So its not just me then, cheers :beer:

YorkshireBoy

Mike,

Cheque credited to account the next day, 30th April (first class pre-paid envelope included with letter), but obviously not yet showing as 'available' funds (6 day wait?). Expect interest accrues from Friday 2nd May?

Interestingly, when actioning a DD pull, message says to ensure funds available in linked account at time of making request? I'd planned, because they're currently in a 5.50% WebSaver, to move funds into my HICA the day before...ie action DD Monday, shift funds Tuesday, DD collects Wednesday. Do you have an opinion on this?


EDIT: Maybe I should have selected my WebSaver as the linked account?...and then changed it to something more useful for further deposits since it now looks like I'll be shipping out of Halifax.

Mikeyorks

Thanks - if I get my letter by mid-week I think I'll do the whole transfer via the initial cheque. Can always login from the middle of the North Sea if all else fails!

Do you have an opinion on this?

My only real experience with DD systems (other than as a personal target) is via Bacster links. But I would have thought if you initiate the DD before their cut-off and they use a direct BACS link they could hit your Bank Mon night? Although the Tue is the more likely if the initiate DDs through their Batch cycles?

EDIT: Maybe I should have selected my WebSaver as the linked account?...

That passed me by - otherwise I would have done the same. I had it in mind the linked account had to be the one your cheque was drawn on? Which is completely incorrect - it just has to be in your name (but can be joint) and accept DDs

earlgrey_3

Applied for two (wife and self) fixed rate accounts on 22 April and seems to be a sloooow business.

Got letter from them dated 22/4 but not received till 27/4. Signed and returned same day with £1 opening cheques but they didn't bank them till 2/5. Got emails similar to Speculator's on 4/5 and now waiting for the letter with username which they say could take 5 working days (which takes us to 12/5). Both of us were verified electronically otherwise that could have taken another week plus.

Not sure why they want a DD set up. Seem to say in the terms we can BACS money in: "Funds deposited via BACS are usually cleared on the fourth banking day following receipt." Is that assumption right? Only going to be a single lump payment to each account when it's eventually set up so seems awful complicated.

IIRC, the Sainsbury's account I had, also run by HBOS, was up and running within a couple of days.

Mikeyorks

YorkshireBoy wrote: »

Interestingly, when actioning a DD pull, message says to ensure funds available in linked account at time of making request? I'd planned, because they're currently in a 5.50% WebSaver, to move funds into my HICA the day before...ie action DD Monday, shift funds Tuesday, DD collects Wednesday. Do you have an opinion on this?
.

I replied last night ... just as I was going to sign off. Bad judgement! What I should better have said is :

Most DDs are created by the originator. They do them in bulk - most will do so on specific 'collection' dates - so they put them in files, and will go via their Batch processes to do this. So it's a minimum of next working day before they get to your Bank.

But that's not necessarily the case for self inspired DDs ... where you do the initiation at a date / value you choose. I think (because my experience is with relatively low volume but high value file based transmissions) .... these can be transmitted as 'singletons' via the BACS system. So if you hit BM with a request before their cut off time .... the DD could be with your Bank that same evening and in time for their Batch process. Hence the warning is probably a reasonable one, and borne of experience of complaints from customers thinking they had at least an extra day!

gelato_cat

YB, I presume your funds are showing as "available" now? Do you happen to remember the date on which this happened?

Suze

YorkshireBoy wrote: »

Cheque credited to account the next day, 30th April (first class pre-paid envelope included with letter), but obviously not yet showing as 'available' funds (6 day wait?). Expect interest accrues from Friday 2nd May?

YorkshireBoy

Suzey wrote: »

YB, I presume your funds are showing as "available" now? Do you happen to remember the date on which this happened?

Suze

See your other thread.