Nationwide bonds - 28days to get money back after it matures

Richard7890

I had a letter from Nationwide early May to say my £40k bond matures on 1st June 2008.
My options were:
- to reinvest it in another bond or
- put it in my Nationwide Flex account so I could put it in a Nationwide e-bond that paid a higher rate

Its now 4th June and my money is still not in my nationwide Flex account. Reading the small print it says it can take 28 days to put it in there!

Sounds a bit unfair that after the agreed 1 year bond they can still hold onto it for up to another month before giving it back to me... and I guess earning themselves a bit of interest at the same time!

Anybody else has the same problem?

Richard

RayWolfe

No, it's always been in my account on the day after expiry. Are you sure they received your instructions? 28 days is, of course totally unacceptable. Chase it.

Richard7890

Yes I got confimation of my instructions late May.
The e-bond rate (which I have to do via the Flex account) pays 0.15% more than the branch bond (which the instruction form said they could do for me automatically).
Think I would have been better off with the branch account at this rate!
Yes, will chase them...

metrobus

12. On maturity, the balance in the e-Bond together with interest will automatically be converted to an e-Bond Maturity account on the Internet Bank and will earn interest at the rate applying to our e-Savings account, details of which can be found at www.nationwide.co.uk/savings/e-savings/introduction.htm or by calling 08457 302010. Transfers from this account may be made without notice or penalty. Additional deposits into the e-Bond Maturity account are not permitted. No credits can be made to the e-Bond Maturity account except at the time of roll-over into a new e-Bond.


When this happens nothing stopping you automatically transfering to your flex acc or any other you may have.

You should be getting 5.05% from maturity date until you transfer.

Speculator

My former Lambeth BS Bond matured 31st of May and it should have been transferred into my Flexaccount on Monday. I know they received my instructions because they returned my confirmation slip mid May.

I phoned Nationwide today and they said there is a huge backlog! She suggested that I phone Bond Maturies Dept on 01793 576716 to "push it through" or visit a branch to get it transferred.

I will be visiting my nearest branch tomorrow morning.

bristolleedsfan

[quote=Speculator;11467701I_phoned_Nationwide_today_and_they_said_there_is_a_huge_backlog!_.[/quote]


I read that they are ditching the Proud to be different logo, perhaps new logo should be The Backlogged Building Society. :rotfl:

Richard7890

Hey Speculator, looks like I have the same problem as you then although mine was not Lambeth, mine was a branch bond. I'll give them a ring in the mornign to!

Hungerdunger

Richard7890 wrote: »

Hey Speculator, looks like I have the same problem as you then although mine was not Lambeth, mine was a branch bond. I'll give them a ring in the mornign to!

On the other hand, my Coventry BS bond matured on 31 May and appeared in my Nationwide Flex account this morning (Wednesday). Perhaps I was just lucky.

claire07

My bond matured 23rd May and I requested it to go to my flex so I could take out an ebond. Still no sign and many annoying phone calls later Bond
Maturities told me I could go to my branch and transfer it there. However, my branch wouldn't do it without the passbook which I had to send in with the original transfer request!!! That's it now, when it matures I'll take out a bond with someone who cares more about customer services.

Richard7890

Maybe its a cover and Nationwide are having problems repaying the bonds so are delaying payment?
And who's earning interest on my money whilst they have it!

Speculator

Visited a Nationwide branch today. Apparently, there is a THREE WEEK backlog at Swndon!! I mananged to transfer all my bond money including interest apart from £1.00 into my Flexaccount at the branch.

The branch couldn't close it (because it was a former Lambeth a/c) but they were able to withdraw everything apart from £1.00.