Post Office* Online Saver account - useless

WHAT a fiasco. I opened a Post Office online saver account on Tuesday then I tried to transfer a large opening balance from my 123 Santander account using the 'transfer via nominated account' function on the PO website. I then realised that it said it would take 3 - 5 working days to transfer. Sod that I thought, I'll cancel the transfer and do it via BACS so I contacted Post Office and spoke to someone in their Belfast offices. Their systems were down so they couldn't help. I rang again the next day and I managed to speak to someone who said that I needed to talk to the nominated account (Santander) to get the transfer stopped.

I spoke to Santander and they said they couldn't see any reference to a pending payment or a direct bank transfer. So back to Post Office again and today it became apparent that the 'transfer from nominated account' facility involves Post Office setting up a one off direct debit mandate that wouldn't reach my PO savings account until 23rd October - that would be over 10 days since I made the transfer!!!! I asked the Post Office representative for his name and he HUNG UP on me.

I then contacted Santander with the knowledge that we were looking for a direct debit mandate and they were then able to find it and cancel it for me. I then transferred the initial funds across. I've made three transfers into the PO saving account now and every one of those has been delayed. It seems to take up to 2 hours for the payment transfer to show which when you are transferring relatively large sums can be somewhat disconcerting. Poor show so far.

LHZ wrote: »

I've made three transfers into the PO saving account now and every one of those has been delayed. It seems to take up to 2 hours for the payment transfer to show which when you are transferring relatively large sums can be somewhat disconcerting.

I'd see your other complaints as justified but not this one - the mandated service level for inter-bank Faster Payments (it's not BACS for this btw) is receipt by the end of the next working day! Yes, it's often quicker and in some cases can be practically instantaneous (especially between institutions who are direct participants, see http://www.fasterpayments.org.uk/about-us/current-participants), but if you feel that two hours is unacceptable then you probably ought to lower your expectations....

Been trying for a week to set up new account as want to transfer from existing account. It's such an archaic system, that it logs me out of my account and I have to enter all my personal details again, only to be told every time that the system is down and to try again in a few hours. Called them and they told me the system had beeen 'down' for a while, but no idea when it would be 'up' again. Well the 'system' can't be down as others seem to be able to get the account and I can log in to my existing account - which by the way is 'clunky'. Not worth the hassle and I'll be looking elsewhere.