Leeds Building Society Regular Saver (Issue 4)

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  • lisyloo
    lisyloo Posts: 29,583
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    aj23 wrote: »
    Yeah but these hypotheticals are very extreme! Do it however works best for you.


    Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


    If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.
  • aj23_2
    aj23_2 Posts: 1,155
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    lisyloo wrote: »
    Ok extreme yes, but for my education and curiosity if it was stolen then would it be completely my loss if it couldn't be recovered?


    If it was lost can it be stopped and re-issued? I have a vague recollection that building society cheques were different (more like banker draughts than current account cheques) but I could be way out of date there.

    You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.
  • lisyloo
    lisyloo Posts: 29,583
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    edited 6 August 2018 at 10:56AM
    aj23 wrote: »
    You could inform them and they could cancel the cheque. Yeah the money is immediately classed as having left your account, as it comes from their central pot.


    Thanks for the info.
    I agree it's rare for post to get lost, but it does happen occassionally, for example post vehicles are involved in an accident.

    I can imagine it would be very stressful if your life savings were withdrawn and you didn't know where they were.
  • aj23_2
    aj23_2 Posts: 1,155
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    lisyloo wrote: »
    Thanks for the info.
    I agree it's rare for post to get lost, but it does happen occassionally, for example post vehicles are involved in an accident.

    I can imagine it would be very stressful if your life savings were withdrawn and you didn't know where they were.

    Yeah I can imagine. But if you're near a branch at any point, just go in there.
  • lisyloo
    lisyloo Posts: 29,583
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    aj23 wrote: »
    Yeah I can imagine. But if you're near a branch at any point, just go in there.


    It's 2 stops on the tube (about 4 mins) and I won't even have to pay full price as together with my normal commute I'll hit the daily cap on public trannsport.
    I'll let you know how I get on. Unsure if I can just turn up or whether I need an appointment, but I will call and check first (expecting a money laundering interview - seriously if I were a drug dealer would I be using high st banks??)
  • aj23_2
    aj23_2 Posts: 1,155
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    lisyloo wrote: »
    It's 2 stops on the tube (about 4 mins) and I won't even have to pay full price as together with my normal commute I'll hit the daily cap on public trannsport.
    I'll let you know how I get on. Unsure if I can just turn up or whether I need an appointment, but I will call and check first (expecting a money laundering interview - seriously if I were a drug dealer would I be using high st banks??)

    It is an easy access account, so you can just walk in without notice and withdraw/close straight away (I presume you haven't made a withdrawal since 1 September 2017?)
  • lisyloo
    lisyloo Posts: 29,583
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    aj23 wrote: »
    It is an easy access account, so you can just walk in without notice and withdraw/close straight away (I presume you haven't made a withdrawal since 1 September 2017?)


    Sorry, mine is a 2-year ISA (I think I originally only saw part of the thread title on my device).
    I don't need to give notice after it matures.


    Hopefully they can just close, print a cheque there and then.
    I will also be doing it for my husband with a 3rd party form and ID and passbook.
    It's a lot of money does that make any difference/trigger any additional checks?
    ID is not an issue but he can't make it to the branch (it can take a lot of time to get across London).
  • aj23_2
    aj23_2 Posts: 1,155
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    lisyloo wrote: »
    Sorry, mine is a 2-year ISA (I think I originally only saw part of the thread title on my device).
    I don't need to give notice after it matures.


    Hopefully they can just close, print a cheque there and then.
    I will also be doing it for my husband with a 3rd party form and ID and passbook.
    It's a lot of money does that make any difference/trigger any additional checks?
    ID is not an issue but he can't make it to the branch (it can take a lot of time to get across London).


    Oh right, I thought you were talking about the Regular Saver!!

    Well yeah once the ISA matures and interest has been, you can withdraw anytime. Max. you can withdraw by cheque is usually in the tens of thousands. Banks are in the hundreds of thousands for sure. It just cash and transfers that have some restrictions.
  • Vortigern
    Vortigern Posts: 3,242
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    lisyloo wrote: »
    Sorry, mine is a 2-year ISA...

    If you collect a cheque from the branch, your cash is no longer in the ISA wrapper. To preserve its tax-free status you should fill in an ISA transfer form at a new ISA provider, unless you just want to spend the cash.

    I expect (but I don't know for sure) that a maturing 2-year ISA with Leeds BS would automatically transfer to a new Leeds ISA with the same account number. They should tell you your options in a maturity letter.
  • lisyloo
    lisyloo Posts: 29,583
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    edited 6 August 2018 at 6:12PM
    I am aware of this (but thanks anyway).
    The money is going to pay off a mortgage that ends in a few months, so is no longer available as savings.

    They send you a letter and if you dont do anything they will transfer it to an easy access ISA.
    My mortgage rate is now 1.24% so as soon as it matures I want to pay off the mortgage as the ISA rate will reduce from 1.4% to something very small, so I plan to go in as soon as it matures and pay the cheques off my mortgage the same day.
    Fortunately for me I work in a banking district so I have access to main branches.
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