NS&I issues warning to customers over 'Premium Bonds purchases'
National Savings and Investments have issued a warning over "delays" in buying Premium Bonds as a document is "not on the required list". A customer got in touch as they had been waiting weeks for their purchase to go through.
A customer got in touch over X as they were having an issue buying Premium Bonds for their granddaughter. They asked: "Hi, trying to buy premium bonds for my new granddaughter. Sent all requested info and cheque 3 weeks ago, cheque was cashed 24 Sept. To be managed by my son. We’ve heard nothing since. How long should it take?"
NS&I said in response: "Hello, Alan. We're currently processing Premium Bond purchases received on 07 October - based on this, and the dates you have provided, your application would have been processed a couple of weeks ago. So we can advise you further, please confirm if this would be your 1/2
READ MORE Met Office warns UK will wake up to 'notable' weather shift starting today
"granddaughters first set of Bonds, or if you were topping up an already existing account." It said: "In that case, we would write out to your son asking for a document to prove the child's identity. Please ask him to provide a document listed on the page linked below, along with his and the child's full name, date of birth, and address. Please also ask him to provide a cover letter detailing that you have bought some Bonds for the child and that he hasn't received anything since the application was made. Once received, as long as the document matches the criteria detailed in the link below, and we receive it before the deadline, we will send him a Bond record with a holder's number he can use to register the account to be managed online."
The person said they had called up NS&I about the issue and were told that as the cheque had been cashed, "the application is being processed and a letter would have been sent out". The customer added: "I was told that if it hasn’t been received by the end of next week my son should ring to find out where in the system it is."
In response, NS&I said: "They are correct in saying if the cheque was cashed, the application is being processed/has been processed, and that a reply letter would have been sent out. However, as you provided a utility bill, the evidence of address will be rejected due to it not being on the list of required documents for overseas customers."
They added: "If we are unable to receive and process the required documents by this date, the application will be rejected and a refund will be issued. At this point, if you wish to reapply, you can do so using the required evidence of address."
The group said: "We would write out to your son asking for a document to prove the child's identity. Please ask him to provide a document listed on the page linked below, along with his and the child's full name, date of birth, and address.
"Please also ask him to provide a cover letter detailing that you have bought some Bonds for the child and that he hasn't received anything since the application was made. Once received, as long as the document matches the criteria detailed in the link below, and we receive it before the deadline, we will send him a Bond record with a holder's number he can use to register the account to be managed online."
The group added: "If the deadline passes before then, the funds will be returned to the original source of funds and you can re apply if you wish to do so. Please note, if your son were to apply online instead of the Bonds being applied for by post, your son will be able to upload the documentation online, instead of having to post it to us at NS&I Sunderland, SR43 2SB - making these delays less likely when trying to set up the account."