Massively passed off with NS&I

[LadyOfTheCanyon]

Went to open an account with them.

Going through the process - they don't warn you that you will need XY&Z documents before you start. You have to send your debit payment over BEFORE you upload your documents.

Did that, then pootled off to find my passport, which wasn't where I thought it was. By the time I got back to my laptop, I'd been booted out of the site. They sent me a link to upload the documents. All good, so I thought.

Eventually was sent a NS&I number. Used it to log in. Shows my balance as zero. I rang them. Yes we can see that you've paid in (not inconsiderable sum) but we need to verify your documents.

Same thing today. Rang back to talk to someone - got through to a human after an awful battle with their chat virtual assistant ( which is a thread in itself) - to be given a breezy ' well yes we can see we have the money but we need to verify your documents.'
WHY CAN'T I ALSO SEE THAT YOU HAVE MY MONEY??

Apparently they are running over a week behind in 'verifying documents.' Are they doing it by post? I would have thought that passports and driving licenses could be checked automatically in less than a day ( weekends notwithstanding). Have they literally got staff calling the DVLA and cross checking details over the phone?

They have tens of thousands of pounds of my money. To say I'm pissed off and worried is an understatement.

You should be able to register for an account and have your credentials checked before you can deposit money, not the other way around.

What happens if for some reason my driving license or passport don't 'check out' ? Do they just keep my money??

I'm tempted to just reverse the transaction with my bank and give it up as a bad job rather than have to go through this massively arcane process should I want to release my money in the future ( e.g for a house sale).

Please tell me to calm down and that my money will eventually turn up!

Also that should be pissed off in my thread title. Bloody autocarrot!

They do give you the funds back if the checks are not passed.

NS&I are a nightmare. I have some accounts with them made for my when I was a child and I have spent the last four months trying to get the money out of them to no avail

https://www.express.co.uk/finance/personalfinance/1833500/NSI-nsandi-locked-out-account-error/amp

Youre not alone

Christ, that's enough to make me think I may try and reverse the transaction

NS&I are a massive pain. I always transfer money out with plenty of time (don't even get me started on the fact that they only do BACS transfers which take 3 days!!!!) because I am massively paranoid about getting locked out of my account and it taking ages to sort!

I think I was on my last try with their security questions when I had to make an urgent transfer to exchange on our house purchase - the sort of thing where they wanted to know the name of my first school and I couldn't remember whether I had put Name of School First School or just Name of School when I originally set up the bloody account 15 years ago.

Autocarrot 🤣🤣. Fabulous! Sorry no help with your question OP.

I’ve had no problems with them. Don’t worry OP. Your money is as safe as houses.

I’m with them too and have had issues with two-step verification on my iPad - it just doesn’t work, gets stuck. Otherwise have been pleased although it can take a while for money to show in your account which isn’t great for your nerves.

They are a pain. I alway keep my tranaction to £100 when doing something for thefirst time with them, until I'm confident of the process and can see the money at the end of the transaction.

I've been trying to link my sons PB holding to mine so I can increase his holding but they cant get past us having different surnames. The account was set up by my dad, who has passed but I've now given up. They keep sending out a form but when it comes it's a form to change my surname which don't want to do.

The money automatically goes back into your account within a few days if there's any problems. I made a mistake when I opened one of my kids accounts and got the money back within a few days. It'll be the same re proof of ID. Don't stress about it.

Agree with the post above. The money will come back, but it's stressful while it's in limbo.

I agree. They are WAY over the top with their security processes to the point it is impossible to actually do anything or access your money. We are having similar issues with my DS's funds. He's mid twenties now and he still hasn't got his money despite numerous calls and letters and complaints. I used to work in financial services so have a clear idea of how these things should work. It's like the most officious, over the top compliance staff are running the show!!

It is. So safe even you can't access it 😂😂😀😀

I paid in just 50 quid for the first transaction to make sure it appeared and then put in the rest, I’m sure your money is fine but not great not actually to see it in there even if it showed as pending would be something!

Yep, I'm having the same issues with them at the moment. Called and told to set up online account, asks for NS&I number, call to be told I wouldn't have one until online account is set up. Given another link to apply for NS&I number which can take a number of weeks, I then need to set up an online account. Only after then can I try and figure out how to withdraw my money.

Never had any of the issues reported above, always been able to get money out when needed easily. Yes it takes several days but you should know that before you set up an account with them. Always use two factor verification and again never had an issue. We all had NS&I accounts, Ds1 moved his when he was 18 into a LISA.

The document checks are money laundering checks to make sure you are who you say you are. They are everywhere, not just NS&I. I would never transfer a huge sum without checking a much smaller one went through first. Even did this when buying a car, the garage suggested it.

When I sold my house I had over £85K and people recommended I put it into NS&I as it has no FSC upper limit. Nightmare, because they 'aren't a bank'. I'd never recommend them.

NS&I are safe in terms of money but their admin is appalling. They are slow to credit money and I feel its intentional so they make money on deposits as it's slow to a ridiculous level. They also can't stop my paper letters but I think after nearly 2 years of talking to them about they have managed to stop them for my kids this month!

I can no longer access any of my NS&I accounts as all of my browsers are "too old" and my ancient laptop won't support newer versions. I'd vote with my feet by moving my money but I can't 😆

agree with the other posters - their security requirements are ridiculously over the top. I can access my bank account on my phone with literally nothing more than the press of my thumb or eye recognition but can't even log in with nsi number, password, and 2 step verification to check my NSI because my phone's browser isn't supported!

Still remember the faff of trying to match up my paper (bought in the 80s!) numbers with an online account too! No wonder millions of their prizes go unclaimed!

Not to mention their emails telling you you've won but not how much. and the fact your 'holders number' (to check the prizes) is completely different to your ns&i number. Why????

I most definitely have some premium bonds from when I was a child. NS&I cannot find them. I've been through the lost account thing with all previous names and addresses, but nada. Unfortunately I can't find the paper document so I guess they are lost forever.

I'm just finding out how antiquated they are. I've got kids trusts funds to change the address on and also update into their names. I haven't touched the accounts in over a decade so have nothing I can sign into on-line.
I've put everything in writing and am waiting with baited breath to see if it goes smoothly.

Their admin is shocking. We’ve got the NS&I app so I knew my adult DS had won on the premium bonds. But he never got an email and he was never paid the funds - so if he didn’t happen to log into his account he would never have known. If you call their 0800 number to complain they will tell you to write a letter - yes a letter - to their Sunderland office. Still never got told why he wasn’t emailed or paid - this isn’t the fist time this has happened either.

I was coming on to write my beef with NS&I which is that as divorced parents only 1 of us was allowed to open savings accounts for our DC. So that became a race to the bottom very quickly. We are both parents, with PR - why do NS&I get to decide that only 1 of us is good enough to save. I think your issue is along similar lines - I bet the real problem is that your DF set up the account initially. NS&A can't cope with more than 1 family member being involved with a child under 18.