Northern Rock bailed out by Bank of England

Re:Should I play safe and withdraw savings from N.R.?

Until today I haven't panicked about the safety of my savings with N.R. As I was out of the country when the run started I couldn't follow posts on AAM. From reading today it seems that many posters here, who I would consider "sensible", have withdrawn their funds from N.R. This makes me think that maybe I've been a bit too laid back and should follow suit. What do posters here think? The share price of N.R. today is £1.77 compared to year high of £12.58 which isn't reassuring.

As a test I made an on-line withdrawal of €1,000 last Tuesday 18th which is still pending. It was made after 3 pm so still within the normal time it takes for a transfer - I think. Aside from that I am getting worried - don't need the hassle of having to wait 60 days or maybe never if the worst happens. Q is - should I follow the herd and play safe? Can't see any advantage in staying with N.R. Opinions would be much appreciated.
Sherib
 
I would rate Sherib similar to myself, a regular poster on AAM and guided here by those whom I have identified as good advisors and experts. I won't mention them but those who post frequently know who they are. Re the Northern Rock saga I didn't panic and still have a substantial amount with NR. I felt confident, especially after the BofE assurances, and ignored the stampede for withdrawals. Besides, I have consistently advised other posters here to invest their money in NR so in a way I have to stand by my convictions. However, over the past week my confidence in NR has deteriorated and I am now considering withdrawal.They are not giving me what I signed up for i.e. money on demand and good customer service. I have repeatedly asked by e-mail and phone to have my nominated bank changed but to date my request has been ignored. Their 4.5% isn't as competitive as heretofore and the easy option is to pull out and invest in what I will consider a better place.
 
Sherib,

I share your views. I submitted my "same day" transfer on Sat 15/9 and am still waiting for the funds. A succession of calls to NR have yielded empty promises. Still waiting. It is almost time to turn the heat up on them by contacting the media.
 
The logic here is pretty poor. It's like getting the bus into the city centre will 30 mates and being annoyed when the bus takes 10 mins to get youse all on. You look across the road and see a bus going in the opposite direction, stopping to pick up one passenger and then zooming away. "Jaysus, I knew we should gone that route instead, sure we'd be half way there by now." I would imagine EVERY bank would exhibit the same response times under the same circumstances, though obviously that's pretty hard to prove.

The reason why withdrawals are taking their time are 1) sheer volumes 2) a watched pot never boils.
 
Is anyone familiar with NR's Fixed Rate Bond Issue 11? Can't seem to find any reference to it on AAM.

Specifically what is the penalty for an early termination?

Thanks
 
Hi,
I was wondering if this is ok: I closed my NR account a few days ago - I managed to log on just now and in the 'Pending transactions', the correct Reference number and date are displayed but the amount is "0.00". When I was filling out the withdrawal details I just checked the 'close account' option - I didn't specify the figure..

Thanks for any feedback,
M.
 
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As regards Fixed Rate bond, I have one, I think it's no. 9, but I presume the penalty is the same. That is a 60 day interest on your savings. I have requested a transfer, waiting 8 days now. I was considering puttting half of it back so I wouldn't lose out all of my interest gained, but I'm not very encouraged yet. The bond doesn't end till May. I'm raging that I transferred my money from the demand online to the bond!

Titch
 
muesli said:
Hi,
I was wondering if this is ok: I closed my NR account a few days ago - I managed to log on just now and in the 'Pending transactions', the correct Reference number and date are displayed but the amount is "0.00". When I was filling out the withdrawal details I just checked the 'close account' option - I didn't specify the figure..

Thanks for any feedback,
M.
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I did the same the first time. Then when I saw the 0.00 on the pending transfer, I went back the next day and did a transfer for the amount too. That was Thursday and Friday of last week, they are both pending. I thought the money might have moved from NR before going into my nominated account some days later. Is that not how it works?

I think it is in Rabo, ie. the money moves from Rabo on date nominated. It hangs in Cyberspace for a few days and then appears in nominated....at least I think that is how it works...am as always open to correction. Obviously I'm not looking for money twice, but am waititng to see if account closes and money is transferred, then I will cancel second transaction. Transferring 0.00 after closing the account does not make any sense to me. And I am nervous. Very nervous! It would not be a huge amount for some people but it means something to me!
 
titchmurph said:
As regards Fixed Rate bond, I have one, I think it's no. 9, but I presume the penalty is the same. That is a 60 day interest on your savings. I have requested a transfer, waiting 8 days now. I was considering puttting half of it back so I wouldn't lose out all of my interest gained, but I'm not very encouraged yet. The bond doesn't end till May. I'm raging that I transferred my money from the demand online to the bond!

Titch
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Thanks Titch. My bond runs until next August. I haven't yet decided what to do, whether to hang on in there, or withdraw, suffer the penalty and then diversify the funds, probably being less enthusiastic about fixed-term investments next time.
 
Got locked out of my account two weeks ago due to repeated attempts to get in - for some reason, I can only get in using IE not Mozilla. Trying via Mozilla caused the lockout.

So, a new temporary password was sent by post.

Over the past week I had gotten to the stage where I could input my Customer ID and two characters from the temporary password. Then nothing. On the phone they told me that this was a bandwidth issue due to heavy usage.

Today, I tried again. Got through the same two stages. Then, instead of asking for the complete password, it asked for the three security questions. I answered them.

It then said that due to repeated failed attempts to gain access my account had been reset and I would have to phone for a new temporary password. Maddening!

I did so and this will be the last time.

These people are idiots.

Thinking of opening an account with Rabo.

D.
 
6 working days have passed since my withdrawal request, still pending.

I have an exam on wednesday so will give them until i am back in work thursday (which will be the 9th working day since the withdrawal request) before I ring them up and demand action.
 
micamaca said:
I did the same the first time. Then when I saw the 0.00 on the pending transfer, I went back the next day and did a transfer for the amount too. That was Thursday and Friday of last week, they are both pending. I thought the money might have moved from NR before going into my nominated account some days later. Is that not how it works?

I think it is in Rabo, ie. the money moves from Rabo on date nominated. It hangs in Cyberspace for a few days and then appears in nominated....at least I think that is how it works...am as always open to correction. Obviously I'm not looking for money twice, but am waititng to see if account closes and money is transferred, then I will cancel second transaction. Transferring 0.00 after closing the account does not make any sense to me. And I am nervous. Very nervous! It would not be a huge amount for some people but it means something to me!
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Regarding 0.0 when you close your account: relax. See previous posts from me.
 
ohno said:
Regarding 0.0 when you close your account: relax. See previous posts from me.
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Cheers Ohno, I see what you mean. That might make sense then, scared me nonetheless. Should probably go in and cancel second transaction then. Only problem is it's asking me a security question for the first time and I'm not sure do I answer with a space or not!!! hells bells! And I'm abroad at the minute, so a security password will be sent to my home, where i am not there to get it at the moment. Bad timing for me :o I might wait to see if they change the question by tomorrow or the day after!
 
sapmanie said:
Still the same today. Looks like they're preventing people taking out their money...The risk of internet banking finally rears up its ugly head...
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Hi Sapmanie,

Retry immediately on getting the above message and you should get in on the 2nd or 3rd attempt. I have done this successfully today a few times.
 
Howitzer said:
The logic here is pretty poor. It's like getting the bus into the city centre will 30 mates and being annoyed when the bus takes 10 mins to get youse all on. You look across the road and see a bus going in the opposite direction, stopping to pick up one passenger and then zooming away. "Jaysus, I knew we should gone that route instead, sure we'd be half way there by now." I would imagine EVERY bank would exhibit the same response times under the same circumstances, though obviously that's pretty hard to prove.

The reason why withdrawals are taking their time are 1) sheer volumes 2) a watched pot never boils.
Click to expand...

Logic is sound. You establish a "same day" withdrawal request on 15th Sept with a financial institution. You call them on the 19th to ask where money is. They say due by 5pm that day. No money. You call them on Thursday. They apologise and say due by 5pm. No money. You call on Friday and ask to speak with supervisor. They "guarantee" that a supervisor will call back. No call. You call on Monday. Reiterate all that has happenned. Profuse apologies, blah, blah. You will be contacted and issue will be sorted by end of day. Time now 6.30pm. No call. Not sure how this equates to bus rides?

NR is failing to provide the most basic form of customer service in the form of clear and reliable communication. They do not deserve support, understanding or patience at this point.
 
6 working days have passed since my withdrawal request, still pending.
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In the same boat here.
I sent my request on the 16'th and was hoping to get it on the 21'st but nope.. still gridlocked at "Pending"...
 
MysticX said:
In the same boat here.
I sent my request on the 16'th and was hoping to get it on the 21'st but nope.. still gridlocked at "Pending"...
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I sent them a secure email asking them to process mine and they did it the same day for the wrong amount. My original request is still there in the pending state. Give them a prod though and they might do it.
 
Requested my funds to be electronically transferred on 16th Sept. Just off the phone now to be told it will be next Monday before I will get my money. Into the third week at that stage. Absolute insult........
 
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