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"A Bonding Tale"

A review of National Savings & Investments by Bright eyes written on Tuesday 27th of November 2012


I have recently split an income bond--half to my bank a/c, half in the form of a new income bond to my wife, who holds other income bonds.

The money reached my a/c more slowly than I would have wished but it got there. My wife is still waiting. Why? Because NS&I require me to confirm her date of birth IN WRITING. This CANNOT be done over the telephone or by e-mail. Nor, apparently, is information mandatory....

All this, it seems, stems from UK money laundering regulations. How this should apply to money already within the NS&I system is beyond my understanding of a request which, in my view, is the epitome of bureaucratic nonsense, not least because the information sought need not be given. To repeat, it's not mandatory. How my wife's date of birth, never requested previously, is relevant to a simple change of name and amount on a bond also defeats me.

But a sting in the tail: if NS&I are not informed IN WRITING one way or the other, my wife won't get her income bond despite, of course, having a holder's number and other bonds, the monthly interest on which has been paid to her bank a/c for several years. I despair. .

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