Premium Bonds warning as you may need to amend details to meet legal requirement
A customer contacted NS&I as one of their payments hadn't gone through.
An NS&I customer raised the alarm after encountering a system error that meant their details were not saved correctly.
The saver got in touch with the Premium Bonds provider over X to ask: "I set up an account this morning and paid in £100. It's out of my bank account but isn’t showing in my ns&i account.
"Also, I entered my name correctly as 'Mackay' but the system has logged my name as 'MacKay'. Do I need to change this or does it not matter?"
The savings giant responded to urge that it is important for their name to be spelt correctly on the system.
The group said: "It takes seven working days for funds to clear and show in your available balance when you deposit funds using debit card.
"Please call us on 08085 007 007 so we can amend your name as this may prevent you from proving your evidence of identity."
The webpage on the NS&I website about how to verify your identity outlines that this is a legal requirement.
It states: "Like all financial institutions in the UK, we're required by law to check your identity and address when you apply to invest with us or register for our online and phone service.
Don't miss...
DWP Winter Fuel Payment warning over 'absolute deadline' to secure £4,300 [DEADLINE]
Keir Starmer sets out benefit fraud crackdown with DWP bank account checks [BENEFITS]
Trade unions turn on Rachel Reeves as Labour dodges Winter Fuel Payment debate [LABOUR]
"We might also need to check your identity at other times, to keep our records updated."
Another customer recently got in touch with a question about the system. They asked NS&I: "Trying to download the Premium Bonds power of attorney form from your website but it's giving me the form for buying Premium Bonds for under 16s. Can you send the correct form and fix the link on your site?"
But the provider said this was the correct form. The group responded: "If applying for Premium Bonds as an Attorney, you would use this form as it is to buy Premium Bonds for yourself or your child under 16.
"We'd need you to complete the form with the details of the Donor, and supply the proof of the Power of Attorney on a cover letter (this can be either an original or certified copy of the Power of Attorney document, or a Power of Attorney access code which is generated for us)."
Each £1 Bond goes into the monthly prize draw with an equal chance of winning a prize, from £25 up to the £1million jackpot.
Each saver can hold up to £50,000 in Bonds with many customers arranging their settings so any winnings are used to buy more Bonds, so increasing their chances of winning again.
