My online state savings account has been in operation since the facility was introduced and is used frequently to buy and sell products, in particular prize bonds. I used the online cash-in option to encash 6 bonds on 8th Sept, thinking I was giving myself plenty of time to have the money in my account by 1st October to start reinvesting.
Two landed in my bank a/c on 14th Sept. The next two on 19th Sept. and the final two on 25th Sept but only after I hounded them.
In detail: All six requests were entered in the space of 10 mins (the e-mail acknowledgments I received confirm this). The first two repayments landed in my account on 14th Sept. The next two on 19th Sept. They then e-mailed me in respect of the final two, and asked me to send them photo id (e.g. the picture page from my passport showing my DOB) BY EMAIL in order to redeem the final two. I phoned them and chewed them up, pointing out the danger and risks associated with asking for photo id to be sent by e-mail. I asked if they had a secure upload facility, and the response was yes we do: “you take a picture of your passport with your phone and upload it to an e-mail and send it to
repayments@statesavings.ie”. Needless to say I did nothing of the sort and asked for a secure alternative. Was promised a call-back which never materialised. Phoned again the following day and as soon as I asked for details of their formal complaints procedure the requirement for photo id disappeared. The final two landed in my bank account on 25th Sept. The final four were for identical amounts, so there is no logic or consistency to the request for photo id, which they have on file anyway from the time my account was set-up.
They also ignored a change of bank account, successfully carried-out online on 14th Sept and confirmed by them in writing on the 15th Sept. All six repayments landed in the original account.
You’d have to wonder if their PI insurance covers them for the consequences of asking for identity documentation to be sent by e-mail. I suspect not. You’d also wonder why they don’t make their online reinvestment option available when cashing-in, and save everybody, themselves included, a lot of wasted effort. Currently this is restricted to matured holdings. At the same time you’d have to be grateful for the online facility as it saves having to complete those bloody awful forms and deal with them one on one basis a lot more often.
While I like State Savings products, any time I have to deal with them directly I find them be slow moving, gaff prone and hidebound by weak, poorly though out and inconsistent procedures.