Birmingham Midshires - maturing bonds
In 2009 I invested in BM's 3 year trigger guaranteed equity bond which was due to mature last month. I received a letter from BM enclosing a maturity instruction form and a pre-paid reply envelope. There were several options listed on the form to re-invest the funds in BM's own 2, 4 and 5 year fixed rate bonds or into an existing BM savings account. I required the money for a large purchase so I completed the account closure instructions, asking for my funds to be sent to my linked account (another bank),all details listed, signed and dated the form and sent it in their reply paid envelope.
A week later when I checked my bank account, the funds had not been transferred, so I 'phoned BM who said they had not received any maturity instruction from me. I am very dubious about this as this would make it easy for them to dump my funds in a default BM account that pays a pitiful rate of interest. A cautionary tale for investors, to keep on top of their maturing funds and not be suckered by a building society in this manner.