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  • FIRST POST
    ashbart
    Natwest Account review
    • #1
    • 6th Aug 08, 8:58 AM
    Natwest Account review 6th Aug 08 at 8:58 AM
    Natwest have been asking me and my OH for weeks now to set up an appointment for an account review. I have refused in branch and when asked via telephone banking, I said we would not be looking to review our account until we remortgage shortly. I asked why I was being continuously asked for a review and the advisor said - when you are in your overdraft, the advisors are trained to ask you in for a review and that they will advise you to take out a loan to pay the overdraft as it is less interest.

    I went into branch yesterday (I go weekly to pay cheques in) and the advisor printed off 2 A4 sheets of paper in the middle of my transaction. I then had a phone call at around 6pm from one of the branch staff members asking to make an appointment for a review. I told her that I was not interested in a review at the moment, not to mention did not have the time. She then proceeded to tell me that I was IN BREACH of my contract as I had not been out of my overdraft for at least 3 days a month since May. That is ABSOLUTE rubbish! I check my account every week and I know for a fact that is not true! I pay in cheques once a week and my wages go in every fortnight. Yes- we use the overdraft facility but the account in constantly active and what they are saying is not true.

    I am SO angry! What is my next step?? I don't want to change accounts as, regardless of this, I like banking with Natwest for many reasons.

    Do I write a letter of complaint or do I continue to ignore the harassment - which, quite frankly, it does feel like!

    I am angry because it feels as if they just want us to take out a loan which I do not want to do. I am happy with my overdraft facility and if I wanted a loan - I would ask for one!

    Thanks in advance. Sorry for the long post!
    Official DFW Member 716 - Proud to be dealing with my debts
Page 1
    • Kavanne
    • By Kavanne 6th Aug 08, 10:00 AM
    • 5,016 Posts
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    Kavanne
    • #2
    • 6th Aug 08, 10:00 AM
    • #2
    • 6th Aug 08, 10:00 AM
    SO when you pay in your cheques and wages your account goes back into the black for a few days?

    I mean, your OD facility is at like 19% APR have you considered an SBT card to try and pay it off?
    I think you'll just have to keep saying no, I am afraid, or use internet banking instead!

    If you phone up again are are offered this, ask to speak to a member of the Care Team about it, they are available over the phone and can log your complaint.
    Last edited by Kavanne; 06-08-2008 at 10:02 AM.
    • latecomer
    • By latecomer 6th Aug 08, 11:08 AM
    • 4,601 Posts
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    latecomer
    • #3
    • 6th Aug 08, 11:08 AM
    • #3
    • 6th Aug 08, 11:08 AM
    are you sure that the cleared balance is out of the overdraft, dont forget that banks still take a long time to clear cheques through to available balance once they have been paid in.

    If so the I'd make an official complaint and ask them to stop harassing you. Ultimately I'd vote with your feet and take you business somewhere else.
  • ashbart
    • #4
    • 6th Aug 08, 12:38 PM
    • #4
    • 6th Aug 08, 12:38 PM
    Thanks for the advice - I have checked the balance over the last 3 months and it has definitely been in the black for at least 3 days a month, each month. I just think they want us to take out a loan. I don't know what else they expect. Even if I did set up a meeting - I would refuse whatever was offered anyway.

    If it was any other account - I would tell them to stuff it and open another account but, this one has been open for quite some time and it is convenient for me and I like their call centres, benefits, etc. Not to mention we've just bought our first house so I would really like to 'sit tight' in terms of finance for a while before I start making changes. If I had a lot of equity in the house and was somewhat stable, it wouldn't bother me but as the current 'recession' means I'm probably in negative equity, I'd rather make fewer applications, changes, etc....

    What is an SBT card? I REALLY don't want to take out any more loans, credit cards, etc. I've got enough as it is and we've only just paid our first (of 4) credit cards off!!!
    Official DFW Member 716 - Proud to be dealing with my debts
  • mrposhman
    • #5
    • 6th Aug 08, 1:20 PM
    • #5
    • 6th Aug 08, 1:20 PM
    I have a natwest account and have never been out of my overdraft since I graduated from uni (except once a year when I got my bonus). I graduated in 2003.

    Not once did Natwest tell me I was in breach of my contract. Sounds like someones trying to get you to sign up for a loan to boast their commission to be honest.

    I'm sick and tired of natwest and am in the process of moving away from them as they constantly annoy the hell out of me.
  • ashbart
    • #6
    • 6th Aug 08, 2:30 PM
    • #6
    • 6th Aug 08, 2:30 PM
    Thanks mrposhman - I thought just as much! I do have another account with them which is very rarely used and, as you say, has been overdrawn for years - and they have never contacted me about that account.

    I am drafting a letter which I am going to send to their complaints department. It's a real shame as I did like Natwest - until this. It has left me very upset and disappointed.
    Last edited by ashbart; 06-08-2008 at 3:38 PM.
    Official DFW Member 716 - Proud to be dealing with my debts
    • KILL BILL
    • By KILL BILL 6th Aug 08, 5:04 PM
    • 2,088 Posts
    • 1,285 Thanks
    KILL BILL
    • #7
    • 6th Aug 08, 5:04 PM
    • #7
    • 6th Aug 08, 5:04 PM
    what they have told you is a load of crap

    alot of people live in their overdraft and when they get paid are proba a couple of quid in the black and then when they start making their outgoings they go straight into the red - there is nothing within the agreement that says that you cannot be more than 3 days in the red in the overdraft

    i would speak to the branch manager first to give them a chance to either confirm the crap or not

    if you dont get anywhere with them then speak to the customer service manager at the head office.
    • amandathepanda
    • By amandathepanda 6th Aug 08, 7:55 PM
    • 421 Posts
    • 150 Thanks
    amandathepanda
    • #8
    • 6th Aug 08, 7:55 PM
    • #8
    • 6th Aug 08, 7:55 PM
    Just politely say no thank you, and also ask for a no marketing marker to be put on your account.
    Staff at Natwest are heavily targeted for this type of thing. I resigned from Natwest this year after 20+ years for this very reason, I felt like I was harrassing customers. Just stick to your guns and refuse the review.
  • Scousebird
    • #9
    • 6th Aug 08, 8:05 PM
    • #9
    • 6th Aug 08, 8:05 PM
    WOW!!! This is awful! In any bank, advisers (or Lending Officers/Customer Service Officers as Natwest call them) are not qualified to GIVE ADVICE-they cannot advise or recommend what you should do-they can only suggest options and then help you to make an informed choice. They cannot force you to take a personal loan as that may not be the best option. Just because you rely heavily on your overdraft does not indicate that you don't have assets and funds with other banks-you may (okay this is rare but it is not good to judge customers-you have to collect all the facts first).

    At the end of the day-if a member of staff was just honest with you and said ''the reason I want to book you in for a review is so I can reduce your outgoings and save you some money, one of the ways I could do that is in overdraft interest you are going to/are paying the bank now'' then you will prob ask how? and I would say ''there are other services that we provide that may help you clear your overdraft and help you start afresh, a personal loan may be a cheaper option than what you are paying now, and would get you out of your overdraft''. But I would also like to look at your other outgoings to see if there is anyway I can reduce the strain on your finances by finding ways of saving you money there too.

    If you said that you weren't interested then I would understand and let you get on with your day. I certainly wouldn't be pressurising you and insisting you have breached your personal banking contract-it's a load of twaddle-as long as you are paying a regular credit into the account and you are staying within your limit then it makes no difference how you use the overdraft.

    If everything you say is how it seems to me then it is gross mis-selling and you must make a complaint, because other customers may be vulnerable and fall for these sales tactics and it's appauling and morally completely wrong.

    It is freedom of choice at the end of the day-a bankers job is to provide the customer with clear, concise, well explained and transparent options to help with their banking needs and then it is up to the customer to make an informed choice, after considering all the options. One of the FSA's principles (the body who regulate banks and advisers) is ''Treating Customers Fairly''.

    If you are not left to make a choice and advisers are giving recommendations or demands, or are knowingly mis-selling to hit targets-then this is breaching a fundamental principle of the FSA's guidelines and you are entitled to make a full compaint.

    Good luck with this-don't let someone intimidate you, you are right to be angry and for as long as the bank provide you with an overdraft facility-you are quite within your rights to use it. As long as you aware of other options and you are happy to pay the fees applied, even if the loan can save you money-you have made that informed choice and that should be respected.
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • natweststaffmember
    Ashbart, have you ever had a review with any financial institution?
    It is an eye opener and does get you thinking about your finances. It will update your details as well as seeing if the bank can save you money. There is one word that you can say if you had a review when they ask you to sign on the dotted line;
    NO.
    The bank staff do not hypnotise you or lock the door or shine bright lights in your eyes.
    Whatever I post I am gonna sound like a salesman so what the heck.
    Are you aware of NatWest's guaranteed to beat on your home insurance(if you do it online and it does not come up cheaper, the branch can make sure it is sent to the underwriter to beat)?
    Are you aware that natwest offer a fee free mortgage package?
    The reviews are wothwhile but by all means complain about the way the advisor spoke to you because that IMHO overstepped the mark by stating it was IN BREACH of the contract. That was a bit too far.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
    • Kavanne
    • By Kavanne 6th Aug 08, 9:44 PM
    • 5,016 Posts
    • 2,551 Thanks
    Kavanne
    Also, a Super Balance transfer card, will offer you 0% on your overdraft if you transfer it onto it. Here is some info: http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards#MBNA

    You say you don't want any more credit? OK so reduce your overdraft limit once you've put the balance on the credit card!!!

    19% is a ridiculous APR to be paying, how much do you pay each month in interest on the OD?

    Yeah a natwest loan might not be cheapest for you, but the APR will probably be lower than the OD if you are borrowing more than £3000.

    (PS To be open yeah I work at Natwest but I also have always thought it must be so depressing to live in your overdraft!)
  • ashbart
    Thanks to all of the support! I am glad that it isn't just me that feels disappointed with the treatment I have received.

    To the NatWest staff who have replied to this thread - I have had reviews in the past and I have never signed up to any other finance as a result. The charge for my overdraft (which I received yesterday) for July was £3.25 and to be honest, I don't think that is a big deal - certainly not enough to warrant a loan for £1,600 at 8.9% APR (or similar). I have politely refused on several occassions and don't appreciate being harassed on every visit to the branch. I work very hard for my money and I am doing everything I can to rid myself & OH of credit cards, loans, and eventually overdrafts however, I will only do so in my own comfort zone. I refuse to be pushed into products - especially after I have declined over and over again.

    I should not be victimised and treated as a 'bad' customer. If the advisor I spoke to on Tuesday evening had not made false claims, which I deem to be quite serious, then I would not feel this way. I am a customer of Natwest - not a client and I expect to be treated that way.
    Last edited by ashbart; 07-08-2008 at 9:54 AM.
    Official DFW Member 716 - Proud to be dealing with my debts
  • lesley1960
    Nat West are always asking me to have a review and I dont even use the overdraft .
    Slightly off topic but i went in there a few weeks ago to arrange a chaps payment , was spoken to as though i was a three year old , the assistant took the form to be signed off , came back about 15 mins later saying the manager wanted to know why i was making the chaps payment !! wtf? told him it was my business
    ( oh and then noticing i had a largish sum in the account the assistant asked me if she should arrange to put it in a savings account for me )

    Going back to the OP , I think banks are running scared at the moment , but they have given you an overdraft so unreasonable of them to expect you not to use it ! , but suspect the banks can do what they want
  • ashbart
    Ashbart, have you ever had a review with any financial institution?
    It is an eye opener and does get you thinking about your finances. It will update your details as well as seeing if the bank can save you money. There is one word that you can say if you had a review when they ask you to sign on the dotted line;
    NO.
    The bank staff do not hypnotise you or lock the door or shine bright lights in your eyes.
    Whatever I post I am gonna sound like a salesman so what the heck.
    Are you aware of NatWest's guaranteed to beat on your home insurance(if you do it online and it does not come up cheaper, the branch can make sure it is sent to the underwriter to beat)?
    Are you aware that natwest offer a fee free mortgage package?
    The reviews are wothwhile but by all means complain about the way the advisor spoke to you because that IMHO overstepped the mark by stating it was IN BREACH of the contract. That was a bit too far.
    Originally posted by natweststaffmember
    I am fully aware of the products NatWest offer - in fact, I was considering seeing them about my remortgage however, this has left a very sour taste.

    The 'in breach' remark is the main problem, for me. That is a BIG step too far.
    Official DFW Member 716 - Proud to be dealing with my debts
  • hedleysmith
    My partner and I are NOT happy with natwest bank at all. Whenever you reach someone to speak to on the phone they do not seem interested in helping you and when you do go in and see the manager of your own branch-they can't even do their job properly!
    We tried closing our bank accounts that we had with them as we were fed up with their lack of help and constant bank charges that they were issuing. Only a week later to find that one of our accounts had not been closed all because the manager did not work out how much we owed them and made our current plus account go overdrawn. So now we have more charges!
    Don't go to natwest, they do not take any responsibility and blame everything on you! :-(
  • natweststaffmember
    Ashbart, I am going to revise what I have said to you.
    The first part is true, the bank will always ask a customer if they can save money of the interest they are paying out on, ie overdrafts,loans and credit cards.

    The comment about being "in breach of your contract" is 100% incorrect and I would complain, firstly to the branch manager about the conduct of a member of staff. That was entirely wrong.

    If you are banking cheques you can avoid the cashiers by putting the cheques and paying in slip in the quick deposit box which most branches have.

    Hedleysmith, had you started a thread at the time the incident happened, I could have advised you at to the course of action you could take. Your issue is not the same as Ashbert's issue.
    I have not worked for NatWest Bank since February 2009

    This username is no longer active.
  • ashbart
    Ashbart, I am going to revise what I have said to you.
    The first part is true, the bank will always ask a customer if they can save money of the interest they are paying out on, ie overdrafts,loans and credit cards.

    The comment about being "in breach of your contract" is 100% incorrect and I would complain, firstly to the branch manager about the conduct of a member of staff. That was entirely wrong.

    If you are banking cheques you can avoid the cashiers by putting the cheques and paying in slip in the quick deposit box which most branches have.

    Hedleysmith, had you started a thread at the time the incident happened, I could have advised you at to the course of action you could take. Your issue is not the same as Ashbert's issue.
    Originally posted by natweststaffmember
    Thank you for your post. I have written a letter sent by recorded delivery yesterday and my guess is, I will get a phone call at some point today. I understand that the bank will always suggest ways of saving money and this has never been my problem - it is the way in which the suggestion was conducted, as you have pointed out. Hopefully this issue will be resolved within the next few days! Thanks again - believe it or not, I do like Natwest and hope this will not affect my future dealings with them... We'll see what the branch manager has to say, first! :rolleyes:
    Official DFW Member 716 - Proud to be dealing with my debts
  • gordon smith
    Thanks for the advice - I have checked the balance over the last 3 months and it has definitely been in the black for at least 3 days a month, each month. I just think they want us to take out a loan. I don't know what else they expect. Even if I did set up a meeting - I would refuse whatever was offered anyway.

    If it was any other account - I would tell them to stuff it and open another account but, this one has been open for quite some time and it is convenient for me and I like their call centres, benefits, etc. Not to mention we've just bought our first house so I would really like to 'sit tight' in terms of finance for a while before I start making changes. If I had a lot of equity in the house and was somewhat stable, it wouldn't bother me but as the current 'recession' means I'm probably in negative equity, I'd rather make fewer applications, changes, etc....

    What is an SBT card? I REALLY don't want to take out any more loans, credit cards, etc. I've got enough as it is and we've only just paid our first (of 4) credit cards off!!!
    Originally posted by ashbart
    You say you want some stability, but remember that an O/D can be requested to be repaid "on demand", normally a bank would give you a month to do this. If you are almost permanently overdrawn for most of the month, to me it would seem sensible to have a loan for the overdraft, then at least you are paying off the loan every month and reducing your liabilities. It also means that they cannot call the loan in for repayment. If a request for repayment of the O/D came would you be able to repay it. I think probably not and therefore your finances could spiral out of control. Think of all the hassle in trying to open another account getting O/D facilities, changing Direct Debits etc, all within the time frame of repaying your O/D.
  • ashbart
    You say you want some stability, but remember that an O/D can be requested to be repaid "on demand", normally a bank would give you a month to do this. If you are almost permanently overdrawn for most of the month, to me it would seem sensible to have a loan for the overdraft, then at least you are paying off the loan every month and reducing your liabilities. It also means that they cannot call the loan in for repayment. If a request for repayment of the O/D came would you be able to repay it. I think probably not and therefore your finances could spiral out of control. Think of all the hassle in trying to open another account getting O/D facilities, changing Direct Debits etc, all within the time frame of repaying your O/D.
    Originally posted by gordon smith
    You are missing the point, completely. Everyone wants stability and there are not many people I know that do not have an overdraft facility that they use (not necessarily rely on). Yes, an overdraft can be withdrawn however, I do not understand why they would do this without reason. We are not permanently overdrawn - that is the point.

    Why would I take out a loan repaying around 8-9% interest over so many years when, at the moment, I pay around £3.50 a month on my overdraft??? How is that financially better off for me?? And how can a £3.50 charge suggest I "heavily" use my overdraft??

    I think suggesting they will ask me to repay my overdraft is a bit harsh.
    Official DFW Member 716 - Proud to be dealing with my debts
  • mrposhman
    £3.50 is not heavy use. As I have said above I have been in my overdraft pretty much since I left uni.

    I was paying interest on overdrafts of approaching £4k and was approached by Natwest to use their internal borrowing facility to pay the overdraft off and work my way into credit which I thought seemed a good idea. This "loan" was priced at just over 9% APR which I didn't think was too bad but due to the change in timescale of payments (ie. overdraft - no fixed timescale, loan there is) I was aware that my monthly repayments would be higher than my current payments but felt that moving more towards the debt free tag would be of benefit to me.

    Having received the paperwork based on a loan of 15.9% (which after restructuring my current natwest loan would have cost me MORE for my current loan overall) I decided to complain and approached Nationwide for the loan. The loan was completed and paid within 2 weeks but my query with Natwest carried out for 8 weeks of which I received 2 letters (ever read your own complaints procedure, clearly not). Once I got the final letter, they admitted that the original loan was not only made up from incorrect figures but they couldn't even replicate the same loan quote.

    The whole experience has left a very sour taste in my throat and as soon as I can I will be moving away from Natwest, bank accounts are being set up, as are credit cards and savings accounts are in the pipeline.

    I refuse to deal with a bank that treats customers like c*ap (not to mention when I rang up last week after being charged £28 for being 12p overdrawn, and told by the cheeky git at the other end that "we only ask you to keep to your agreement" seemed rather arrogant of the bank being as they can't even abide with the complaints procedure that THEY WROTE) and create false loan rates in order in my opinion to confuse and rip off customers.

    I would suggest to anyone to steer well clear.
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