Natwest £50 savings cashback loophole

moobox

moobox wrote: »

Exactly the same happened to me. They wouldn't discuss it with me before the 6th, as i had no activation code. Then today I have been put through to 6 departments. They said I had to open a Natwest current account in order to feed an esavings account, and that is all they had to say. so I think I will write and close the esavings account. One hand clearly doesn't know what the other is doing.

Oh great! Having been told by two of their departments that I could only set up a standing order from a Natwest current account, my bank has JUST received the standing order request, sent in in mid August. Actually of course I could have set it up myself in 5 minutes. Obviously it was too late for the stated date of Sept 1st and had the wrong account number on. In order to check whether the cashback will be forthcoming I will have to run the gauntlet of the phone calls. One man I spoke to last time asked me why I didn't just move all my banking to Natwest. Because they have been totally incompetent in my dealings so far perhaps??!

johnoz

Whilst my standing orders have been going through okay, my opening cheque for £1 was cashed but never credited to my account.

After 2 months of chasing, it's now sorted ... but I've received a letter saying it was my own fault as I had sent a cheque to open the account, but as it's an internet only account this should not have been done!

Funny that, I still have the application info that says you need to open it with a minimum deposit of £1 ... by cheque! And there own T&C's for the e-Saver state:

22.6 When you open your account, you must make an initial deposit
of at least £1 into the account by cheque or (if you are an
existing customer) by electronic transfer.

(I was not an existing customer).

Makes you wonder about these people! Best of luck to everyone else!

johnmoney05

johnoz wrote: »

Whilst my standing orders have been going through okay, my opening cheque for £1 was cashed but never credited to my account.

After 2 months of chasing, it's now sorted ... but I've received a letter saying it was my own fault as I had sent a cheque to open the account, but as it's an internet only account this should not have been done!

Funny that, I still have the application info that says you need to open it with a minimum deposit of £1 ... by cheque! And there own T&C's for the e-Saver state:

22.6 When you open your account, you must make an initial deposit
of at least £1 into the account by cheque or (if you are an
existing customer) by electronic transfer.

(I was not an existing customer).

Makes you wonder about these people! Best of luck to everyone else!

Just checked my account, you are absolutely right. I did send them £1 cheque for an initial deposit. Sorry, forgot to mention that the cheque was cleared although it took very long while.

mary

Likewise, £1 cheque still not cashed but account otherwise up and running.
So don't know where it's got to.

Oldgeek

Despite an assurance that it was in hand, my standing order has not been sent to my bank a month after applying for the account. Fortunately I set up my own SO after various conversations with staff; the last of whom told me that it was an internet account with no support, and that was the reason why some of the people you talk to can't answer your questions.

d10

Hi everyone,
I just checked my bank(lloyds) and there are two separate standing orders set up for my single natwest account?? one with money taken out today and another for money due out on the 22nd of this month - now I am really confused!

Oldgeek

d10 wrote: »

Hi everyone,
I just checked my bank(lloyds) and there are two separate standing orders set up for my single natwest account?? one with money taken out today and another for money due out on the 22nd of this month - now I am really confused!

Cancel the 22nd!

alig

I thought I would let you know why I have decided against the Nat West Savings account that pays an extra £50 after paying in £100 a month for 12 months.I set up the account online then filled out the forms I was sent and sent them back with my cheque for £1 to open the account.The standing order was set up and all was well.I received a statement of the account which said that the balance was £0.I called them to ask what they'd done with my £1 cheque.They didn't know, but the girl enquired about whether I had any other Nat West accounts.When I said no, she said I would have no way of withdrawing my money as it had to be paid into another Nat West a/c.I said I thought it could be paid into my Bank of Scotland Current account but she said this was not possible.I wrote to Nat West saying that as I had been told this, I no longer wanted the savings account.They wrote back saying that I could nominate any UK bank account to pay money into, and also by the way they could not find my original £1 cheque.In the light of such inefficiency I decided not to entrust any of my money to Nat West.

mrke

I can only presume that Natwest have not setup the standing orders correctly for many applicants so that they will not have to pay the £50.

I had the s/o paperwork returned by my bank as Natwest had not completed the form correctly, missing off the new account number. Had I just completed and returned the form, my s.o would not of been setup before the cut off date of 6th Sept. Therefore I set up the s/o online and kept screenshots to prove the date it was setup.

Many people may find they have fallen foul of the cashback terms. Please check!!

Tas_Advisor

Oldgeek wrote: »

various conversations with staff; the last of whom told me that it was an internet account with no support, and that was the reason why some of the people you talk to can't answer your questions.

Hey

Just to put some of your minds to rest

Terms and conditions for E- Saving state

22.4 Your account can only be operated by using our online banking
service. The Remote Banking Conditions in General Condition 12
apply to your account and you must also be registered for the
service described there. No transactions will be accepted in any
of our branches. For general enquiries you may write to
FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire
Retail CSC, 1 Victoria Place, Holbeck, Leeds LS11 5AN. However,
your account cannot be operated by writing to that address.
Source:http://www.natwest.com/content/global_options/terms/Terms_Conditions.pdf
Hence meaning you can’t get any help for this account Via Phone, Post or Branch so basically only online.

Now the offer £50.00 Cash back well it states it can be withdrawn at any time the in the terms and conditions, don’t count on it.

Also how many have you actually got anything in writing from NatWest to say your agreement has started for the 12 consecutive payments….

For a big bank like Natwest I don’t think they would leave such a loophole as from reading the terms and conditions it seems they don’t mention you need to leave the money in the account however now that the offer is over there is no sign of any details the offer ever existed… I tired to search “£50 cash back offer” on the site but says error not available very unlike NatWest I been banking 7 years with them they couldn’t leave loophole if they tried its just a way to get new customers I think mmmm…..:think: