Natwest £50 savings cashback loophole

bizzebee0

have just tried online, again it says that the option of payments is not available, rang online telephone banking, they said that the account is a phone account, not an internet account. so was transferred to Telephone banking, where again I was told that it is a savings account and money cannot be transferred unless to a Natwest account. I'm back to the option of closing the account by putting it in writing.:mad:

just-chips

So people ARE getting their cashback then.... excellent! Just checked and my 12th payment went out 3rd August, so hopefully have £50 by.... what... end of the year?!?

Megalomaniac

bizzebee0 wrote: »

I've received my £50 cashback pretty much within days of making my 12th payment. Only problem is I now need the money that is in there, I've been told by Natwest Telephone banking to apply in writing (!) and when I went to the branch in person, they had to search on the internet to find out how I could withdraw the money, after spending my entire lunch hour in the branch, they made some phone calls, chatted with each other and finally said that I could transfer my money into my current account (RBS) for a fee of £20.00 or to avoid the fee I could open a Natwest Current Account. I refused both options and would now like to close the account

I'm hoping to get better luck by applying in writing. I've tried the internet banking option, but this doesn't allow you to transfer monies with this particular account...

YorkshireBoy wrote: »

Are you sure? I can (and do, regularly) transfer out from my e-Savings account. Granted you need a card reader to set up new payees, but it certainly is possible.

bizzebee0 wrote: »

have just tried online, again it says that the option of payments is not available, rang online telephone banking, they said that the account is a phone account, not an internet account. so was transferred to Telephone banking, where again I was told that it is a savings account and money cannot be transferred unless to a Natwest account. I'm back to the option of closing the account by putting it in writing.:mad:

Remember, it was not just the e-savings account you could open and pay into each month. There were a whole host of accounts this was applicable although admittedly most people opted for the e-savings. Therefore, I can see why maybe bizzebee0 is having problems, especially if she opened a phone operated account?

Available to customers with the following accounts: e-Savings, First Reserve, Reward Reserve, Advantage Reserve, 30 Day Bonus Reserve, Young Saver, Private Banking Savings Account, Advantage Private Reserve and Savings Direct.

LemonTree_3

I am refering to the screen shot I'm attaching.

I've set up my standing order from my Halifax
current account to my Natwest Firstreserve account
with a first payment on 3 September 2008.

However, the first two payments (3 September 2008
and 3 October 2008) do not show in the description
column as an "Standing Order".

All later payments (for example 3 November and
1 December 2008) have the abbreviation "SO"
in the description column.

See pic


How likely is it that NatWest will argue with
me that my first two payments were not Standing
Order payments? I'm 100 percent sure that they
are Standing order payments!

Thanks.

10_66

LemonTree wrote: »

How likely is it that NatWest will argue with me that my first two payments were not Standing Order payments? I'm 100 percent sure that they are Standing order payments!

Thanks.

I rang NatWest, again, yesterday, for a similar reason. All of my monthly payments into the e-savings account are showing as BACS, despite them being sent by SO (and appearing as such on my statement from the sending bank). As I haven't yet had the £50, I wondered whether the same will happen to me as is happening to an earlier poster, who is having to prove that they sent by SO.

I was assured that, although the payments are appearing as BACS, I will get my £50. This was confirmed by a Supervisor in the Internet Banking help desk. I don't feel that confident, but will just have to wait and see what happens.

bizzebee0

I really hope they don't dispute your BACS payments, you've favoured Natwest with your cash for the last 12 months and this is how you are treated!

Kavanne

The BACS issue:

Standing orders are sent by the BACS system. This means on the RECEIVING END they show on Natwest's systems as a BACS payment. If you have any trouble receiving the cashback payment, which I doubt you will, just show on your SENDING account statement that it's a standing order, which it should show on the end the Standing Order is being sent from.

I've not had a declined payment yet where a customer has met the T&Cs but I would hope that a statement confirming you sent standing orders would be enough.... That's MY opinion, not that of any bank, though!

10_66

Kavanne wrote: »

The BACS issue:

Standing orders are sent by the BACS system.

I thought BACS took 3 to 4 working days to be processed. The monthly payments into my NatWest e-savings account, since March '09, have been received by NatWest on the same day they were sent from my external bank. Doesn't this mean that the Standing Orders were sent by FP?

TuftyMatt

Mine also show as BACS payments with Natwest but SO from Lloyds.

Will hold off from making contact yet as the 30 days is not up for a couple of weeks.

In that time I will look at taking my money out as like bizzebee0 I am having trouble with this.

10_66

TuftyMatt wrote: »

In that time I will look at taking my money out as like bizzebee0 I am having trouble with this.

I've been transferring my £100 back out the day after it went in (as others have done). If your account's an e-savings account, you'll need to order a card reader and card, in order to set up external transfers out.