natwest isa 7.32%

Funkyfreddy

Baldur wrote: »

I really don't know how many ways I can say the same thing. A transfer is not a subscription.

I think I have the message now

<Edit> Chapter 11 of the HMRC Guidance Notes covers transfers.

Aha, yes.

Thanks for your time !
FF

NumbersGuy_2

Just went into Natwest with the transfer form (I'm an existing customer with current account) and they wanted to make an appointment for me to come back another day as they say it is an "account opening process"! Given other providers do this via posting forms, I find this absurd given I'm an existing customer and they have all my details. She told me it entails providing details I might not be comfortable with as other people might overhear(?) to which I replied all the information required is on the form, which she disagreed with.

Is this just some excuse to try to flog other products or are Natwest really so inefficient?

Baldur

NumbersGuy wrote: »

Is this just some excuse to try to flog other products

Yes, all of the high street banks seem to be trying it on.

tweet

NumbersGuy wrote: »

Just went into Natwest with the transfer form (I'm an existing customer with current account) and they wanted to make an appointment for me to come back another day as they say it is an "account opening process"! Given other providers do this via posting forms, I find this absurd given I'm an existing customer and they have all my details. She told me it entails providing details I might not be comfortable with as other people might overhear(?) to which I replied all the information required is on the form, which she disagreed with.

Is this just some excuse to try to flog other products or are Natwest really so inefficient?

I'd have said it was sales but this happened to me twice at two banks and neither of them tried or even mentioned other products.

My NatWest online Isa was (and had to be) opened in-branch, with which I was asked for ID and address details etc (I'm a current account holder there, so they have everything already, all security cleared etc) - quite why they need all this info Again and in paper form is beyond me.

My AA bond (under the Birmingham Midshires name) required id/info etc, yet BM already had this info; stranger yet, I couldn't provide a BM statement/account as proof of address/identity - if they don't trust their own parent company what on earth is going on.

NatWest could have saved 30 minutes of their time doing my account all over again, it's rediculous.

Funkyfreddy

NumbersGuy wrote: »

Just went into Natwest with the transfer form (I'm an existing customer with current account) and they wanted to make an
[snip]
Is this just some excuse to try to flog other products or are Natwest really so inefficient?

Varies I guess.

Have a current acount. Called local branch around 15:30 to check somebody would be able to sort it out - "No problem ask for me" lady said. Jumped in car, arrived - nobody else in, asked for said lady - forms checked, details entered into PC whilst sat down - accounts showed up as you would expect - a little more rattle on keyboard and letter with account number printed off. No sales waffle or "personal finanace assessment" (or similar) touted. Back home @ 16:15.

Perhaps it was late in the day and she wanted to get home but it made quite a refreshing change not to have to beat off the sales pitch.

Efficient service up to present - just have to see how long process takes !

FF.

Redemption

Well you got better service than me!!!

I've just sent the following complaint.....

The Customer Relations Manager
NatWest

Dear Sir

COMPLAINT Re Attempt to Open ISA

On Monday 20 Oct I visited your branch at XXXX, as I wished open a ISA by transferring approx £12.5K from another bank. I was (am) not a customer of NatWest.

I was "served" by XXXXXXX who was not particularly helpful. She passed a lengthy multipage form through the glass and told me to fill it in. This I did, completing it fully. When she was next free I passed the form back to her together with my passport, utility bill and the most recent statement from my current ISA provider. She told me that this was all that was necessary and I would receive confirmation of the account opening by post. I asked for some receipt to confirm my application but was told that this was not possible.

Some nine days later, by second class post, I received two different lengthy forms together with a hand written compliments slip reading as follows:

"Please could you fill out the additional 2 forms so that we can proceed with your ISA application Many Thanks XXXXXXX"

There was no explanation as to why, any apology or even a reply paid envelope.

I visited the branch today and was told that only XXXXXXX could help. I waited a while for her to become free. She informed me that she had been given the wrong information after being away and therefore dealt with my application incorrectly. She had no explanation for the delay in sending the new forms or for the unhelpful note.

Given the incompetent and unhelpful way in which my application had been handled and, having read many other tales of dissatisfaction on money forums about opening your ISA, I decided to find "Another Way" and told XXXXXXX to hand back my original application!

I expect to receive, by return, your Firm's unreserved apology for the way in which this has been handled and confirmation that ALL of my details have been deleted from your systems. I shall also expect to receive a suitable gesture of compensation for my wasted time.

Yours faithfully



So, we shall see.

Now, where do I go instead?

tweet

So, you got the form which *everyone else* has to use, and filled it in. You handed this in, together with id, which *everyone else* has to do. You received no confirmation slip, which *no one else* gets either.

The girl on the counter (since when do cashiers know how to handle opening of tax-free products - this is why you go to the Information desk) took your forms etc.

You rec' a letter basically saying to complete new forms (presumably the originals had been incorrectly filled in / files)- not too much to ask, surely. [Side note, I'm glad they didn't include pre-paid postage for you. I wish companies would stop doing this: half the people don't use them but, being pre-paid, they have already incurred the cost as a company. The less physical mail they do themselves the better.]

Your wasted time is that of ? Filling a form in a (second time) and dropping it off in-branch/post box?

Sure, put a complaint in *in branch in person* but writing and wasting their time dealing with this is why companies cost are rocketing from people making even more of a paper trail than they complain about.

Lets say your new ISA provider takes your form and it needs re-filing etc., will you be wasting their time too?

Seriously, relax a bit. You handed it to the wrong person (only cashiers- where the cash is (unless you went to the beuro de change!) are behind glass, non?) and they messed it up. Hardly worth of your diatribe against their staff.

Edit: personally I'd just take your ISA back to NatWest, or RBS. Do the forms properly, give it to the Info Desk / management staff, and it'll be online within the week.

Milarky

Have you been paid correctly this month? I got 13p - on a £100 opening transfer admittedly - on 31 October.

How to work out interest:
This should be Balance x ( '31' - date* deposit shows - 2**) /365 x Gross rate***

* day in the month (i.e. '1' to '31')
** 2 clear banking days (i.e will be a '4' if a weekend is crossed because the deposit date is either a Thursday or a Friday)
*** the 'lower' rate applicable to that balance (see rates information here)

Give you an example:
My cheque for 100.32 was received (Wed) 22 October. Therefore

£100.13 x (31 - 22 - 2) / 365 x 6.51%

= [100.13 x 7 x 6.51%]/ 365 = 0.125 (i.e. 12 or 13 p)

If there are two (or more) transfers:
You have to work them out as back to back periods. Balances will differ of course, but rates might also if the latter deposit shifts the account into a higher tier

eg suppose you go up from the first tier (below £9000) to the next tier (below £18000)

Mon 6 October Cheque for 6,200.00 received
Fri 17 October Cheque for 8,300.00 received

The sum would be

£6200.00 x ([17 + 4] - 6 - 2) /365 x 6.51%
+
£14,500.00 x (31 - 17 - 4) / 365 x 6.70%

= ( [6200 x 13 x 6.51%] + [14500 x 10 x 6.70%] ) / 365

= £40.99

This looks complicated (and I apoligise) but the '17 + 4' replaces '31' as the end date above because that is the day in the month (21 October) when the second cheque actually starts earning interest (i.e. the date the 'cleared' balance changes)

NOTE: if some more people will check their actual interest successfully against this method it would seem that the dates NatWest use are not the days from which interest will be paid - and a clearing cycle is added.

runciblespoon

tweet wrote: »

The girl on the counter (since when do cashiers know how to handle opening of tax-free products - this is why you go to the Information desk) took your forms etc.

Some small branches don't have extra front-of-house staff, so they don't necessarily have an information desk. They should be able to pull someone from the backoffice, or have the counter staff handle it if they're not busy though. Those branches that are counter staff only with no backoffice don't accept applications (IME).

[Side note, I'm glad they didn't include pre-paid postage for you. I wish companies would stop doing this: half the people don't use them but, being pre-paid, they have already incurred the cost as a company. The less physical mail they do themselves the better.]

Does it really cost to print some envelopes with "1" on them? It's not a stamp. I thought it only cost when reply-paid envelopes were delivered. That's why charities say 'you don't have to put on a stamp but it reduces our costs'. (As a laugh I received a reply-paid window envelope the other day - could have sent it to anyone! But I suspect if I sent it to a private individual it wouldn't arrive)

Edit: personally I'd just take your ISA back to NatWest, or RBS. Do the forms properly, give it to the Info Desk / management staff, and it'll be online within the week.

Indeed. If they enter it on the computer there and then there's less chance of a mistake.

Redemption

tweet wrote: »

So, you got the form which *everyone else* has to use, and filled it in. You handed this in, together with id, which *everyone else* has to do. You received no confirmation slip, which *no one else* gets either.

The girl on the counter (since when do cashiers know how to handle opening of tax-free products - this is why you go to the Information desk) took your forms etc.

You rec' a letter basically saying to complete new forms (presumably the originals had been incorrectly filled in / files)- not too much to ask, surely. [Side note, I'm glad they didn't include pre-paid postage for you. I wish companies would stop doing this: half the people don't use them but, being pre-paid, they have already incurred the cost as a company. The less physical mail they do themselves the better.]

Your wasted time is that of ? Filling a form in a (second time) and dropping it off in-branch/post box?

Sure, put a complaint in *in branch in person* but writing and wasting their time dealing with this is why companies cost are rocketing from people making even more of a paper trail than they complain about.

Lets say your new ISA provider takes your form and it needs re-filing etc., will you be wasting their time too?

Seriously, relax a bit. You handed it to the wrong person (only cashiers- where the cash is (unless you went to the beuro de change!) are behind glass, non?) and they messed it up. Hardly worth of your diatribe against their staff.

Edit: personally I'd just take your ISA back to NatWest, or RBS. Do the forms properly, give it to the Info Desk / management staff, and it'll be online within the week.

No, the branch I went to did not have a "front of house" desk.

The form was NOT filled in incorrectly. They gave me the wrong form, plus also failed to give me an additional form that was apparently necessary.

However it was the attitude displayed by this member of staff and the lack of any sort of apology for the 10 to 14 day delay, plus the hassle this caused that really got to me.

They have wasted my time and provided a very poor level of service. So now, they can waste their's sorting it out!