NatWest are a poor option for students

MaggieL

NatWest charge £38 for any unauthorised overdraft, including one that was caused after a cheque credit was deposited earlier that day...they claimed that they needed 24 hours to credit it against a new debit! Then, when the cheque was represented, the 2 charges together meant that there were insufficient funds, so they bounced it again - total £114 in charges, more than the value of the 5 year student rail card they offer as an incentive to start the account. They claim to have student advisers to help out those in difficulty, but our experience is that they are completely uncompromising and will not make any allowance for the fact that students, generally new to banking, don't know the rules. Choose one of the others and save your money and the hassle.

jr666

hmmm annoying for you i'm sure. T+C's are there to catch ppl like you. I doubt any other bank would be more sympatheitc. Sorry i think u'll just have to learn and move on unless you want to go down the complaint letter route which i always find fun

richardsimkiss

I used to be a HSBC current account holder, I hated them (this was when I was getting into debt) they were so unhelpful, sending constant letters about being over my account limit etc and applying charges, they told me to contact them if I was in any financial trouble, when i did they said "sorry, there's not really anything we can do for you!" and the charges etc continued.

When I finally started to get myself out of the rut I opened a student account with Natwest. I've found them so much better to bank with, maybe it's just that i've been in a better financial position with them, but I feel more comfortable. In the past, i've been told that a charge will not incurr another charge (e.g. if a charge takes yor over your limit it won't incurr another charge). Though i spose they could have it different for cheques bouncing n stuff...

First thing I'd say is to write to them to try and get the charges lifted. there's some example letters (i think) if you look in the other sections of this site. If you're living on the edge of your overdraft limit unfortunately you'll find it very hard (as I did). If you haven't already, and can spare a day at the weekend, or a few evenings in the week, get a part-time job, even if it's just boring work, it'll make a big difference!!

Savvy_Sue

Yup, it's always worth writing to the bank and laying it on thick: new to banking, didn't realise that it took longer to credit my account than to debit it, so unhappy about what's happened that thinking of transferring account. And, if appropriate, parents have banked with NatWest for zillions of years (although they'll have transferred by now if they're good MSEs!) but are so unhappy at the way I've been treated that they are also thinking of closing their accounts.

Gooding

MaggieL wrote:

NatWest charge £38 for any unauthorised overdraft, including one that was caused after a cheque credit was deposited earlier that day...

Best thing to do is act as soon as possible on this one. In essence, the law prohibits charging an excessive penalty in contract law. It should be sufficient to cover their costs, but it's not about them making money off it. This is a VERY dodgy area which has been talked about in the papers and on Working Lunch, the BBC2 business type thing. If you are that annoyed, ring up and politely point out that they are in the wrong. Speak to the monkey rather than the organ grinder, and make it clear you are willing to get this sorted out in the courts.

It would cost approx. £35 to file a simple small claims court type case, and they would have to pay you back if they lose. This sort of action is not 100% foolproof, but it is highly unlikely that a bank would seek to set a precedent (where they might lose out to many, many, more customers.)

It all sounds a little too much like had work, but I wish I had known all of the above when the same thing happened to me....I left it too late.

aimeelister

I agree about phoning them up and explaining the situation, I have my student account wiht NatWest and they have been fantastic with my problems. I have had around £90 refunded charges (on 3 separate occasions) after i explained to them i had budgeted atc and that the delay was not on my part and now my budget has been messed up blah blah blah blah and they were very sypmatheic. In my experience the best person to speak to is someone at your own branch (they were more sypma to me than the call centres.) NatWest in my experience are much better than Lloyds (who i moved from after they messed me about) for sorting these issues out!

Good luck and I hope they see sense.

jobbingmusician

Also see this thread - someone there may be able to help you.