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Have I just been HAD by NatWest?

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Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    djm1972 wrote: »
    I'm not going to take anything out on bank staff, but I am going to visit my branch and ask to speak to the most senior person present and put across my view.
    This is always a customer's perogative. I'm sure they have the power to change everything especially for you. Personally, if you want to have the slightest chance of influencing the bank's policy, I'd write to the Chief Executive.
    I think there's a serious issue developing here with all banks [not just NatWest] in the fact that long term customers with legacy products who have transitioned to maintaining their entire relationship online - whilst by default maintaining the option to transact in-branch - are not being offered the same deal as new customers signing up for "Internet only" accounts.
    Like it or not, all banks play the inertia card. 90%+ of customers can't be arsed getting off their backsides to find the best products. So rates on existing products get whittled away (managing the profit margin wider) while the new products promoted through advertising etc are predominantly aimed at generating new flows of money from the 10%ish of competitors' customers who are prepared to shop around.

    It doesn't matter whether you transact in branch, online or by phone. The same principle applies.

    Do you really think the current super-duper ISA with bells on at 3.25% or whatever will be a market leader in 6 months time, let alone 5 years?
    Why didn't I receive a communication from NatWest as follows:

    "Dear djm1972,

    We notice that you haven't stepped foot in a NatWest branch in the last 5 years, so if you're happy to continue dealing with us on an online only basis we'd like to convert your Cash ISA to an e-ISA...."
    Let's say customers in a position similar to yours hold £5bn in Cash ISA. Your brilliant mailing has just cost them over £130m (plus envelopes and stamps). That's why.
    But so far no communcation has been forthcoming; so on that basis I shall be asking to speak to someone senior at my branch on Tuesday morning.
    "Hello Mr Branch Manager. I know that you are only responsbile for implementing the policy of the bank, flogging as many products as possible, and that around 30,000 people who work for the bank are more senior than you, but I really want to know what you are going to do to change this policy.

    Please will you ensure that the losses of the RBS group are increased a bit further, becasue I'm sure you and your staff aren't remotely fed up of people coming in and blaming you all personally for the mess others created",

    Seems a little futile to me.
  • Biggles
    Biggles Posts: 8,209 Forumite
    1,000 Posts Combo Breaker
    So you put mony into a savings product without having any idea what the options were but it's NatWest that's at fault? Hmm.

    They knew you had a Cash ISA. Therefore they assumed you wanted to have a Cash ISA. So they assumed you might want to add to it. Seems reasonable to me.
  • KTF
    KTF Posts: 4,855 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    djm1972 wrote: »
    I will see what they have to say on Tuesday and open the e-ISA and then transfer if they are not able to do anything less verbose at the time.
    Just so you know, you cant open en e-ISA in a branch. It has to be done online.
  • bagsacash
    bagsacash Posts: 194 Forumite
    They knew you had a Cash ISA. Therefore they assumed you wanted to have a Cash ISA. So they assumed you might want to add to it. Seems reasonable to me.

    Most businesses are only to willing to inform their customers about a new, superior product, banks on the otherhand are very fond of informing their existing customer of a inferior product.

    I cant think of any other industry, apart from banks, that abuse their customers like this by selling them inferior savings products, when much better products are on offer.

    Someone above mentioned banks sending out letters to inform customers might cost the bank £130 million, but hold on a minute, I alwas get unsolicited mail from banks, none of them offering me good savings rates, but they are offering me cradit cards or loans with very high annual percentage rates.

    Put simply banks treat their customers like idiots, they know once they have your money in their vault, you will be reluctant to move it so long as you believe everything is as it was when you bought into the product.

    Some of the tricks the banks play on their customers are slimy to say the least.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 10 April 2009 at 9:43AM
    bagsacash wrote: »
    Most businesses are only to willing to inform their customers about a new, superior product, banks on the otherhand are very fond of informing their existing customer of a inferior product.
    So what is the main product promotion on the web site today? Are existing customers unable to access the site?

    "Transfer your ISA to usTransfer your ISA to us hp_icon_pig.gif Get 3.51% AER (variable) when you save from £10,000"
    I cant think of any other industry, apart from banks, that abuse their customers like this by selling them inferior savings products, when much better products are on offer.
    I would reckon around 85% of new accounts by opened by existing customers are the top paying ones.
    Someone above mentioned banks sending out letters to inform customers might cost the bank £130 million, but hold on a minute, I alwas get unsolicited mail from banks, none of them offering me good savings rates
    That was the point being made.
    but they are offering me cradit cards or loans with very high annual percentage rates.
    I bet none of those card mailing had a 0% APR did they?
    Put simply banks treat their customers like idiots, they know once they have your money in their vault, you will be reluctant to move it so long as you believe everything is as it was when you bought into the product.
    Here we agree. They rely on inertia. As do supermarkets (people rarely change), Spouses (it's a pain in thee !!!! to change) and routes to work. People keep their habits and business prosper on the back of it. Not just banks.
  • alanwsg
    alanwsg Posts: 808 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Just to let people know that I opened a NatWest E-ISA earlier this month and sent off the paperwork to transfer the balance from my NatWest Cash-ISA into it.

    The dosh appeared today, so that took about 10 days from posting the form to transfer happening.
  • bagsacash
    bagsacash Posts: 194 Forumite
    So what is the main product promotion on the web site today? Are existing customers unable to access the site?

    Funny you should mention that, take a look at the site below and click on the button "Sign in"

    http://www.halifax.co.uk/home/home.asp

    What you will find is that from the sign in page there is no way of returning to the home page as given above.

    Now, if you were to save the sign in page to your favorites you would not have any way of getting back to the home page, to look at any offers, unless you typed in the address or did a search for it.

    What company wants to prevent their customers from returning to the companies home page?
  • bagsacash
    bagsacash Posts: 194 Forumite
    I would reckon around 85% of new accounts by opened by existing customers are the top paying ones.

    And do you have any shred of evidence to substanciate that claim or is it a wild guess?

    That was the point being made

    The point you were trying to make is that banks don't inform their customers about better paying savings accounts because it cost a lot of money to do so. Which rather contradicts the fact banks are only to willing to bombard my letter box with offers of Credit card and loans.

    I bet none of those card mailing had a 0% APR did they?

    Some did but I found now they are charging around 19% APR, or even 27% APR and was reading only yestaday that many of the poor sods who fell for it are now up to their eye in debt.

    They rely on inertia. As do supermarkets (people rarely change), Spouses ..

    Supermarkets don't work like banks, supermarkets are fond of changing the isles around forcing customers to look around for new items and brands
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 10 April 2009 at 11:42AM
    bagsacash wrote: »
    What you will find is that from the sign in page there is no way of returning to the home page as given above.

    Now, if you were to save the sign in page to your favorites you would not have any way of getting back to the home page, to look at any offers, unless you typed in the address or did a search for it.
    1) The back browser works
    2) When you sign out it offers to take you straight back to the home page.

    Duff conspiracy theory. Sorry.
    I would reckon around 85% of new accounts by opened by existing customers are the top paying ones.

    And do you have any shred of evidence to substanciate that claim or is it a wild guess?
    It was certainly there or therabouts in my branch manager days, which were in the not too distant past. 85% of the accounts and 95% of the money going in to new accounts opened by existing savers. The other 15% tended to be customers who wanted a passbook and really didn't care about the rate.
    The point you were trying to make is that banks don't inform their customers about better paying savings accounts because it cost a lot of money to do so. Which rather contradicts the fact banks are only to willing to bombard my letter box with offers of Credit card and loans.
    The point rather clearly made is that no business would spend £130m on shifting their customers to new products unless those customers were expressing dissatisfaction with their existing products. Why disturb a customer's comfort and lose profits?
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