Natwest Private Banking

moneymaker2810

Just a quick update on this, went in and seen the Private Banking Relationship Manager, very helpful and very friendly (Makes a nice change), made arrangements to invest money in a bond and other investments, and gave me the information on the private banking account and Advantage private benefits.

So went home, had a think about it and gave him a ring on his mobile number (That's the first difference !), anyway said he would get my account upgraded (Currently have ADV GOLD), but nothing is showing on internet banking yet or is it too early and I am just paranoid !. He did mention sending me something out to sign, so as nothing was signed in the branch maybe it can't be upgraded until I sign and return it ?.

Thanks.

Kavanne

If indeed it has been upgraded it would update the next working day on internet banking

moneymaker2810

Kavanne wrote: »

If indeed it has been upgraded it would update the next working day on internet banking

Is it possible it would not be getting upgraded ?, invested 75k in bond and 7k in savings, did phone him after 5pm Thursday and I am sure he said he would need to send me something to sign first, but with this postal strike it is holding things back.

So unless he could upgrade at 5.30pm on Thursday night he would need to have done it yesterday, so next business day would be Monday ?, and is it done in branch or send it off somewhere ?.

Kavanne

Well if you have to sign something then no, it won't have been done.

Dannydebt

I don't want to come across as being thick here (God forbid !), but what exactly is the point of private banking ?

DevilsAvocado

Dannydebt wrote: »

I don't want to come across as being thick here (God forbid !), but what exactly is the point of private banking ?

Private banking (or Premier banking) in retail banking - high street banks - is basically a status symbol. It's designed to try and keep customers of above average net worth with the bank, in short. They may have access to slightly better products, but in reality it's little more than straight up elitism.

The often touted benefits include having access to your own "relationship manager" - who typically will have a massive portfolio of customers and rarely contact you anyway.

moneymaker2810

Kavanne wrote: »

Well if you have to sign something then no, it won't have been done.

Got the paperwork today so they were true to their word, one Advantage private form to sign and return and one account conversion form.

One bit I did not understand was the fax / telephone authority section, woman in branch said it was one of the perks of having a private account, but I don't understand what it would be used for ?.

mclaren32

moneymaker2810 wrote: »

Got the paperwork today so they were true to their word, one Advantage private form to sign and return and one account conversion form.

One bit I did not understand was the fax / telephone authority section, woman in branch said it was one of the perks of having a private account, but I don't understand what it would be used for ?.

What the fax authority section relates to is the ability to do various things such as chaps payments and foreign payments by fax rather than always having to visit a branch or send written instructions.

Its definately worth completing as it can be a life saver.

mclaren32

DevilsAvocado wrote: »

Private banking (or Premier banking) in retail banking - high street banks - is basically a status symbol. It's designed to try and keep customers of above average net worth with the bank, in short. They may have access to slightly better products, but in reality it's little more than straight up elitism.

The often touted benefits include having access to your own "relationship manager" - who typically will have a massive portfolio of customers and rarely contact you anyway.

Some of that may be true but it depends greatly on the bank and your relationship manager as to the service that is offered, a lot of customers take full advantage of the facilities offered and often they are free.

graemecarter

Dannydebt wrote: »

I don't want to come across as being thick here (God forbid !), but what exactly is the point of private banking ?

It means I can ring up a number and a British human being will answer the phone immediately. It also means that I can do things on the phone that I would normally have to go into a branch for.
It also gives me savings rates that are not available elsewhere.

Above all, it is a convenience thing.