Natwest Standing Order Problem

YorkshireBoy

I don't want to say "that's how it is - put up with it!", so I'll have another go...:)

smithsfan wrote:

Perhaps I am doing my lawyer trick but...

I think you are, but...

The funds were in my bank account however, the terms you have kindly sourced and posted do not say that they will be taken out of the bank account.

...at the risk of repeating myself, they reserved the funds when they ran the processing at the end of the last working day before the day you told them to carry out the standing order instruction.

They simply took away the opportunity for you to spend what you couldn't replace in time for Monday's scheduled payment.

This was done to prevent you from incurring charges on your account.

Like I said before, it works both ways. If you had credits coming in on the Monday, these would have shown on your account on Saturday morning's balance (if you have online/telephone access).

smithsfan

I am glad that you know that Yorkshireboy...

But while I agree your statement because it sounds plausible, the fact is the terms and conditions do not back up your statement. If anything, there is a degree of ambiguity about the statement; I am sure you would agree with that.

YorkshireBoy

smithsfan wrote:

If anything, there is a degree of ambiguity about the statement;

You'd have to take that up with NatWest.

I am sure you would agree with that.

Actually, I'm in the camp that says "OK, that's the way it is - lets work around it".

Just one final thing; although the money wasn't available to spend, it was earning (in this case a pitiful amount of) interest for you over the weekend.

stuartinlancashire

I used to work for RBS and can confirm that what happened was that the money was reserved by the banking system as it knew it was to be sent on the Monday. If you had BACS credits that where due to hit your account on the Monday they would also have been shown on your Sat/Sun balances.

I know this is standard practice for RBS and assume it is the same for NatWest (they operate on a seperate system to RBS so am not 100% sure). As for other banks I would imagine the same thing would happen as I understand that banks tend to use a fairly standard back office system, it's only the bits at the front end that differ.