Natwest/RBS 2.85% esaver

Baldur

junkmail42 wrote: »

Where do you get this from?

If you read the post by Tippytoes again, you see that it refers to Nationwide, not Natwest......

junkmail42

Baldur wrote: »

If you read the post by Tippytoes again, you see that it refers to Nationwide, not Natwest......

Ah....That would explain it. Must be going word-blind from all the small print I've been reading lately.............

SimonM_2

Not directly related to the e-savings account, but the "Important Information" leaflet issued by NatWest from November 3rd 2010, detailing changes to the Terms and Conditions, has yet another error in it - NatWest will no doubt claim it's another of their "typos", but two separate Important Information leaflets two months apart, both with typos? And their Terms and Conditions from June and September also with mistakes? Doesn't give me any confidence in NatWest as a bank, how can I believe anything that they send me?

SnowMan

Devonjem wrote: »

I did though refer to the British Bankers' Association Code on the advertising of interest bearing accounts - something they should know and abide by so that is hardly new information.

Some quotes from Nat West's own leaflet (pdf file) about the banking code on their website made me chuckle.

We will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services.

We will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply

We will publicise this Code, have copies available and make sure that our staff are trained to put it into practice

djlest

TIME TO GET TOGETHER ON THIS -

I think by now we can safely say that scattered around is enough people with enough data, letters, and screenshots to use as a valid case against Natwest.

Unfortunately ROLLING HOME inbox is full with requests - and finding the data and sitting down to write complaints can be quite a Chore for most of us.

So how about an EASIER method for us all to TAKE A STAND against NATWESTS Blatant Transparencies.

I propose we UPLOAD all of our (screenshots, Cached Images, Letters of Complaint, PDF files of T&C etc) to a server.

That way - when others stumble here and want to take action, we are all submitting the same case with the same correct info and everyone can download this and open their own case without the Cache expiring.

This way Natwest will receive more complaints and may actually consider doing something Morally Correct.

If others can forward to my email address your previous TEMPLATE Letters of Complaint - this means that others can use them to quickly draft their own with all the facts to use against Natwest. (P.S> please do not send any personal info or case numbers - just the template letters are fine)

Also The Google Cache i think has expired - they don't last forever - so having backups is essential before they go offline.
This is why its important to start a mass complaint now and make sure screen images can be downloaded and circulate to gather more steam against Natwest.

I will then upload all of our Combined files to MEDIA FIRE and post the link here for others to download the entire case that all of us are collaborating on.

If you have any Tidbits please forward to the email below - I will make sure this Complaint goes VIRAL against Nat west for the simple reason -

Its not Right and their response so far has been completely inadequate.

Keep this One rolling people

djlest_uk at hotmail dot com

Kind regards
dj

SnowMan

Would be interesting to hear experience on how Nat West are now dealing with complaints on this.

I haven't had to complain myself but if it helps here is a template complaint letter based on available information from this thread (see post 398 on who to send it to)...............




Template complaint wording

Dear Nat West


Complaint - e savings account {add account number}

I opened an e-savings account with Nat West on {date} on the basis of information from Nat West that a bonus of 1.85% would be paid for the first 12 months. However it now transpires that the bonus does not start to accrue until the 15th of the month after the account was opened. As a result I have lost out on 1.85% bonus interest from {date of account opening} to 15/11/2010 {probably}

The account was advertised by Nat West on line via a webpage with a number of tabs, as shown in the attached example screen print {copy this from the screenprint in post 370}. From the screenprint for example you will see that the account is wrongly advertised as having a bonus of '1.85% payable for the first 12 months.' The rates and important information section tab did not give any information as to any possible delay in the bonus. The only indication that the bonus did not start immediately was by clicking on the common questions tab choosing and reading the 16th of the questions there (and even then the wording was unclear until when the common questions wording was changed on 8 October). The bonus was also incorrectly described elsewhere for example the main Nat West personal savings page which linked to the tabbed information page described the bonus as 'Get a bonus of 1.85% Gross for 12 months from account opening'

The web page information was finally corrected on or around 18th October to describe the bonus more accurately (the offer itself was withdrawn on 21st October I believe).

In the written information sent out by Nat West with the account the only mention of the delay in the bonus was in a small footnote of page 40 of the Important Information booklet; to put that into context that booklet is 66 pages long with about 800 words per page and contained other material errors about the account such as a net interest rtae of 2.82% (should have been around 2.28% net)

I only found out about the correct information detailed above when {insert date and reason e.g. reading this forum}

I would therefore like to complain about the loss of interest because of the material errors by Nat West.

I understand from your leaflet on the banking code that you state 'we will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services' and, 'we will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply'. Despite this and although the website error was also pointed out to you by some of your customers at a very early stage no prompt correction was made.

Clearly a large number of your customers have been affected by this and would like to know what measures you will be taking to contact all customers who have opened this account to inform them of the incorrect advertising on this account. I understand that at least two people reported the advertising to the FSA misleading advertising helpline on 7 October.

I am keen to resolve things quickly {add details of how you have already tried to resolve it informally}. However if you are unable to uphold my complaint (or to respond within 8 weeks} I feel I will have no option but to take up the matter with the financial ombudsman.

Your truly {and try wriggling out of it now :rotfl: }

djlest

Excellent Stuff Snowman -

Yes it would be great to hear some feedback on how the others have been getting on.

Also what methods of the Complaint procedure have been used. Whilst emailing and making a complaint Via the Feedback form is the easiest - is it actually providing its users with Complaint numbers or Reference numbers.

Who is actually emailing complaints - and who is printing and signing them and sending via the Free Post address - which i will just add again is:

FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire, Retail CSC, 1 Victoria Place, Holbeck, LS11 5AN.

h176

I've sent a letter & a copy of the ORIGINAL advert, by Recorded Delivery, (from Google Cache) to NatWest Customer Care Team, Manchester Retail Customer Service Centre, 1 Hardman Boulevard, Manchester, M3 3AQ, (tel 0845 3003383) pointing out all the revisions that they later made to the advert, & all the errors in the application letter & Important Info booklet.

I've insisted on 2.89% AER from day of account opening, compensation for time & money wasted, & a letter of appology from the Head of Savings @ NatWest.

If I don't receive the above, I'm passing on all info to the Ombudsman & Daily Mail.

Keep you posted.

fitzroy

Before I make a complaint could someone calculate the interest I've received?

October 29th gross interest received as non taxpayer on £33,707 invested = £23.92 and £25.86. Was I paid bonus @ 1.85% or 1.89%?

Thanks.

h176

Fitzroy, I may be completely wrong, but;

£23.92 is; £33,707 x 1.85% bonus = £623.58 per year. Divide by 365 days in year = £1.70843 per day. Multiply by 14 days (15 Oct to 28 Oct) = £23.92!
£25.86 is; £33707 x 1% standard = £337.07 per year. Divide by 365 days in year = £0.92348 per day. Multiply by 28 days (1 Oct to 28 Oct) = £25.86!

i.e. your bonus interest started EARNING on 15 October, PAID on 29 October.

COMPLAIN!!!