Natwest/RBS 2.85% esaver

zermattbusby

Hi all... a quick question regarding interest paid into my account on the 30/11/2010

Why is it shown as two separate amounts ?

30 Nov £--
30 Nov £--

Thanks in advance

SnowMan

zermattbusby wrote: »

Hi all... a quick question regarding interest paid into my account on the 30/11/2010

Why is it shown as two separate amounts ?

30 Nov £--
30 Nov £--

Thanks in advance

They show the ordinary interest and the bonus interest separately. So one is the 1% standard interest and the other is the 1.85% bonus interest.

fitzroy

You don't give the precise amounts but the lower of the two figures will be for 1% interest and the higher will be the bonus of 1.85% (gross).

bawbee

I am a new customer of NatWest having recently opened an E-Savings account. A letter from them, dated 30 Oct confirmed that my account had been opened. My application reference number was 20101019*****.

Having read of the experiences of others on this thread I considered it prudent to phone NatWest in order to establish, beyond any shadow of doubt, that I would receive from 15 Nov the bonus rate of interest. The call centre employee said that I would. Since I was going to deposit a substantial sum I asked her to consult with her supervisor just to make sure that the information that I was being given was correct. The supervisor confirmed what had been said by the first staff member.

Lo and behold, when checking my statement on Sat 4 Dec I find that I have not in fact had the benefit of the bonus rate. I immediately phoned NatWest and after a bit of debate with me, and consultation with her supervisor the employee informed me that I was indeed entitled to the bonus rate and that I would be getting a phone call or letter to confirm this.

The following day I received the expected phone call. I was astonished to now be informed that I was not entitled to the bonus rate from 15 Nov but that it would be applied from 15 Dec!! My response was that this was not acceptable, and that whereas I would have, up until that point, been content with a remedy which gave me the bonus rate from 15 Nov I would now be looking for additional monetary compensation. At this point the NatWest member of staff said that she would look further into the matter and would phone the next day.

I got the awaited phone call this morning. So, I have now received an apology, the bonus interest to which I felt entitled added to my account, and the additional financial compensation I claimed[on reflection I should have asked for more].

The thing is though, I got the impression that the last caller from NatWest was trying to direct much of the the blame for my situation on the call centre staff[a total of at least four persons including two supervisors] for advising that I was entitled to bonus interest from 15 Nov. I have a wee suspicion that, although she was pleasant enough, it was the last caller who got it wrong!

All in all then, this was not NatWest's finest hour

---

a bit of a disgrace really.

SimonM_2

Does anyone know of other places to go beyond the FOS and FSA about issues with NatWest (both on an account specific level and general wider issues)?

Whilst the FSA regulate the banks, they are unable to deal with individual cases and also unable to provide feedback on the outcome of their investigations due to confidentiality, so whilst giving details to them of your concerns may be worthwhile, you may never see the actual outcome or get any personal return for the losses or inconvenience. I'm not particularly after money over and above what I'm meant to have, I want good service.

h176

I'm not aware of any other organisations to contact about financial institution complaints, apart from the FSA & FOS.

I've already sent all copies/documents, regarding my complaints/issues with the NatWest esaver advert, to the FSA. As SimonM mentions, the FSA won't provide any feedback whatsoever. I did phone the FSA just to confirm they had received both of my letters, my original letter containing the revised advert provided by NatWest, my second one containing the original advert gained through this forum, as NatWest were & still are incapable of providing me with their original advert... The FSA have received all documents, but I won't now hear any more from them.

Yesterday I received my 5th letter from NatWest Customer Care Team (signed & sent by Adviser number 5!), basically repeating the previous 4 letters, the only difference now being that they are 'referring my complaint to the Head of their Savings department'. I suspect this is just another 'stalling tactic', & will be calling them tomorrow for any response. If there isn't any, then I'm photocopying everything & sending it to the Ombudsman & the Daily Mail, who should have a field day with it all!...

h176

Just rang NatWest Customer Care Team (Manchester) for an update re. my complaint regarding their misleading original esaver advert.

The advisor "couldn't make any comment as it is now in the hands of their legal team".

So, still none the wiser, but a final letter will be sent to me hopefully shortly. It has at least progressed to a different department!.....

Keep you posted.

miller

Does anyone remember the story of David Cannon?
http://www.telegraph.co.uk/finance/4469961/The-muck-stops-here.html

SnowMan

Just had a reply back from the FSA asking for more information and stating their understanding of my complaint against the FSA for not taking action on the misleading advertisement. Here is the relevant section. I'll keep you informed of progress............


Our assessment of your complaint

You claim that on 7 October you reported a misleading advertisement on the Natwest website regarding e-saving account. You allege that this was not corrected until 18 October 2010.

You allege that you phoned the misleading advertisement helpline at the FSA on 11 November 2010 to provide further information which you had located on moneysavingexpert.com. You state that you were informed by the helpline that they would not be able to accept the information as it was provided by a forum and was not individual information, they therefore would not be able to investigate the matter further.

You allege that the FSA should have taken the information and conducted an investigation and that in not doing so, it was not fulfilling its role.

Our investigation

Our investigation into your complaint will include liaising with the Customer Contact centre and appropriate areas whether or not the FSA acted with a lack of care.

Please forward to us by 24 December 2010, any evidence that you feel substantiates this allegation.

h176

SnowMan, did you send the Google Cache version of the original advert to the FSA (as per JunkMail 42's #401 post), or your screenprints?

I sent the Google Cache version, which, as far as I'm aware, cannot be altered & is therefore acceptable evidence.

The only problem now is that, as I'm sure you're already aware, it has expired!..... (or possibly been removed by NatWest?)

The FSA haven't come back to me about the advert, but as they made it clear @ the time, they won't provide any feedback.

Just hope I haven't wasted my time & copying/postage expenses?!........