NatWest (merged)

mitzy26

Right - newbie here

Having looked at my advantage gold account i realise i am paying "SSSOOO MUCH FOR NOT A LOT" so have decided to look into other accounts. Found one i like and probably going to swith BUT -

Snag 1 - Having looked over statements from last six years i seem to have incrued about £600 in the first four years - am now much better with money and have no money sucking boyf!!

Snag 2 - If i claim and they close my account the other bank wont take me on - not worth risking just in case

Snag 3 - am in overdraft so will other bank ho can match it pay my exsisting one off and transfer it to them and therefore i will not have to pay Natwest? Or do i get a new one and still pay off old one?

Also can i keep Natwest open with a nominal amount after switching complete and then claim charges? Would this be better all round?

Anyone with any help or advice please - my brain is hurting

frugalpam

mercury238 wrote:

Hi

I'm in the money claim process at the moment and send off my AQ last week. However my fiance has told me something that has got me a little concerned....
Apparently there is an investigation going on into these bank charges - due to the amount of people reclaiming them with the results due to be released in March. He says it is possible that the charges could be proved to be legal so therefore no more claims could be made. Has anyone else heard anything about this?

Haven't heard that - it's worrying. However, the fact that they've paid out millions already must surely set some precedent for the rest of us to be refunded, however the law's changed? I don't know much about law, but do know that cases are proved or otherwise based on previous judgements.

Pam

nickmack

ukpam2000 wrote:

Haven't heard that - it's worrying. However, the fact that they've paid out millions already must surely set some precedent for the rest of us to be refunded, however the law's changed? I don't know much about law, but do know that cases are proved or otherwise based on previous judgements.

To clarify this, the Office of Fair Trading are investigating bank charges. They will publish their findings and make some recommendations. This will not affect the legal aspect of the charges as such. This needs to be proved either way in a higher court. Something that looks unlikely as banks are not wishing to fully defend the cases.

frugalpam

nickmack wrote:

To clarify this, the Office of Fair Trading are investigating bank charges. They will publish their findings and make some recommendations. This will not affect the legal aspect of the charges as such. This needs to be proved either way in a higher court. Something that looks unlikely as banks are not wishing to fully defend the cases.

Thank you for explaining that, appreciated.

Pam

mercury238

yes thanks for that - was worried that having got this far , it woudl be decided that the charges were legal and as well as not being able to reclaim, i've would have lost my court fees too!

Barry1108

Hi, another newbie here. I have received my statements for the last 6 years.
I totalled everything up and charges come to £520 with interest of £96.
I sent the letter today requesting the refund of these charges, via recorded delivery to my local branch. Is there some sort of average timescale before offers are made? Or do I just sit tight now?

Ken.W_2

Regarding the OFT splash in a couple of the papers today .. I read it as the OFT think the banks are illigally charging their customers .. I was actually whooping with joy in the supermarket when I read that .. there's certainly nothing negative that I gleaned from reading the 2 front page headlines ( .. but I forget which papers they were in).

One thing that definitly caught my eye was that the OFT ( .. looking through the banks' eyes in a "worse case scenario" situation) think that the banks' could be paying out as much as £7.2 BILLION!!!

Bring it on! ..

The banks have got away with bloody murder for years and years without being challenged, it's time they were held to account.

pigginsexy

Barry1108 wrote:

Hi, another newbie here. I have received my statements for the last 6 years.
I totalled everything up and charges come to £520 with interest of £96.
I sent the letter today requesting the refund of these charges, via recorded delivery to my local branch. Is there some sort of average timescale before offers are made? Or do I just sit tight now?

Stick to your timescale and not theirs. You should allow 14 days and if no reply send LBA giving them another 7 days. You should by the time this is over at least had a letter or acknowledgement. They seem to be sending out letters stating that they have received your request but it will take 3-4 weeks to deal with. You set the timescale not them. After the 7 days, you could ring them and ask whats happening and if you dont get a satisfactory answer, court claim.

pigginsexy

mitzy26 wrote:

Right - newbie here

Having looked at my advantage gold account i realise i am paying "SSSOOO MUCH FOR NOT A LOT" so have decided to look into other accounts. Found one i like and probably going to swith BUT -

Snag 1 - Having looked over statements from last six years i seem to have incrued about £600 in the first four years - am now much better with money and have no money sucking boyf!!

Snag 2 - If i claim and they close my account the other bank wont take me on - not worth risking just in case

Snag 3 - am in overdraft so will other bank ho can match it pay my exsisting one off and transfer it to them and therefore i will not have to pay Natwest? Or do i get a new one and still pay off old one?

Also can i keep Natwest open with a nominal amount after switching complete and then claim charges? Would this be better all round?

Anyone with any help or advice please - my brain is hurting

I would open up another account as you mentioned. With regards to overdraft i am not sure how that works, never having one. With regards to claiming from Natwest. You can do this with the account open or closed. It makes no difference. I would however open up a new one just in case they shut it down.

Good luck and keep everyone informed of progress.

zacpeters

Hi Another newbie here.
I have just recieved my statements from natwest but only the last 3 years worth.
Did i need to contact them or will they send it seperately?