How long to banks keep records

jones1967

I have asked my bank Natwest for a copy of my bank account application form, as I have a dispute with them over what I actually signed for all those years ago with the charges that I knew nothing about.

I have been told by them they do not have my original application as it was over 5 years ago,,, my question is simple... How long to banks have to hold copies of you bank account applciation I thought it was 7 years and then microfished but I can not find anything definate can anyone help ... ONLY NATWEST PLEASE can not find any guidelines what are banks told by the FSA to do with application, surely if they can not prove I signed for something they still can not charge me years later ???

Pee

I think they have to keep records for six years.

I would say having tried to get earlier records from several banks, for work, I am of the opinion they genuinely have very poor records that do not go back much further than the six years.

opinions4u

surely if they can not prove I signed for something they still can not charge me years later ???

As you will have been mailed numerous "change to terms and conditions" notifications over the years, and not opted out by repaying any outstanding balance and closing the account, you have clearly accepted those T&Cs.

Grow up. Face your responsibilities and manage your finances better.

jen245

You would have been sent a welcome pack with booklets outlining the terms and conditions of the account you applied for, did you not read them?

zppp

You are likely to be deemed as accepting the terms and conditions of the account, as you have used the account, and as others have said, updates to the terms and conditions will have been sent out and applied unilaterally.

EarthBoy

I would be surprised if any bank bothers to keep copies of your initial application forms for longer than a very short period of time.

What you originally signed for is irrelevant. As others have said, you will have been notified of changed to conditions many times, so it's what the conditions are now that matters. You don't honestly think that you signed for an account whose conditions could never be changed, do you?

jones1967

thanks for all your replies, the point that I was trying to make is this monthly fee was sold as a membership fee, and they quote this on their letters to me. Infact it is not a membership but some bolt on to the account which I did not need to have, Obviously selling something as one thing when it turns out not to be what it suggests. The T&C updates are basic as do not state you can Opt out, so I wanted to get a copy of the original application to see how the product was originally sold on the application to see if there was an opt out option on the application. I DO NOT OWE any money it monies they have taken off me for this membership fee that I am unhappy with over 8 years its a lot for a service I didnt need/use/want however as the national newspapers have also picked up on this banks membership fee I am not the only one who obviously was mis-sold. Please I know banks only have an obligations to keep applications for 6 years this is easy to find I just wondered if anyone DEFINATELY knew if Nat West Fische them as I know for a FACT that HSBC hold them since 1981 on fische,,,

jones1967

Please note this was not a Loan so no outstanding balance its a normal bank account that had a membership fee that I am in dispute over. The various T&C I have received have NEVER given details/changes to the membership fee or what it is for, the only T&C changes I have are relating to the overdraft facility on the account (which I do not use) apr rate changes thats its. So think I will go down the subject access request to see what they have on their systems. and get a copy of the current application for this account to see what it says. As a major national paper has already run a story on Natwest and as it states its mis selling this accounts membership I guess I am not the only one..

mattcodes

Probably referring to Natwest Gold.

This was sold pretty hard several years ago and some of the tactics were questionable. I remember I was talked into on the basis I'd save X,Y,Z guaranteed (not true), despite protest I eventually accept as it was 3 months free, of course you forget in the meantime. Benefits were largely worthless. It took several months before I had a day off to go and downgrade the account (maybe you can do it online/phone now). I never got the money back.

Perhaps the original poster was sold this as a condition of opening an account, and may qualify as mis-sold?

If you can reclaim the membership fee, even via a technicality of not having the signed agreement, then I'd say go for it, ethical/morally I dont see a issue here.

stclair

When was the account opened?

Why are leaving it so long to question the charges?

Have you now downgraded your account as a result of this?

coolesticeking

How long have you been paying the monthly charges for?