NatWest Bank Account

ses6jwg

why not try another bank

jalexa

willo65 wrote: »

In theory as the op was offered the credit restricted version of silver he/she can't go overdrawn so won't get charges of £6 a day

That *may* be the case but I don't think the post stated so.

Overdrafts (on all Select accounts) are "subject to status" but were does it say in the product information there is a "credit restricted" version of Select?

An overdraft on "free" Select is also "subject to status". This "railroading to Silver" is sharp practice when a "free" Select (without overdraft and/or chequebook) would deliver exactly the same "risk profile".


Later edit - almost worth a seperate post

Is it your understanding that "credit restricted" (whatever product that is) prevents an overdraft occuring or is it an account with a zero overdraft limit (which charges £6/day on unathorised overdrafts)?

willo65

jalexa wrote: »

That *may* be the case but I don't think the post stated so.

Later edit - almost worth a seperate post

Is it your understanding that "credit restricted" (whatever product that is) prevents an overdraft occuring or is it an account with a zero overdraft limit (which charges £6/day on unathorised overdrafts)?

The op didn't need to state specifically, when completing an application depending on credit check you are offered all accounts or credit restricted accounts only (silver/basic) the "credit restricted" version works the same as step/basic account.

jalexa

willo65 wrote: »

The op didn't need to state specifically, when completing an application depending on credit check you are offered all accounts or credit restricted accounts only (silver/basic) the "credit restricted" version works the same as step/basic account.

I'm not qualified to disbelieve you but where in the product information does it refer to and describe "credit restricted"?

I'd like to know because I have "free" Select (with a modest but never used overdraft limit) and I'd like it to be "credit restricted and "work the same way as the Step/basic account".

willo65

jalexa wrote: »

I'm not qualified to disbelieve you but where in the product information does it refer to and describe "credit restricted"?

I'd like to know because I have "free" Select (with a modest but never used overdraft limit) and I'd like it to be "credit restricted and "work the same way as the Step/basic account".

It doesn't, when you do an online app for a new account if you qualify for all accounts select silver should be listed twice and under the account type it should say something along the lines of "credit restricted, no overdraft or chequebook". If you want a credit restricted account then you would need basic/silver.

jalexa

willo65 wrote: »

It doesn't, when you do an online app for a new account if you qualify for all accounts select silver should be listed twice and under the account type it should say something along the lines of "credit restricted, no overdraft or chequebook". If you want a credit restricted account then you would need basic/silver.

As I say I am not qualified to disbelieve (inside information) but I cannot see any reference in the Natwest fees and charges information to support your argument that there is such a thing as "credit restricted" Silver Select, that is an account that is not subject to the "possibility" of £6/day unauthorised overdraft charges.

Unlike the Basic Account which is only liable for "Returned Item Fees".

If you are arguing with "inside knowledge" can you please post a link to the relevant product information, charges information and Terms and Conditions that supports the concept of "credit restricted" Select Silver not being liable for £6/day unauthorised overdraft charges.

willo65

jalexa wrote: »

As I say I am not qualified to disbelieve (inside information) but I cannot see any reference in the Natwest fees and charges information to support your argument that there is such a thing as "credit restricted" Silver Select, that is an account that is not subject to the "possibility" of £6/day unauthorised overdraft charges.

Unlike the Basic Account which is only liable for "Returned Item Fees".

If you are arguing with "inside knowledge" can you please post a link to the relevant product information, charges information and Terms and Conditions that supports the concept of "credit restricted" Select Silver not being liable for £6/day unauthorised overdraft charges.

The reason I said "in theory" is because it doesn't say in the t's & c's or product info so I cannot say 100%. However by doing an app online you can see for yourself the two versions on offer or pop in to a local branch and ask.

willo65

I have just had a thought it is possible to go overdrawn if you have £0 in the account when the £8 account fee is debited. I have yet to see this situation, however I still believe with credit restricted version the £6 per day wouldn't apply.

jen245

It is possible to go overdrawn, and you will be charged regardless of whether you are credit restricted or not on the Select Silver account. And just to clarify, it is not the account itself that is credit restricted, it is the customer. If you are not eligible due to your credit profile for certain features of the account such as an overdraft, chequebook or offline debit card, you wont be offered them, simple, but the account terms and charges are the same for everybody.
If Natwest wanted to, they could offer the Select account without overdraft/offline card, as they used to previously with the Current Plus account, but it seems they dont want to, so its either the Basic account, or the Select Silver. At least with the Silver account, if you run it well, you would probably be eligible for the full account benefits after 6-12 months of having the account without having to apply for a new one

willo65

jen245 wrote: »

It is possible to go overdrawn, and you will be charged regardless of whether you are credit restricted or not on the Select Silver account. And just to clarify, it is not the account itself that is credit restricted, it is the customer. If you are not eligible due to your credit profile for certain features of the account such as an overdraft, chequebook or offline debit card, you wont be offered them, simple, but the account terms and charges are the same for everybody.
If Natwest wanted to, they could offer the Select account without overdraft/offline card, as they used to previously with the Current Plus account, but it seems they dont want to, so its either the Basic account, or the Select Silver. At least with the Silver account, if you run it well, you would probably be eligible for the full account benefits after 6-12 months of having the account without having to apply for a new one

I can say categorically that if you have the credit restricted version of silver in the same way as the basic account unless you are pre approved for an upgrade you wouldn't be able to get chq book, overdraft or card upgrade without applying for a new account.