Help!!! Money paid into closed natwest account

YorkshireBoy

AndyinLondon wrote: »

Natwest should have written to you giving you two months' notice that they were closing your account. They are required to do this in order to ensure that you have sufficient time to make other arrangements.

They only have to give 60 days notice if they intend closing it under condition 7.1.2

If they've closed it under condition 7.1.1 it is "immediate"...

7 CLOSING OR CONVERTING YOUR ACCOUNT
7.1 Closure by us
7.1.1 We can close your account immediately if:
(a) we reasonably suspect that you have given us false information;
(b) we reasonably suspect that your account is being used for an illegal purpose;
(c) you behave in a threatening or violent manner towards our staff; or

(d) you were not entitled to open your account.


http://www.natwest.com/downloads/global_options/docs/NatWest-Ts-and-Cs-Fees-Interest-Helping-You.pdf

YorkshireBoy

ILOVETHISSITE wrote: »

Barclays are a very competent bank so are hsbc neither needed a bailout at the tax payer expense.

The Government is not/was not the only source of "bailout" money.

opinions4u

ILOVETHISSITE wrote: »

. Barclays are a very competent bank so are hsbc neither needed a bailout at the tax payer expense.

Neither needed bailouts from the British Government. But they both obtained bailout funds from elsewhere.

Barclays from the Middle East and HSBC from the biggest rights issue of all time.

Barclays, based on recent figures, have a customer service record akin to the dreaded Santander.

HSBC lost tens of billions in sub-prime lending in the USA before the Credit Crunch reached the UK. They were a key part in the start of all our problems of recent years.

Enjoy .

Mikeyorks

ILOVETHISSITE wrote: »

you would not believe it the money is sat in a natwest SUSPENSE account what a joke.

Oh I do believe it :

Mikeyorks wrote:

Virtually guaranteed the money is in a Nat West suspense account. And in the queue awaiting a 'human' seeing if they can allocate it properly. It only bounces in 3 days if it's fully automatic (no account etc). In this case there is an account - which rebuffed the payment, 'cos its closed.

ILOVETHISSITE wrote:

Has anyone had any experience, when your money is paid into a suspense account do the send you a cheaque or you have to go into a branch to collect your money??

Neither - they return it to the account of the person who initiated the transfer.

ILOVETHISSITE

The money has been in this suspense account since the 30th of last month, went into branch and the gave me a number to call.

stclair

In circumstances such as yours OP the onus is always on the sender of the payment to trace it not the banks.

So really when the incident occurred your employer should have arranged a BACS trace on the payment.

The only mistake the bank has made was mis-informing you regarding the suspense accounts.

You've got your money located now and your account is closed so you wont have to deal with the bank any longer than you have to.