Natwest Overdrawn charges refunded. Wasn't overdrawn in the first place.

vratnayaka

Hi,

I moved banks 3 years ago from Natwest to HSBC and forgot to close my first reserve (savings) accounts. It had a balance of £1. I couldn't be bothered to close it, therefore it was just there accumulating interest on my £1.

About three weeks ago I received a letter saying they had mistakenly overdrawn my account and they have noticed this and deposited £256 pounds to compensate for this. I assumed that they actually overdrew £256 and deposited it back therefore ignored it.

Today I got the monthly bank statement in the post and I have £256 pounds in my account. I used to be very broke 4 years ago, when I was at uni and had several overdraws. Could this be a refund from back in the day, when they mistakenly withdrew money and now realised it, and paid it back? I doubt if this is the case.

The second reason could be that they made a mistake. With all the trouble they've been having for the last few weeks, they thought they had overdrawn my account as my bank account was on £1 and deposited £256.

The question is do I give the money back? Considering the amount of trouble the bank have been putting people through the last month or so, they don't deserve it back! But then again I am no one to be challenging a multi million bank!

What do you Moneysavingexperts think I should do?

madgagoo

It's likely that they are unpaid item fees not overdraft charges (did you have direct debits on the account?) and the bank has recently decided that these should not have been charged on a savings account and has automatically refunded them plus an interest credit as well.

If this is the case then I would take it the money is yours. I'd you want to check then ask a branch to order transaction history lists for the last 6 years, if there are unpaid item fees that have been charged then this is what you have been refunded.

vratnayaka

thanks for your reply madgagoo, yes I did have direct debits on the account and several of them got cancelled many times and I have been charged for these cancellations many times, however this was 4 years back. Why would they pay it back now? Would I get in to trouble if I transfer this money in to my HSBC savings account?

innovate

Put it in a savings account and keep it there for at least a year, in case they want it back.

vratnayaka

Just read this thread,

forums.moneysavingexpert.com/showthread.php?t=4026639

This happens to be the same letter I received. So I am assuming that they are refunding me the money they owe me from overdraft fees! I had many direct debits cancelled and was charged for them. (unarranged overdraft charges) I think it's safe for me to move this money in to my other savings Thank you Natwest!

callum9999

vratnayaka wrote: »

Just read this thread,

moneysavingexpert.com/showthread.php?t=4026639

This happens to be the same letter I received. So I am assuming that they are refunding me the money they owe me from overdraft fees! I had many direct debits cancelled and was charged for them. (unarranged overdraft charges) I think it's safe for me to move this money in to my other savings Thank you Natwest!

Probably yes, but making assumptions when it comes to hundreds of pounds isn't the wisest thing in the world to do.

cte1111

I'd write back asking them to close the account and transfer the money to the account that you are now using. It sounds clear that they are following a policy of refunding some old charges, as other people have had the same letter, so congratulations on the windfall.

stclair

vratnayaka wrote: »

Just read this thread,

forums.moneysavingexpert.com/showthread.php?t=4026639

This happens to be the same letter I received. So I am assuming that they are refunding me the money they owe me from overdraft fees! I had many direct debits cancelled and was charged for them. (unarranged overdraft charges) I think it's safe for me to move this money in to my other savings Thank you Natwest!

Is genuine just spend the money.

Its a refund of charges due to an incident that happened more than 2 years ago.

vratnayaka

I will transfer it to my HSBC eISA. Thanks All.