NatWest First Reserve Huge Changes

p2600

To NatWest First Reserve customers, who have had long established standing orders, direct debits and Visa debit cards. You will have recently received three letters.

1) A polite request from NatWest to cancel your standing orders and direct debits.

2) A letter stating that expiring Visa debits cards will be replaced by ATM cards.

3) A letter stating that on September 18th 2013 all standing orders and direct debits may be cancelled.

This is a thread for the purpose of discussing the challenge presented by NatWest and to establish any work around, if you plan to continue the use of First Reserve.

Letter One, is a REQUEST. You are not obliged to honour a request. You do not need to cancel your standing orders or direct debits.

Letter Two, ATM cards are not simply being issued in August, they are only being rolled out as Visa debit cards expire. If your card is set to expire in a year or more time, then you are one of the lucky ones. Keep hold of it and don't lose it.

If you lose your Visa debit card, it will be replaced by an ATM card.

Letter Three, is a little more direct, it suggests the possibility that the bank will cancel all direct debits and standing orders.

Personally, I don't mind, I will wait and see if they can actually pull this off.

There is a possibility its not easily possible, standing orders and direct debits may still exist if not cancelled by the customer themselves.

lolavix

In regards to the standing orders and direct debits it was always in the terms and conditions that you couldn't have them on a first reserve, but the system allowed it

opinions4u

1) They have given you the notice required to change the T&Cs of the account.

2) There's nothing you can do about it. You either accept it, close it and move on or wait for them to withdraw the debit card and cancel your standing orders and direct debits.

3) There are other banks and other bank accounts that do direct debits and standing orders.

stclair

Plus there was a loophole as if a direct debit or standing order bounced legally they couldn't charge you either. That's why some customers got proactive refunds last year.

p2600

I have found a workaround for one of my direct debits. Virgin Media.

NatWest allow me to use their bill paying service:
billmanagement . natwest . com

I have just set it up and will be transfering my virgin media bill over to this system when (if) they cancel the direct debit.

webmasterpolo

Hi

Easy option is to open a LTSB Vantage account and get upto 3% on the balance (max £5k). It is in effect a savings account with the full additional benefits of a current account eg DD, debit card, cheque book etc.

-Web

p2600

Thanks webmasterpolo. Do you happen to know, is there any mechanism to fine or charge on the LTSB Vantage? i.e. is there any circumstance in which LTSB can charge you for something?

innovate

There sure is. Like all banks/BSs, Lloyds publish their fees and charges on their website.
http://www.lloydstsb.com/rates-and-charges.asp

stclair

p2600 wrote: »

I have found a workaround for one of my direct debits. Virgin Media.

NatWest allow me to use their bill paying service:
billmanagement . natwest . com

I have just set it up and will be transfering my virgin media bill over to this system when (if) they cancel the direct debit.

I think the Bill Management Service sends the payment via DD also doesnt it?

dr_adidas01

p2600 wrote: »

Thanks webmasterpolo. Do you happen to know, is there any mechanism to fine or charge on the LTSB Vantage? i.e. is there any circumstance in which LTSB can charge you for something?

Yes as its a current account, so like any bank account if a direct debit bounces then you will get a charge.

If you use the account and go into an overdraft authorised or not authorised there is a charge.

Sorry the days of you using your Natwest first reserve account like you have been, have gone.

There is no other savings account like it that issues a visa debit card for use like the First reserve account did.

So your going to have to open some sort of bank account even if you don't like it.

There are many people whom have normal current account and don't get charges and use there accounts responsibly.

If you run an account the way you say you have been running your first reserve account then you wont experience any problems using it!!!!

p2600

Personally, after the bank charges fiasco, I chose never to use a bank account again.

I much prefer having my money in a system in which there is no mechanism at all for a charge to be made.

I can use my visa debit card until 2015, I guess pay all my bills with that. After then well. Perhaps using only cash and no visa will make me better off.

Ahem "helpful banking" Ahem...