Natwest packaged account success, or is it?

sanos

Just a few days ago I called Natwest to log a complaint about being mis-sold a packaged account, i.e. Natwest Gold Account.

I have been with the bank since 1989 and in October 2000 I had call to go into my branch and was offered the Natwest Gold Account, stating I would get better rates on mortgages, overdraft facilities and loans (nothing more than that).

Since October 2000 I have been paying the appropriate rates but at the point of sale, benefits were not fully explained.

I have a joint account with my husband and both of us have disabilities and the benefits offered were never suitable for us. I explained all of this in full to the lady in customer complaints and she kindly offered to look into it.

Today I received a letter stating "Having considered all the information, I agree with your complaint, please accept my sincere apologies that this has happened". Obviously I was delighted but having read further the investigator goes on to explain her investigations!!!!. She advised all of the different rates charged over the years and that I had received a preferential rate for an overdraft facility whilst holding the Advantage Gold Account and also a 1% discount on a loan! She then calculated these savings and deducted it from any payment I would receive!!!!! Not only that she then goes on to say that because in May 2011 and August 2011 they sent out notifications of changes to the account, which also explained the type of account we held and further states "We feel the notices ought reasonably to have made you aware of t

So because of the notifications in 2011 they will only refund any account fees up until that time, Although I have been paying the Advantage Gold Account Fee until February 2014.

Summing up: With the deductions they have made for the overdraft facility, the 1% interest on the Loan and the deduction of the additional 2+years account fee, they have deducted in excess of £1000.

Am I being unreasonable? and if not, do you think that if someone states, prior to giving their summary, " I Agree with your complaint, please accept our apologies that this happened" It means the whole of the claim and the total financial expenditure, not two years less?

I would also like to point out that Natwest have already paid the amount they feel is owed into my account, without any further conversations with myself or my husband?

Thoughts anyone. Thank you

Macca83_2

To me that sounds fair and reasonable.

You have benefited from the account over the years despite the insurances not being suitable for you and they have taken this into account. Do you really expect them to write off the preferential rate and savings you received in overdraft charges over the years and pay you this as well?

I'm 2011 they wrote to you and advised you of the benefits of the account, because you threw this away and didn't read it properly, do you expect for them to pay for that?

And finally, yes they can pay whatever they like into the account without consultation from you and your husband. If you are not happy with the decision you can take it up further with the ombudsman.

I realise in typing this out and re-reading it, that I sound harsh. That is not my intention but I do feel that the decision made has been fair.

[Deleted User]

Macca83 wrote: »

To me that sounds fair and reasonable.

I mostly agree, although the letter written in 2011 hardly made the benefits more suitable for the OP than they were already.

Regardless, OP has the option of referring the complaint to the Ombudsman.

Macca83_2

Moneyineptitude wrote: »

I mostly agree, although the letter written in 2011 hardly made the benefits more suitable for the OP than they were already.

Regardless, OP has the option of referring the complaint to the Ombudsman.

No you're right. It doesn't make the account more beneficial, but on receiving the letter at that point, it was up to the op to say this account really isn't for me and to have cancelled it.

-taff

sanos wrote: »

Am I being unreasonable? and if not, do you think that if someone states, prior to giving their summary, " I Agree with your complaint, please accept our apologies that this happened" It means the whole of the claim and the total financial expenditure, not two years less?

I would also like to point out that Natwest have already paid the amount they feel is owed into my account, without any further conversations with myself or my husband?

Your [or any] successful complaint means you should be put back in the position you would have been in ifyou hadn't paid out that insurance [or account fees] in the first place.

Your complaint was successful and they have done this.

I very much doubt any further complaint will see you net more money.

sanos

Thank you for your responses and yes, having read through it again and had time to think about the complaint I do agree that any preferential payments received should be deducted.

However with regard to the non payment of fees from 2011, I am afraid I do not agree. The account was mis-sold and although they may have sent the letters out in 2011 it doesn't make the miss-selling right. I have had the account since 2000, where were all the letters in those eleven years. When writing the letter the bank clearly accepted the complaint was warranted and apologised that this had happened and for that reason I feel all account fees should have been returned.

In one of the responses you say that in 2011 it was up to me to have read it and cancelled it but in 2000 the Bank should have made sure that what they were offering suited my needs and was fit for purpose, they did not do this.

I agree that I should be put back into the position if I had not paid out the account fees and therefore all of the fees should have been repaid, less any beneficial rates given. I think that would have been truly fair.

sanos

Thank you for your response and I am reasonably happy with the outcome. As I tried to point out in my post if I received preferential rates, I would expect them to deduct this, however I still feel that it was not right to deduct over two years accounts fees because they decided to write a letter some eleven years after the account was sold. I would merely like what I have paid out and no more than that. Regards

sanos

Thank you for your input and I agree with your comment. However I am not as they have decided not to repay the last 2 years 4 months because of the letter they wrote in 2011. I am happy for them to deduct any preferential rates received but I do feel that I should have received a refund for all account fees. That way the bank have not lost anything and neither have I. Regards

-taff

You were made aware of the account in 2011. It was your choice only to complain 3 years later.
They could have timebarred your complaint entirely.