Nat West Gold Plus Account Closing

Phil_Minton

I was contacted by letter in November to inform me that my long standing Natwest Gold Plus account is to be discontinued. It has an overdraft facility and associated Gold Mastercard which is also being phased out, firstly by stopping the earning of reward points on the 18th December and then finally closing on 31st March 2016.

The issue is I paid the annual fee of £85 in June and Natwest are unwilling to refund any portion of it even though they have withdrawn the account.

If calculated at a daily rate, the refund due now would be almost £42 and for every Gold Plus account holder whose account charge was made from April 2015 onwards - Natwest are withholding money for services they will no longer provide.

Wondered if anyone else had similar problems or views on this?

Phil

Goldiegirl

I just wondered if the fee was paid in advance or in arrears?


If the fee you paid in June was for the previous years service, I could understand why they wouldn't refund


But if the fee was paid in advance, for the year June 2015 to 2016, then it would be unfair if they wouldn't consider refunding a portion of the fee


Although the way I look at it , it's less than your figure of £42.00


I'd expect the period April 2016 to June 2016 to be refunded. If £85 is divided by 12, the result is £7.08. £7.08 x 3 = £21.24. So a refund of around £20 to £25 would be more appropriate.


What reason have they given for not considering a refund?

Phil_Minton

Thanks for the reply.

No reason was given for the refusal, it was the response to an online inquiry I made before deciding what to do about the account. They were quite happy to give me advanced acceptance of their Black Card at another £84 annual fee but I'm not falling for that one again and will be looking at other options. Besides, I wouldn't qualify for the Black Card acceptance conditions at any other time.

My main reason for posting was see if anyone else was affected and especially seeing that Natwest benefit from keeping whatever the balances are of the advance annual charges.

Thanks again