NatWest Packaged account claim rejected

heliaddict

Hi,

I was with the NatWest since 1992, they 'upgraded' me over the phone in 2000. They reject my claim since it is over 6 years, and they said they informed me in 2009, which is over 3 years ago.
I have basically lost a lot of money through this, and they say I can't get any of it back. Why do i read about lots of people getting their money back, yet I never seem to be eligible?

I really am in a pickle at the moment, and getting this money back would g a long way towards making ends meet.

Can I challenge their rejection legitimately? Has anyone had success from claiming from NatWest advantage accounts?

I left the NatWest last November because I had enough of them taking interest away from my savings, and charging more. I complained about them seemingly charging more interest on my credit card even though my balance was less then the previous month. I heard nothing from them over this, and they mention this complaint in the letter from them as being rejected also.

Yours desperately,

Martin.

dunstonh

I have basically lost a lot of money through this, and they say I can't get any of it back.

You havent lost any more. You can only lose what you had in the first place. You never had it to lose.

Why do i read about lots of people getting their money back, yet I never seem to be eligible?

To put it in perspective, the FOS uphold rate on packaged accounts is just 13% currently. So, about 9 out 10 people complaining to the FOS get rejected.

Can I challenge their rejection legitimately? Has anyone had success from claiming from NatWest advantage accounts?

You can challenge it if you want. However, the timebar rules are set by the regulator and they are 6 years from sale or 3 years from being reasonably aware of an issue (whichever is longer). There has to be a trigger on the 3 year timer. Typically this will either be change in the accounts again (such as a move to another account) or a letter of benefits posted to you (some banks started doing this annually many years ago). The FOS cannot look at it unless they feel the timebar is being incorrectly applied. So, do you think the timebar is wrong?

Mersey_2

dunstonh wrote: »

You havent lost any more. You can only lose what you had in the first place. You never had it to lose.



Well he clearly lost the £15 pcm in fees.





To put it in perspective, the FOS uphold rate on packaged accounts is just 13% currently. So, about 9 out 10 people complaining to the FOS get rejected.



I know you keep repeating this, but I assume that was just one set of figures (although I agree the Ombudsman 'success' rate has been 18%-30% in this area). Although, of course, that may only be because NatWest paid out so many over the past 3 years that claimants didn't need to refer their complaints to the FOS.



You can challenge it if you want. However, the timebar rules are set by the regulator and they are 6 years from sale or 3 years from being reasonably aware of an issue (whichever is longer). There has to be a trigger on the 3 year timer. Typically this will either be change in the accounts again (such as a move to another account) or a letter of benefits posted to you (some banks started doing this annually many years ago). The FOS cannot look at it unless they feel the timebar is being incorrectly applied. So, do you think the timebar is wrong?

I agree the OP can refer the matter to the FOS - as NatWest may well have upgraded the OP without informing them of the monthly fees.


[Given RBS's appalling results and further allowances for PPI and packaged account mis-selling, I think they are now taking a tougher stance and hoping to near an end of them having to refund grievances for their past errors]


Incidentally, packaged account reclaiming seems to have caught the eye of a few journalists of late. It was the main feature in the Radio Times' Money section last week and the Express also mentioned it as did Martin Lewis a fortnight ago.

Nasqueron

Mersey wrote: »

I agree the OP can refer the matter to the FOS - as NatWest may well have upgraded the OP without informing them of the monthly fees.

I suppose it's possible but very unlikely - the bank would be relying on people never checking any of their statements and querying a fee especially if they upgraded on the recommendation of an adviser who didn't mention a fee. The bank just changing their account to a fee paying one would be a big risk for either the staff member or the bank to just start charging people.

It's also an easily defended accusation if the bank has any evidence they sent out a welcome letter or package benefits letter or a recording/transcript of the call.

Incidentally, OP has not mentioned them doing this without telling him, he details that it was done in a phone call so he knew about it and reading between the lines, NatWest must have records back to 2009 showing he was sent details of the packaged account and fees hence invoking the timebar.

Mersey_2

Nasqueron wrote: »

I suppose it's possible but very unlikely - the bank would be relying on people never checking any of their statements and querying a fee especially if they upgraded on the recommendation of an adviser who didn't mention a fee. The bank just changing their account to a fee paying one would be a big risk for either the staff member or the bank to just start charging people.

It's also an easily defended accusation if the bank has any evidence they sent out a welcome letter or package benefits letter or a recording/transcript of the call.

Incidentally, OP has not mentioned them doing this without telling him, he details that it was done in a phone call so he knew about it and reading between the lines, NatWest must have records back to 2009 showing he was sent details of the packaged account and fees hence invoking the timebar.

But, as we know, one of the errors by RBS was that they did not list their packaged account fee as such in monthly statements. It was merely listed as a charge along with any others incurred.

The 'phone call merely means he knew he was upgraded. In fact in several cases, the 'phone calls have proven the mis-selling point.

But I agree with the rest of your post. A refresher pack will almost always start the time bar clock.

[Deleted User]

Evans2016 wrote: »

I would definitely advise you to persevere with this

Your circumstance is entirely different, of course.

dunstonh

I was frankly stunned to get this as I'd assumed they would have used the timeframe as their argument and I would have had to fight and refer this to the Ombudsman.

Had you changed from the packaged account to another account with the same bank in 2011 then they could apply the timebar. However, account closure doesnt trigger the timebar clock.