Nat West Advantage Gold packaged bank account

valentinesands

Hi all,
I have heard back from Nat West about my packaged bank account which I held for years and I was told I had to have to be eligible for an overdraft.
Basically they are saying that because I used the overdraft (although none of the other insurances etc.) I wasn't mis-sold it and I don't have a claim. Is this the case, from anyone with experience of this?
Thank you in advance

Mersey_2

No. I can understand them arguing a claim is time barred, but not this.


I'd refer it to the Ombudsman (FOS). You can do this online or telephone them and they'll post you a form to sign.


I successfully reclaimed NatWest Advantage Gold Account packaged fees, plus 8% pa interest and a small amount of compensation on top (although in my case, I wasn't informed of the monthly fees when it was mis-sold or sent the pack detailing the account).

dunstonh

If you have benefited financially from any parts of the package, then it reduces your chances of success. However, it should not be an automatic rejection. If the benefits of the package outweighed the costs, then it would be foolish to complain. However, it does happen sometimes.

If your complaint was successful, they can take the financial benefit you have had away from your redress.

Paul_Conchie

I've just received notification that my claim has been rejected due to the fact that I took out the account over six years ago, and I should have realised more than three years ago that there was a problem. Given that the notion of this type of claim hadn't been considered 3 years ago I wondered if anyone else had encountered a similar response and been successful when going to the ombudsman ? Thanks

[Deleted User]

The Ombudsman won't overturn a correctly applied time-bar.

What do you mean, "the notion of this type of claim"? If you were unhappy with your Bank account fee you could have complained at any time since you took the account.

dunstonh

Given that the notion of this type of claim hadn't been considered 3 years ago I wondered if anyone else had encountered a similar response and been successful when going to the ombudsman ? Thanks

The notion of being able to complain is not new. It has always existed. The regulated complaints process is coming up to nearly 30 years old now.

The ombudsman success rate is just 11% currently. The ombudsman can consider if the timebar is fair but in the vast majority of cases they do find it fair. The rule set by the regulator is that you have 6 years from purchase or 3 years from being reasonably aware of an issue to raise a complaint. How the banks can do this on packaged accounts is that they started sending out benefit statements and those first of those would have triggered the 3 year clock. Most of these started 4-6 years ago.

takman

Paul_Conchie wrote: »

Given that the notion of this type of claim hadn't been considered 3 years ago I wondered if anyone else had encountered a similar response and been successful when going to the ombudsman ? Thanks

I took out a bank account with Natwest 7 years ago and was persuaded to have and account with a monthly fee. After 2 payments I decided the account was not suitable for as I didn't need what they were offering. So I went into the bank told them this and got the account changed to a free one and got refunded the fees paid.

I really can't understand why people are paying for these accounts for years before they realise they don't want/need them.

Nearlyold

I really can't understand why people are paying for these accounts for years before they realise they don't want/need them

At the risk of being cynical I would hazard a guess that when folks realise there's a chance of getting a nice bit of compo from the bank they suddenly remember they never wanted that packaged account after all, together with a sudden vivid detailed flashback of exactly how the bank missold it to them.