NatWest £125 switch incentive

C_J

I completed the switch to Natwest about a fortnight ago, but haven't yet received my card reader. Since I had paid in £1500 in order to qualify for the switching bonus, I've had to use the app to withdraw £250 a day without it. Helpfully, I thought, they had listed some payee details on my new Natwest account which must have migrated across in the switch - this was one of my Tesco internet saver accounts with the DD facility I was using. On my old account I referred to this as "Tesco2", and it appeared thus on my shiny new Natwest account.

However the two app withdrawals I have made haven't shown up in the Tesco account, so I rang Natwest today to query it. It turns out that although the Tesco sort code is correct, my 'payee' has an account number which is completely unknown to me. I wonder whether there has been an error in migrating it across. Natwest asked me to call back tomorrow to see if the requested payment has been rejected by the bank (although I assume it is somebody's account number at Tesco, so they have no doubt now benefitted from £500 from me). Natwest didn't seem certain what to do, and I'm very upset about it as you can imagine.

18cc

I think you have every justification for being upset - it is appalling!

You could ask Tesco if it is a real account number - they may not tell you but they might is it doesn't exist

Under the CASS guarantee you have a claim against NatWest

PrettyFlower90

Had a quick look to see if anyone has received their bonus yet? Both me and my husband met all the requirements and opened it a month ago I would say, or close to that. I assumed we would have to wait until 13th April but seems someone on here has posted saying they got it ages ago? Anyone else received theirs?

MABLE

PrettyFlower90 wrote: »

Had a quick look to see if anyone has received their bonus yet? Both me and my husband met all the requirements and opened it a month ago I would say, or close to that. I assumed we would have to wait until 13th April but seems someone on here has posted saying they got it ages ago? Anyone else received theirs?

If they had it was definitely not the Natwest bonus. You know the time frame like the rest of us.

Chadsman

C_J wrote: »

I completed the switch to Natwest about a fortnight ago...

I was in a similar position in that I wanted to withdraw funds I had paid into Natwest but without a debit card so I withdrew by direct debit to a TESCO current account.
For small amounts deposited by direct debit TESCO will clear the payments as soon as they appear online. I withdrew all £1500 deposited so I had to wait six days for it to clear. I don't know what the limit is for immediate clearance (it might be £1000, £500, £100 or...) but if you have a number of TESCO savings accounts with DDs set up on the donor account you could withdraw the remainder in chunks to different accounts and get it quicker than waiting for a card reader.

gingercordial

eskbanker wrote: »

Not sure what the relevance of tax years would be (assuming you're referring to the 6 April rollover), but the corporate RBS Group financial year for accounting purposes is calendar years.

However, the cumulative value of this incentive would be trivial rounding errors in the context of group turnover so it seems somewhat doubtful that the scheduling of its payout would be significant enough to warrant alignment with any external dates....

And indeed the value of the expected pay out would already need to be recognised as a liability in the accounts even if they drew them up today (or at quarter end). The physical cash payment out makes very little difference for results purposes.

gingercordial

PrettyFlower90 wrote: »

Had a quick look to see if anyone has received their bonus yet? Both me and my husband met all the requirements and opened it a month ago I would say, or close to that. I assumed we would have to wait until 13th April but seems someone on here has posted saying they got it ages ago? Anyone else received theirs?

Which post are you referring to with someone saying they got it ages ago? I can't see one on this thread, but may have missed it.

All the posts I have read are people either wondering if they might get it early or saying that they don't expect to get it early.

I am firmly in the camp of not expecting to get it early.

eschaton

gingercordial wrote: »

Which post are you referring to with someone saying they got it ages ago? I can't see one on this thread, but may have missed it.

Mchambers wrote: »

I got mine many weeks ago.

I'm sure he did......

Mchambers

eschaton wrote: »

I'm sure he did......

Yep all done and dusted.

Just waiting for my next target.

wizzywig27

Mchambers wrote: »

Yep all done and dusted.

Just waiting for my next target.

God you are boring!