NatWest £125 switch incentive

EachPenny

ceredigion wrote: »

I agree with your comment. For the record I was being argumentative for the hell of it.

That was understood

Taking a pedantic approach, I think the "you" in the phrase "AND before 16 March 2018 you:" could be interpreted as the deposit into the account must be made by the account holder themselves, and therefore funds switched in (or even a salary payment into the account) don't count because these are payments initiated by third parties and not strictly a deposit made by you.

But I really don't think NatWest are going to be that pedantic, otherwise they would have taken a great deal more care over the wording of the T&C's in other respects.

18cc

...on the other hand, it's Friday 13th....

18cc

ValiantSon wrote: »

I don't like to disappoint people so, here goes!

The terms say that you have to, "deposit £1,500 into your eligible account" before 16th March 2018. I would interpret that to mean that you had to pay £1,500 in to the account in addition to any balance that may be transferred from the switched account.

I agree, and would go further in interpreting it as meaning 'deposit £1500' eg a deposit of £1000 followed by a deposit of £500 would not count.

[Deleted User]

18cc wrote: »

I agree, and would go further in interpreting it as meaning 'deposit £1500' eg a deposit of £1000 followed by a deposit of £500 would not count.

Ooops, I'm not sure I've done that in one amount since it's my main account and I don't have that sat in another account...

I do presume that a CHAPS transfer counts?! I'm paid by CHAPS not BACS.

My employer sent it to my old account and it then got redirected, but presumably still counts as a "deposit" even if it has been round the houses first!?

inittogether

It just shows that there are different ways of interpreting the phrase "deposit £1,500 into your eligible account." Is it the switch itself, is it payment from a salary, is it £500 in, then out, and repeated twice more? I guess we'll all find out soon.

I've switched for myself, my wife, and my mother (I did ask them!). My wife and I both did not have that much in the bank at the time, so I made sure we made a separate one off payment of £1500. It didn't occur to me that the rotating deposits and withdrawal trick might not work.

But I forgot to do it for my mother. Then saw that she'd switched over much more than that at the start. I hadn't been able to categorically interpret the instructions, and it seems that's because they are debatable. So, I'm hoping that we all tick Nat West's necessary boxes.

It's been ages since this one was announced. It's funny that this is the first one that's come close to imposing any kind of time limit on how long you stay in the new account. Yet it didn't come with the direct debit requirements that catch some donor accounts out.

Over the last two years or so, I think I've switched about 8 times and easily made more than £1000. You'd be crazy not to!

beefturnmail

What a load of nonsense there is on here - if you have paid in £1,500 you have deposited £1,500, whether that be in one payment of £1,500, 3 payments of £500 or 150,000 payments of 1p

inittogether

Your examples are correct, but what about these? Does switching £1500 into an account count as depositing £1500? That's all I was trying to get at.

Others have then looked into it further - and logically. Does a payment of £500, then a withdrawal of £500, then a payment of £500, then a withdrawal of £500, then another payment of £500, then a withdrawal of £500 count as depositing £1500? You've got £0 in the bank. I know that's worked before, but the questions are reasonable.

These banks have all been pretty generous lately (compared to their general M.O). People are wondering when the tide will turn.

Yorkshire_Pud

inittogether wrote: »

Your examples are correct, but what about these? Does switching £1500 into an account count as depositing £1500? That's all I was trying to get at.

Others have then looked into it further - and logically. Does a payment of £500, then a withdrawal of £500, then a payment of £500, then a withdrawal of £500, then another payment of £500, then a withdrawal of £500 count as depositing £1500? You've got £0 in the bank. I know that's worked before, but the questions are reasonable.

These banks have all been pretty generous lately (compared to their general M.O). People are wondering when the tide will turn.

You are over complicating matters and coming up with the wrong answers. A total of £1,500 was required, of course it didnt have to be in one chunk. Why would it? They don't have the power to stipulate such things, it would be an abuse of their powers. Its your money, you can pay in and withdraw as suits your needs, that's why a bank never says you have to leave funds in the account, its not a savings account its a current account. When a statement is produced as long as it showed £1,500 was deposited then the condition was satisfied.

"People are wondering when the tide will turn". No they are not:cool:
You might be but people aren't.

EachPenny

beefturnmail wrote: »

What a load of nonsense there is on here - if you have paid in £1,500 you have deposited £1,500, whether that be in one payment of £1,500, 3 payments of £500 or 150,000 payments of 1p

It's not nonsense - 18cc was making a specific point (for the sake of argument) that the T&C's could be interpreted that way if NatWest chose to do so. Nobody is suggesting that is going to happen.

But what it does do is neatly demonstrate the point made in the OP.... what does "deposit £1500" really mean?

Taking another example, say if Mchambers has £500 credited to his account by NatWest as compensation for the inconvenience he has suffered, does he then need to still deposit the full £1500, or only £1000?

EachPenny

Yorkshire_Pud wrote: »

...They don't have the power to stipulate such things, it would be an abuse of their powers.

If so, then why have they stipulated the need to "deposit £1500"? The same principles apply, it is the customer's money and the customer's account.

Obviously the choice whether or not to comply with that condition remains with the customer, and is optional. But don't expect to get the bonus payment if you don't comply.