NatWest £125 switch incentive

Herbalus

EachPenny wrote: »

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?

Not a difficult other example. £500 compensation is not a customer deposit. The same way a debit card refund is not a deposit.

eskbanker

EachPenny wrote: »

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?

Given the theory about a tree falling silently if nobody hears it, does it follow that Mchambers doesn't actually receive any compensatory payments unless he comes on here to brag about them?

Herbalus

eskbanker wrote: »

Given the theory about a tree falling silently if nobody hears it, does it follow that Mchambers doesn't actually receive any compensatory payments unless he comes on here to brag about them?

I think it could be more likely that his compensation payments only exist on here...!

18cc

Well, come 13 April either everyone will get their £125 incentive however they have funded the £1500, or there will be another 73 pages of posts from people trying to work out how they fell foul of the T&Cs.

inittogether

Yorkshire_Pud wrote: »

When a statement is produced as long as it showed £1,500 was deposited then the condition was satisfied.

Thanks for your reply. Does a switch from an account £1500 in credit count as a £1500 deposit into the new bank? That's all I was wondering. The terms aren't clear so I'll just wait and see.

Yorkshire_Pud wrote: »

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

So. It's wrong to make a statement that is probably true but not certain. I didn't think I'd have to prove it, but there you go. Thankfully this forum is just about helping others.

beefturnmail

EachPenny wrote: »

.... what does "deposit £1500" really mean?

It's quite simple really - it means what it means in plain English i.e. place £1,500 into the bank account https://www.collinsdictionary.com/dictionary/english/bank-deposit

ValiantSon

ceredigion wrote: »

My turn to be argumentative.
The terms don't say that, you have to deposit ..... I'm sure you know this but your post could be misconstrued.
We all know that opening a account and switching are different processes, so switching an account with a balance would and did result in a deposit into you eligible account. A quick look at the bank statement shows it logged as a deposit surprise surprise.

I'm not going to argue this one, which is why I said that I would interpret the term to mean you had to pay an additional £1,500 in. I may be wrong about that. Unlike the previously disputed clause, this one actually is a bit ambiguous.

Yorkshire_Pud

inittogether wrote: »

Thanks for your reply. Does a switch from an account £1500 in credit count as a £1500 deposit into the new bank? That's all I was wondering. The terms aren't clear so I'll just wait and see.



So. It's wrong to make a statement that is probably true but not certain. I didn't think I'd have to prove it, but there you go. Thankfully this forum is just about helping others.

I did talk to their CS months ago and they said that the amount of money transferred in the switch counted towards the £1500:) like you I haven't seen that in writing so belt and braces I put £1500 in addition! But they did say it. So you should be OK:)

EachPenny

beefturnmail wrote: »

It's quite simple really - it means what it means in plain English i.e. place £1,500 into the bank account https://www.collinsdictionary.com/dictionary/english/bank-deposit

Great, that should narrow the possible definitions down to under 1000 or so.

On that basis NatWest 'placing' £500 in your account as compensation does count as a deposit according to the dictionary definition And if the bank you are switching from 'places' the balance from your old account into the new one that too is a 'deposit'. And of course if money was taken out of the account for a debit card transaction then it must count as a 'deposit' if the bank 'places' it back as a refund (sorry Herbalus ).

The problem is contract law doesn't always work on the basis of plain English, nor on what the author of the T&C's meant. As a result the lawyers can get very rich arguing over the precise meaning of words... and there will always be multiple ways of (mis)interpreting what is said.

We hopefully will all be ok and getting our £125. But as 18cc says, chances are someone will be back here minutely analysing the T&C's to find out what went wrong.

Yorkshire_Pud

EachPenny wrote: »

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.

They can stipulate funding the account with a specified amount, they can't insist that money stays in the account for any longer than it takes to register as a deposit. That's because its a current account and people have bills to pay etc. The fallacy about keeping money in a current account was waylaid years ago by Yorkshire Boy amongst others, and he knows his pies;)