NatWest £125 switch incentive

EachPenny

Yorkshire_Pud wrote: »

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;)

No arguments from me about any of that NatWest could have stipulated the need to pay £1500 in the form of a single deposit. The words they actually used could mean that, but probably not, and we won't know for sure until the 13th.

mapk

Has anyone asked Natwest?

18cc

Just had an email from NatWest customer service dated 1st of April saying that the £1,500 must be paid in at a branch over the counter as that is their definition of a deposit anything else is simply a transfer

Gizmo70

18cc wrote: »

Just had an email from NatWest customer service dated 1st of April saying that the £1,500 must be paid in at a branch over the counter as that is their definition of a deposit anything else is simply a transfer

I hope this is an April Fools

CavendishWobble

I was about to draw up a response relating to branch footfall if this was the case...then realised it is 1st April!

stehouk

What a luvly way to start the day £125 from Nat West paid today, has anyone else got theirs yet ?

beefturnmail

EachPenny wrote: »

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.

Unfair terms in Consumer Contracts Regs means that (if it came down to it) it would be interpreted in the way to favour the consumer. Plus Natwest are unlikely to be trying to 'trick' people in the way that is being suggested by people who seem to want to over-complicate things

beefturnmail

18cc wrote: »

Just had an email from NatWest customer service dated 1st of April saying that the £1,500 must be paid in at a branch over the counter as that is their definition of a deposit anything else is simply a transfer

Yeah I got the same - can't believe they're saying it all has to be in £50 notes too! Firing off my complaint to the Natwest CEO right now

glider3560

stehouk wrote: »

What a luvly way to start the day £125 from Nat West paid today, has anyone else got theirs yet ?

Happy April Fool's Day

TheBanker

stehouk wrote: »

What a luvly way to start the day £125 from Nat West paid today, has anyone else got theirs yet ?

You only got £125? I got £125,000. I rang and asked if it was a mistake but they said not. Apparently there was a large surplus amount left in the budget due to the majority of people not fully complying with the £1,500 deposit requirement. As I'm such a good customer they decided to give the surplus to me. :beer: