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Help me figure this out

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smiley2085
smiley2085 Posts: 27 Forumite
Part of the Furniture 10 Posts Combo Breaker
edited 6 July 2023 at 10:28AM in Budgeting & bank accounts
Hi all,

I seem to have had a payment taken out of my natwest current account. But I can't figure out what it's for. It's the one on 28 June in the screenshot. 



Any ideas?

Comments

  • General_Grant
    General_Grant Posts: 5,269 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    interest charged to your account?
  • kaMelo
    kaMelo Posts: 2,850 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Is it a new rewards account and the number is the rewards account number? 
  • smiley2085
    smiley2085 Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    It's the rewards acc which does have a monthly fee but it's supposed to be £2. Why have they taken £1.93?
  • RobM99
    RobM99 Posts: 2,702 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    It's the rewards acc which does have a monthly fee but it's supposed to be £2. Why have they taken £1.93?
    Maybe because June has 30 days. Only a guess! 7p is near enough 1/30 of £2.
    Now a gainfully employed bassist again - WooHoo!
  • smiley2085
    smiley2085 Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Oh I thought it would be a fixed £2 a month irrespective of the number of days in the month. 
  • My June Rewards fee was £2.00 (like every other month). Has the account been open for less than a month?
  • RG2015
    RG2015 Posts: 6,045 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 6 July 2023 at 12:10PM
    Oh I thought it would be a fixed £2 a month irrespective of the number of days in the month. 
    Yes, it is £2.00 every month, irrespective of the number of days in the month.

    However, the annual fee is £24 and if you divide this by 365 you get 7 pence which is the amount by which your deduction is short of £2.00.

    It sounds like a pro rata one day deduction. Methinks a computer or confused programmer has been let loose at Natwest.

    Your next fee should be £2.00.

    PS It is correct that the Rewards account fee is taken 21 days after the statement date. ie 28th June  - 7th June  = 21 days. 
  • smiley2085
    smiley2085 Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Aaww thank you guys 😊 it makes sense now. Yes, my acc was set up 17 May 23. 
  • ForumUser7
    ForumUser7 Posts: 2,427 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Hi all,

    I seem to have had a payment taken out of my natwest current account. But I can't figure out what it's for. It's the one on 28 June in the screenshot. 



    Any ideas?
    It's the rewards acc which does have a monthly fee but it's supposed to be £2. Why have they taken £1.93?
    If it is your first fee, it’ll be pro-rata hence less than £2.00. Going forward, I believe it should be £2.00 each month. Note you can get £5 in rewards if you fulfil the criteria posted on the product page of their site.
    Currently £2 each for 2x DDs of at least £2 each, and £1 for logging into the app. These are available each calendar month, and the max is £5.
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • smiley2085
    smiley2085 Posts: 27 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thankyou for that information ☺️ I've accumulated the £5 rewards so I'm hoping to cash that in soon. 
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