Natwest "Personal Review"

blueice072

Hi there!

Basically I started banking with Natwest 2 months ago and have Advantage Gold, Current Plus (for bills) and an e-savings account.

Due to me being paid my wages by cheque last month which was late to arrive I phoned Natwest to ask if my overdraft of £50 could be increased tempory so I wouldnt get bank charges for some DD's that were due out. My limit was increased to £200 and the lady on the phone said I was due a review on my account to which I said OK then. Then today I recieved a letter from Natwest telling me that someone will call me on 02/05 for this review. The reason they give for this review is as follows...

"Our aim during your appointment is to understand your finacial circumstances and future needs, to identify ways in which Natwest can either help you save or make money and to advise you on our most suitable products and services"

They ask that I have income details along with info on which loans/credit and savings accounts I have.

Now I'm not too sure what to make of this. Have I done anything wrong? Will they be closing my account or are they trying to sell me something?

I'm a little concerned. Can anyone shed some light on this for me and has anyone else had this from Natwest? Hope all will be OK

Edit: sorry if my english is poor as I'm russian

Blue Ice

KTF

Its an excuse for them to get you in a room and attempt to sell you more Natwest products to you.

If you are happy with your circumstances at the moment then there is no need to go along to one.

natweststaffmember

The review also covers information that the bank holds on you. Yes it will show you products that the bank have but if it saves you money then it would be irresponsible for them not to tell you.
Some people see selling as a dirty word yet, if the bank can save you money, is that selling or is it a service?

Sooler

It's for them to see what they can flog you. If you don't want anything at the moment don't bother with it. You don't need to give them any info at all.

Or have the review, see what products they suggest then tell them you'll look around and get the best products on the market.

Sooler

natweststaffmember wrote: »

Some people see selling as a dirty word ...

It is when they aren't up front about it, why call it a 'Personal Review'?

PROLIANT

natweststaffmember wrote: »

The review also covers information that the bank holds on you. Yes it will show you products that the bank have but if it saves you money then it would be irresponsible for them not to tell you.
Some people see selling as a dirty word yet, if the bank can save you money, is that selling or is it a service?

Well there is nothing much a bank can sell is there? Ok you walk into a car shop and the salesman will try and flog you a car yes? You walk into a bank or what ever and you in most cases sell yourself i.e. opening a current account, overdraft, credit card, loan, mortgage they benefit both parties so I think the word "sell" in a bank is slightly dulled and could be re-phrased, it is simple, for someone to sell you something they give you a product or service and you pay them, you want a credit card they give a service and money, so if you don’t pay interest i.e. 0% or pay in full each month you get the service free!

Riq

I would go and ask for Advantage Gold to be taken off.
I used to work for Natwest and I could never see the point of it at all!

PROLIANT

Sooler wrote: »

It is when they aren't up front about it, why call it a 'Personal Review'?

Cos that what it is isn't it? Personal review, to review an individuals banking needs? Well thats my interpretation of it.

avantra

If they flog you the nasty Advantage Gold than they see you as a sof target for marketing, the above is one of the worst current accounts out there. You pay them a fee for them to try and sell you more. why bother?

amandathepanda

They will probably try and consolidate all your debts on to one payment, and save you some money. But having lower monthly payments isn't necessarily saving you money. Make sure that they are offering you a better interest rate than you are already on, and that they are not just trying to make your monthly payments cheaper by spreading them over a longer repayment time. Don't sign anything there and then, go away and think about it in your own time.

Red_Cat

Every time I go into my Natwest to pay a cheque in or whatever, they are always going on that I am due for a Personal Review. In my mind it is a flogging exercise to upgrade my account, take out their credit card, insurance etc. But some people like having all their finace under one roof, so to speak, so they might benefit.

Obviously MSErs are after the best deals and not brand loyal necessarily, so I always said I would think about it.