Reclaim old accounts

Hi

I have registered with Resolver and made a claim for package bank charge for an old account with Natwest.

Natwest have acknowlged that I had the account, but they are saying it was too long ago (account opened 2003, changed to non fee account in 2006).

Does anyone know if this is correct?

Thanks

Rick

Comments

  • dunstonh
    dunstonh Posts: 116,040
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    Yes it is correct. Most PBA complaints are rejected.

    You have to complain within 6 years of opening the account or three years from being reasonably aware of an issue. Account change meets that second criteria.

    In your case, you opened in 2003 and changed in 2006. So, you had 6 years from 2003 or 3 years from 2006 to raise a complaint. Both ending in 2009. SO, timebar response is correct.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • I have just had a success with Natwest PBA, Account opened in 1992 closed in 2008. Complained last month, complaint upheld and received a cheque today. Unsure why they did not apply the timebar with me.
  • dunstonh
    dunstonh Posts: 116,040
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    anne1r wrote: »
    I have just had a success with Natwest PBA, Account opened in 1992 closed in 2008. Complained last month, complaint upheld and received a cheque today. Unsure why they did not apply the timebar with me.

    Looking at your thread, you had a student account from 1992-1995 then a graduate account. Neither of those are classed as packaged bank accounts in the fee-paying sense. You then went onto the advantage gold which is a PBA. However, you did not change off that account. You remained on it until you closed it in 2008. Natwest does not apply the timebar on closures.

    Had you moved from the Advantage gold to a non PBA with Natwest before you closed it, then they would apply the time bar. The OP changed to a non fee account in 2006 but stayed with them. So, the timebar is allowed.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thanks Dunston, you're right, I never changed from the AG until closure. I misunderstood and thought closure activated the timebar. thanks for confirming.
  • dunstonh
    dunstonh Posts: 116,040
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    anne1r wrote: »
    Thanks Dunston, you're right, I never changed from the AG until closure. I misunderstood and thought closure activated the timebar. thanks for confirming.

    Closure is a grey area. Some use it to trigger the timebar. Some do not. I havent seen a FOS complaint outcome on that either way.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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