I Hate Natwest!!

[pobat]

I have 3 accounts with natwest, one student savings account, (never used), one student/graduate account (overdrawn £1350ish with £1400 OD limit) and one current account (with £850ish in credit with £500 OD available)

i hardly ever use my student/graduate account anymore as i can't afford to pay off OD at the moment.

 

about a week or two ago, they sent me a standard letter stating that i haven't credited my student/graduate account for a while. I was planning to put some money into it, but put it off and kinda forgot. yesterday, i recieved this letter:

 

 

Account NO

xxxxxxxx

xxxxxxxx

xxxxxxxx

 

We have been trying to contact you by telephone over the last few days regarding your above numbered accounts(s)

 

Please call us on the above number on reciept of this letter.

 

it is important to note that if the position is not resolved within the next seven days formal regulatory notices will be issued in accordance with the provisions of the Consumer Credit ACT

 

In the meantime, should you have Cheque books (S) and Highland/Servicecard(s) these should be returned. For security reasons please cut the card (s) in two before posting

.

 

 

It seems that they are closing my accounts as all three are mentioned. Can they actually do this as i am within my OD limit on my student/graduate account, zero on my student saving account and in credit of my current account.

 

The letter is dated 1st August, but i only recieved it yesterday evening and today is the last day of the deadline that they have given me.

 

I can't call them right now as i am at work, it will have to be in the evening. My wife is also going to put £100 into my student saving account today.

 

This situation is really taking the P%@s as i rely on my current account, and im not sure what do do.

 

Please help

[cumbria123]

Have you done something to upset them, get another account asap, just in case. I believe they have to give you 30 days notice to close an account.

[pobat]

I haven't done anything to upset them, no claims of bank charges etc. In fact, i was finally getting my self sorted with debts, natwest and student loan is the only money i owe, even with friends and family, credit cards, other bills, Direct Debits etc.

 

all direct debits came out of my current account, and none have failed for well over a year. A couple of months ago, i went slighlty of my OD Limit in my current account, took the charge, paid it off in full and was back in the green within a month. This was when i got married.

 

Im just worried that all my money in the current account wiil be used to cover my Student/graduate leaving me with nothing.

[cumbria123]

If you are worried about that, you should move it, then ask them why they want to close all three accounts, they must think they have a reason.

[pobat]

Thanks, I will empty my account tomorow and cancel all my DDs. the only reason that i can think they are doing this is because my student/graduate has an interest free OD and they are not making any money of it. They have supplied me with the OD but they now want it back because no credit has been made. can they close an account for that reason? The only reason i put off Natwest OD until the end is because i had an AGREED OVERDRAFT LIMIT, and thought that i could pay it off when i get the money as long as i kept within my limit.

[cumbria123]

I think they can close accounts when they feel like it. if you hang around on this site, maybe one of the more informed members will let you know more about why they close accounts (other than the obvious `we don`t like refunding charges` reason)

[pobat]

Thanks for that. im reading up on the Consumer Credit Act that they mentioned to find more info on this subject. does anybody have knowledge on this act?

[pobat]

check this out from natwests website -

 

Student Overdraft

 

If you're on a tight budget or in need of some extra cash to tide you over and you have a NatWest Student Account, a Student Overdraft can give you the fee-free flexibility you need. Once you've arranged your facility with us, you can use your overdraft at any time - without having to contact your branch.It's easy to apply - just visit your nearest branch or give us a call.

Good because you can borrow up to £2,000*, plus you:

 

* aren't charged interest on any borrowing within your agreed limit

* don't have to pay any charges when you stay within your limit

* can increase or decrease your limit whenever you want

* don't have to pay arrangement fees

* can use your facilities for up to five years

 

 

Properly contradicting themselves here.

They are such Arseholes!

[pobat]

guys, i have to phone natwest tonight when i get home, and am not really sure what to do or what to tell them. I have decided to open another account, and will do that tomorrow. I have a feeling that it is because i havent deposited any money into my student/graduate account for while but i was within my limit.

 

should i argue it stating some legal mumbo jumbo about banking codes etc, or should i remain calm and try to come to an arrangement to pay back the OD.

 

Please bear in mind that from sept 1st, i will no longer be working so i can't afford to pay the OD right now.

 

What do you think i should do. Getting kinda desperate.

[pobat]

im sorry, but i have to bump this to the top. Im starting to crap my pants about this one and am running out of time.

[Guest NATTIE]

Ok. letters re Student Overdrafts are sent out when the account has not had any credits within 42 days(Don't ask me how that figure is calculated), it is usually to prompt you to make contact. The overdraft is available on application on the student account up to £2000.00, 1st year Grad account. I think you maybe worrying unnecessarily.

[blacksheep1979]

if its 42 working days thats aprox 2 months and yes most student overdraft facilities require that the account seems 'active' I've got a friend who has a £1 SO every month going in and thats acceptable.

 

Tell them that you're just about to get a big promotion bla bla bla to they really want to lose an account holder as shortly I'll be in the market to buy a house etc and they will probably be more than willing to try keep your custom.

[cumbria123]

Sounds like good advice pobat, go with that.

[pobat]

I phoned them and was assured that it is minor. Because my wife put money into the account, the Natwest guy said not to worry about it. He made it sound almost trivial.

 

I don't hate natwest as much as This morning!