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NatWest Charges- A guide


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:eek: :o Hi Nattie

I have just recieved the 'Notice that Acknowledgement of Service had been Filed' from the court and NatWest are going to defend the claim. Stupid buggers! Anyway onward and upwards. getting a bit nervous now.

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thomass, Nattie has an n/a which means the username has been deleted. I wrote the charges guide to help people understand the charges that natwest make and to know the mechanisms of them. I felt that if you know how something works you will see when you look at the statements how the charge has been applied and by doing so be able to avoid them in the future. It would also have the effect of understanding to a point the mindset of the beast you are tackling.

I knew i would get one last chance on one of my own threads to answer a question. So thank you for posting and I am genuinely not being sarcastic.

NatWest or rather Cobbetts will defend but they will not win. Keep the chin up you will get something from customer relations unit giving you charges no interest. It is coincidence not stalling/delaying or even mindless delaying tactics. Be positive, Be prepared and follow the advice from this site and ask as many questions as you need. At the root of everthing this site is about is fighting for you rights. Good Luck and I hope someone will tell me when you win.

I came I saw I helped. I could do no more.

 

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I'm just starting looking at my NatWest. ALl is normal until late 2002 where I just get "charges" with no explanation. At first I get a separate £6 (the advantage gold bit) and a £20. Later on it's combined. I cannot work out what it is for.

 

S'okay...worked out it's unarranged borrowing fee now. I was expecting it to be labelled as such like the other charges are.

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Is it true that banks can only charge you up to 3 times a day/week/month? Just that they hit me 6 times in one day this month, two charges of which were for £76 (so thats 2 x £3)

 

Thanks people

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Further to my last post, I am doing NatWest again (first time was for £4052, they paid 2 weeks after my first letter) for only £600+. To my amazement, I had a letter from Mr Higley stating "given the work involved in assessing my claim they should be in a position to respond within 6-7 weeks."

 

Don't make me laugh. 2 weeks to sort out £4052, 6-7 weeks to sort £600+??? Mr Higley, if you are going to lie, make it convincing huh?

 

Anyhow, I have a new account with A&L, which is now in use. I have had a letter from the NW Birmingham Collections Centre saying I got 7 days to resolve my overdraft. Funny that the amount I am claiming will wipe the overdraft out. Where do I stand with them? Do I make an agreement and pay them £50 a month until its all clear? Tell them the account is going to lit and I cant do anything until its clear? Any advise would be great here guys.

 

Obviously this case is gonna go all the way through the courts like my wifes did with BB, but am used to that now, so not too bothered.

 

Should I shut my account down now or wait till paid out?

 

Also forgot to mention that I am on long term sick due to MS and am now on half pay from work.

 

By the way, if this post is in the wrong thread, please advise where to post this. Thanks :)

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  • 3 weeks later...
Well, I have a thread on Advantage Gold and Unarranged borrowing which has within in charges that can be claimed but i felt an update on what the charges were and what can be claimed. This is a definitive guide.

 

Well the basics of charges is statements and knowing what the charge is for so we have 4 basic charges all claimable.

1) Unarranged Borrowing Fee-- This is when you have an overdraft or not and you go over that. The bank charges through charging periods which last a month and the charge goes out at the end of the month.

2) Unpaid Item- this appears on the statement and is when there is not sufficient funds in the account the previous working day(mon to Friday) to cover either a cheque, a direct debit or standing order to cover the amount going out. The bank "bounces" or does not pay the item and you get charged for it.

3) Card Misuse or Guaranteed Card Payment Fee(gtee card pymt)--This is when an item is paid by switch and goes through the account when the account is over its agreed or unagreed overdraft.

4) Referral Fee-- This is when an item is, rather than bounced is paid which takes the account over an agreed or unagreed overdraft by more than £26. 3 charges maximum a month on that last one.

5) Card Recovery Fee- This is when someone comes round to your house to recover your bank card

 

 

Please do not add more to this as i am adding more to this. but need to start it with explanations first.

 

OMG, do they really come to one's home + collect their card? phew!!!

[sIGPIC][/sIGPIC]if my response has been of help to you, please click on my scales. thank you:)

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  • 3 weeks later...

Hi Tigerbond - Welcome on board!

 

You may find it helpful to start a new thread of your own (e.g., tigerbond vs natwest) in the forum. Just scroll down the page and click on the 'new thread' button and enter your details! :)

Can't find what you're looking for? Please have a look at Michael Browne's

A-Z Guide

*** PLEASE NOTE ***

I do not answer queries via PM. If you send me a PM, please include a link to your thread - any advice I am able to offer will be on your thread.

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  • 3 weeks later...
  • 3 weeks later...

Not sure if this is the best thread to use, as there seem to be quite a few, and it may be that this is addressed elsewhere,

 

but,

 

surely the premium interest charged on un-arranged borrowing should be considered also as a penalty, as I doubt any there are any increased costs, or at least they are theoretical, and cannot be demonstrated by the banks either.

 

PS COuldnt see where/how to start my own thread! sorry.

 

Does any one know the position on this?

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Hi tender, welcome on board!

 

Have a look here http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html on how to start a new thread of your own in the nat west/any other forum. Once you have your own thread, you'll be able to get advice and support specific to your own situation.

 

With regards to the interest charges by nat west on unarranged borrowing, I'd recommend you having a look through the threads in the general forum as this is where the 'contractual' interest (as it is known) is discussed. There have been some really interesting discussions going on for quite some time about this now - although only a handful of claimants have successfully managed to get the contractual interest back when they re-claim their charges.

 

Best of luck - hope to see more of you on the forum(s) soon. :)

Can't find what you're looking for? Please have a look at Michael Browne's

A-Z Guide

*** PLEASE NOTE ***

I do not answer queries via PM. If you send me a PM, please include a link to your thread - any advice I am able to offer will be on your thread.

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With regards to the interest charges by nat west on unarranged borrowing, I'd recommend you having a look through the threads in the general forum as this is where the 'contractual' interest (as it is known) is discussed. There have been some really interesting discussions going on for quite some time about this now - although only a handful of claimants have successfully managed to get the contractual interest back when they re-claim their charges.

 

hedgey06 et al

 

It's late and I might be getting myself in a muddle here but, surely, lots of people have succeeded in reclaiming the 'premium interest charged on unarranged borrowing'?

 

Most of the spreadsheets available via this website make allowance for reclaiming interest - at whatever rate - incurred as a direct result of the bank's unlawful charges.

 

Of course, some people, myself included, are hoping to claim compound interest on top of this. It is this which is altogether more complicated - indeed the consensus is that while Sempra provides a legitimate argument for CI on the basis of unjust enrichment, you are unlikely to get it at the bank's unauthorised rate - and, thus far, relatively few claimants have realised this goal.

 

Fred_Funk

NatWest: seeking unlawful charges + interest incurred as a result of those charges of £4,292.82 and contractual interest (compounded) of £4,559.41. Court claim issued 16.01.08; acknowledgement of service filled by Cobbetts on 30.01.08

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  • 6 months later...
i too am in the process of reclaiming charges, and again NatWest are defending citing bigger charges???

 

Hi windymiller, welcome on board :)

 

The best thing for you to do at the moment is to start a new thread in this forum. Give as much detail as possible about your claim (without giving away too much personal information) and somebody should be able to advise you further.

 

Best of luck :)

Can't find what you're looking for? Please have a look at Michael Browne's

A-Z Guide

*** PLEASE NOTE ***

I do not answer queries via PM. If you send me a PM, please include a link to your thread - any advice I am able to offer will be on your thread.

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  • 2 months later...

Just taking a look at something that was written almost 2 years ago. Do you think this need to be given a shampoo and set?

This is only my second post of my reincarnation here. I will be updating the guide which is out of date and in point of fact is almost obsolete now, by the end of the week. The new guide is better and less cluttered.

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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  • 2 weeks later...

Hello all,

 

Sorry if this has been asked before - newbie here. I am claiming charges back form NatWest and I'm unsure whether to incluse the following on my list:

 

1) OVERDRAFT ARRANGEMENT FEE

 

2) DAY/MONTH A/C XXXXXX (seem to be bi-monthly)

 

I contacted the NW phone helpline but they told me to approach my manager for information on what the latter actually is. Still waiting for her call back. As most of my charges were racked up 4 or more years ago I need to get this in quickly as I understand I can only go back 6 years and each day I lose some more charges to chase!

 

Thanks in advance for any help.

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1) overdraft arrangement fee is business charge for overdraft.(should be yearly)

2) charges for having the account. I will rephrase that, useage charges, ie paying in taking out, etc,etc

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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unfortunately not, unpaid items fees, YES, Referral Fees YES and maintenance charge YES(not sure you get many of them on a business account).

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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There is a forum for business accounts. I would start a thread there and then those who have business claims can advise as they are slightly different to personal accounts. I will edit this with a link

There you go.

http://www.consumeractiongroup.co.uk/forum/business-claims-bank-charges/

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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  • 1 month later...

Well the basics of charges is statements and knowing what the charge is for so we have 4 basic charges all claimable. The fifth one there is on the basis that the other four have caused the problem to arise and therefore they are penalising you more.

 

1) Unarranged Borrowing Fee or Maintenance Charge-- This is when you have an overdraft or not and you go over that. The bank charges through charging periods which last a month and the charge goes out at the end of the month.

2) Unpaid Item/Return Cheque Fee- this appears on the statement and is when there is not sufficient funds in the account the previous working day(mon to Friday) to cover either a cheque, a direct debit or standing order to cover the amount going out. The bank "bounces" or does not pay the item and you get charged for it.

3) Card Misuse or Guaranteed Card Payment Fee(gtee card pymt)--This is when an item is paid by switch and goes through the account when the account is over its agreed or unagreed overdraft.

4) Referral Fee-- This is when an item is, rather than bounced is paid which takes the account over an agreed or unagreed overdraft by more than £26. 3 charges maximum a month on that last one.

5) Card Recovery Fee- This is when someone comes round to your house to recover your bank card

 

 

We have the main charges so what is the amounts i am looking for?

 

1) Unarranged Borrowing/Maintenance Charge

in 2000 it was £14 which then increased to £20 from April 2003 and then £28 from September 2004.

2) Unpaid Items/Return Cheque Fee

In 2000 it was £30 which went up to £38 from March 2005 (for businesses this is currently £35) Edit: From November 2007 max charge per day is £114 or three items.

3) Card Misuse or guaranteed Card Payment Fee-

In 2000 this was £25 and then went up in March 2005 to £35

4) Referral Fees

It was £25 per item(maximum of £75 per month). This changed in September 2004 to £30 per item(maximum of £90 per month).

5) Card Recovery Fee ---£125(not aware if any change to this charge has occurred)

 

 

This is a slightly better, presentation wise of the NatWest charges guide. When i wrote the original it was good but this post is better now ;)

.

FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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