This post relates to an £8k packaged bank account refund that was awarded to loulouxx in relation to a packaged account refund of fees and associated interest from Natwest.
I took out a NatWest Advantage Gold Account in November 2001 in the Branch. This was my first experience of ‘Adult Banking’ as I was upgrading from an Under 18’s Basic Account.
That I was given incorrect information and no information at the branch. I was told that I had to take out a fee paying account to be able to get any form of credit and that it would boost my rating.
I never received any notifications of fee increases, I only noticed the increase from my bank statement and when I called to cancel I was told if I did I would lose my Credit card and Overdraft and would need to repay the debt within 30 days which would’ve put me in a difficult financial position, thus I had no choice but to keep the ‘packaged’ account open.
I also stated that the policies were inadequate and of no use to me as in some cases I had to take out a second policy.
Steps taken before and during my claim
I gathered all my information that I still had for the Account. This included the welcome pack, fee increases and dates for when I took out the account and when the account closed.
I called NatWest Customer Services and filled in any gaps I had such as the fee increases.
I then researched using the way back machine archive to search for historical rates on cards, loan and overdrafts.
I also used review sites that were from the time I took out the account and of course Google.
Once I had everything together I then read all the information from my welcome pack.
First was my Travel insurance policy, I also had an old insurance policy I took out in 2003 with my travel agent. I compared both policies and found why I had to take out a second policy. Under AG travel insurance from 2001 it didn’t cover ‘Personal Money, Passport or Legal Expenses. These were all paid extras on the AG policy. They were covered under my 2nd policy.
I then looked at Mortgages, cover for white goods and household insurance discounts. This was no benefit to me as I didn’t own my own home and lived – still do – with my parents.
I then looked at Mobile insurance. I didn’t have any information for this so my first reason why I couldn’t use it was I didn’t know a phone needed to be registered or even that the insurance existed.
I also found that Break Down was a Benefit but I later found out that it was not added until 2008. This gave me 2 reasons firstly I don’t drive, nor hold a license or own a car and I never have the second was that I was never sent any changes in reference to the Packaged.
I sent off my letter on the 26/02/2014. Outlining the above and gave a detailed account of the sale and that I wanted all my fees I had paid plus the 8% interest.
I wanted to research the interests that I had received throughout having the account for a credit card, loan and an overdraft as I had a tariff that showed preferential rates for AG account holders.
I didn’t find anything comparable in regards to NatWest free accounts but I did find interest for 2001 for a free account at Nationwide, Barclays and Santander (was back then Abbey National) which showed that the rates I got were of no benefit and this also back up the fact that I was given no other option to compare the benefits vs a free account. This was also true for my loan and my overdraft.
I had received no acknowledgement or response to my letter so I sent an email to RBS CEO along with my letter and I also added the update info I had found in regards to rates and as I had all the information on what policies and the reasons plus more I restated each one listing and why I had no use for it. That was sent on the 05/03/2014 at around 11pm.
I received a phone call from the complaints team on 6/3/2014 asking me to clarify a few thing I was at my laptop so I opened up the email and went through each one at a time. By the end of the call I was told that my claim had been upheld and that they would pay back all my fees I had paid plus interest from 2001 – 2011.
I asked about an outstanding and she needed to confirm and readjust and come back to me by the latest on Tuesday with a settlement figure.
Final outcome and reason behind the decision
I received a phone on Wednesday morning and was told that after calculating everything I was awarded the following;
- £1,200 – Paid Account Fees from Nov 2001 until July 2011
- £4,600 – Compensation for the total amount of lending charges that had been debited from my account Nov 2001 and Aug 2011
- £29 – Deducted for overdraft savings
- £2,900 – Compensation for the lack of access I have had to above funds as well as the stress and inconvenience I suffered in the form of 8% on the above sum.
Everything I had stated was found to correct and I had in fact registered a phone on the insurance in 2010 but had not benefited from the Travel insurance or breakdown cover.
Their records showed that I had not been send a full welcome pack nor any notification on the changes or fee increases.
They were not able to tell my why only that they didn’t. I had also made a saving of £29 from the overdraft rates on the account and that was deducted.
In regards to my outstanding debt which had resulted in a default, they have cleared this and have arrange for the default to be removed.
If you feel that you may have a claim relating to the above the first step is to read the information relating to our packaged bank account claims by clicking here
Following this if you require further information then complete our contact us form and a member of our dedicated team will contact you back directly.