reclaiming gold account charges

[bd1972]

Hi guys

Over the last 6 years I have paid for a Nat west gold account every month.

 

When I took this account I was advised it would give so many benefits

including phone insurance holiday cover also access to cheaper loans.

I have never used any these.

 

Accept for applying for a loan which I was turned doen.

 

When I tried to cancel this fee I was told if I did I would have to repay my overdraft immediately.

Is this correct or can I try and reclaim these fees/charges?

 

As the last few weeks on social media there are companies claiming to do it for you.

If I can how do I start the ball rolling?

 

Any advice much appreciated as always

Thanks in advance

[BankFodder]

This sounds unfair.

 

How long have you had the overdraft?

Has the account been well-conducted?

 

Presumably you have asked to downgrade the account to something else with a small fee or no fee.

 

If the overdraft has been longstanding, then it seems to me to be fair for them to transfer the overdraft to the lower account and charge you the higher overdraft interest rate for that level of account - as well as an agreement from you not to use the overdraft any more but merely to reduce it.

[bd1972]

The overdraft as been on the account for 3_4 years. It has been close to the limit but never over it I've never asked to reduce it to a lower fee. As I assumed that because they told me if I cancelled then I'd have to pay it back immediately.

[BankFodder]

Why don't you contact them and say that you now feel that the packaged gold account which you have been sold is not appropriate to your needs and you therefore want to downgrade to their standard no-fee account - whatever that is.

 

Tell them that you arrangement to repay the overdraft would be as I have explained earlier in this thread. You would stop using it and you would undertake to repay it in XXX months.

 

You need to think about this carefully because you will have to budget for payments into your overdraft and also to live. It might be tough. Of course, a better way would be to get a loan and to pay it off with a loan.

 

Maybe it would be better to start this way. Don't tell them you want to downgrade. Instead, try applying for a loan which is manageable and which would allow you to pay off the overdraft.

Once you had paid it off, you can then downgrade the account with no danger.

 

Don't expect the bank to be very helpful to you. They will do what they can to try and make sure that you are on a deal which is best for them and worst for you even if it means that they are pushing you beyond your means.

 

When you finally decide to break the news to them that you are abandoning your Gold AC, make sure that you do say that you now realise that the packaged loan which they sold you is not appropriate. Use those words. There is a lot of trouble at the moment because the banks have been criticised for misselling in appropriate packaged accounts to people - and some people are actually claiming back the fees over the years.

If Natwest decide to behave stupidly then we'll help you make a misselling complaint and see if that doesn't shut them up or at least produce some contribution to your overdraft.

 

By the way, you should record your calls. You'll regret it if you don't

[bd1972]

I will get onto them later this evening. Then report back anything that is said.

[bd1972]

Hi I have spoken to Nat west and they have confirmed to me that if I stop using my gold account benefits and cancel it my OD becomes relatable immediately. I have this recorded as BankFodder suggested.

[BankFodder]

OK - no surprises there.

 

I think that we need to start asking some questions about the circumstances in which you were sold the packaged account.

Can you remember how it was sold to you? What you had before? Why did you agree to take it and finally - have you used any of its benefits since you have had it.

[bd1972]

I had a standard letter asking to make an appointment to see if they were doing as much for me as they can. Went to see them Anne they showed me the gold account. With all the benefits. What convinced me was a the fact I could have lower rate loans.

Before this I had a basic steps account. No fee at all.I have used mobile insurance once and that's the only benefit I have used.

[BankFodder]

OK. I think that your next step should be to make a formal complaint about misselling of the account.

 

I think that you shoudl stop referring to it as a Gold account. Start using the term "packaged account" and occasionally Gold Packaged account.

 

I think that you write a formal letter and say that you have been reading the internet and you now realise that NatWest have been missellling packaged accounts and that you now realise that you are a victim.

tell them that although the packaged account was sold directly sold to you, you now realise that it was an inappropriate product because it was completely not related to your needs.

Tell them that although you did use the mobile phone insurance once, the rest of the features of the package were completely superfluous to your needs but despite this you cam under a great deal of pressure to accept the package - and that you now realise that the seller was earning commission or was trying to achieve sales targets set by the bank. Tell them that the fact that you received a standard letter asking you to visit the branch shows clearly that you were targeted for this product regardless of your actual needs.

Say that you could easily have bought mobile phone insurance much more cheaply elsewhere - and that you would have done. They should not try to rely on the fact that the policy was used once to justify the entire package.

Tell them that it was quite extrordinary that you would be on a basic steps account and then suddenly elevated to their Gold packaged account and that it was out of all proportion.

Tell them that in view of this you want to be returned to your original account and you want repayment of the fees paid over 6 years plus interest.

Tell them that if they will not accede to your request - that you will want the matter put before the FOS.

 

 

Let me warn you that there is a faint possibility that if they agree, that they may instate the higher interest rate on your overdraft which you would have paid on the basic steps account - retrospectively. - But only faint.

 

http://www.dailymail.co.uk/news/article-2547073/Backlash-rip-fee-paying-bank-accounts-Thousands-customers-complain-claims-widely-mis-sold.html

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10601361/Complaints-about-paid-for-bank-accounts-reach-400-a-day.html

http://forums.moneysavingexpert.com/showthread.php?t=4160477

http://www.bbc.co.uk/programmes/b006mg74/features/mis-sold-packaged-bank-accounts

[bd1972]

When I had my basic account there was no overdraft facility. Just written the complaint via their complaints dept online. I have also printed it off and will send off in the morning via RD.

[BankFodder]

When I had my basic account there was no overdraft facility. Just written the complaint via their complaints dept online. I have also printed it off and will send off in the morning via RD.

Better and better.

[bd1972]

I will be in touch when I get anything in reply.

Thanks for your help

[bd1972]

This morning I've had a call off Nat west from the lady who's investigating my claim.we had a talk about what happened and she said she will go away and look at my case. If possible get back to me today with some sort of outcome.

[avocados]

They will probably reject your complaint hoping that you will back down. They did this to me after I complained about similar circumstances (they told me I had to have the Gold account to get a loan!)

 

 

I complained to the ombudsman a few months back and last week I received a letter from the ombudsman asking if I would like to accept NatWest offer of full refund with 8% interest.

 

 

I have accepted and it will clear an old defaulted overdraft with them plus a little bit of pocket money for me. I should receive within the next 3 or 4 weeks

[flatwebb]

I'm also interested in this matter. I have a NW Gold account currently, and have done for many years. I changed to the Gold account when applying for a loan (the loan was repaid last Autumn) under advisement in branch so I could get 1% off the loan interest rate. I have a £3K overdraft on the Gold account which I've not been able to pay much at all off in many years (over 5), the fees are about £40-45 per month. Is it worth me looking into this further?

[bd1972]

Hi today they have turned down my complaint. But did offer £50 as a good will gesture. My next step is an official complaint to the FOS just have to wait on their confirmation letter. If any one can help with this stage I would be grateful

[zuzanka23]

Hi, I wonder how did you do with the complaint with fos? any luck?

[bd1972]

I have had no joy yet yet. But I didn't send in until September due to personal problems

[zuzanka23]

I have had no joy yet yet. But I didn't send in until September due to personal problems

 

Ok well I hope you get the package fees back. It shouldnt be a problem. I got £1100 back but still trying to claim some charges caused by package fees. If you need any help and if I can help then I will. Good luck