What are Nat West up to?

Question

I have been banking with Nat West for 17 years, over the last 4 the account has been dormant with £412 in it.

I started to use the account three weeks ago and put in £1,500.

I got a letter today saying they had shut my account down and to go into any branch to get my ballance of £1,495 as they no longer wanted to do business with me.

Why would they do this (they won't give a reason).

Answer 1

This type of thing has happened to me before, it's in the banks interests to keep an account open if it has funds in it however small, as it all adds up for them, I'm not sure they can shut your account down without giving you a good reason for it, what I would do is press the bank branch manager to find out what is going on, he/she will be able  to discuss it with you in more depth than the counter staff.

You could ask for an upgrade on the account, they will want you to invest a certain  minimum amount monthly.

hope this helps

+ personally I would just take the money to another bank and cease being a customer if they no longer value your custom.

Answer 2

£1500 plus £412 does not equal £1495, so I'd be pretty worried about that bit!!

I don't know why they don't like you, I think you should go down there and ask.  You have to go anyway to get your money so what do you have to lose?

Answer 3

It all sounds very odd to me, first they have got the balance wrong, which is the first thing I would be concerned about and secondly banks never throw you out.

I have had one bank account with no money in it whatsoever, I opened this account so that my daughter could open her own account.

Its stupid, there is no money in it yet they send me a credit card.

For the last four years you should have been receiving statements, do you have these and if you do then you need to take the latest and sort of the money difference.

I would demand a reason, and if the branch will not help you then go to their head office, someone has to give you a valid reason.

The only thing that springs to mind is the fact that some banks have been closing down accounts of customers who have ask for money bank on overcharging interest.

Have you done this.?

Please let us know how you get on.