Thumbs up for new product. (Natwest Bank)

Member Name: Alex Morton

Product:	Natwest Bank
Date:	14/08/02 (65 review reads)
Rating:

Advantages: Quick, Cheap, Convenient

Disadvantages: Max limit

I am writing to say a big thumbs up for Nat West's new product, Fast Pay. I signed up to the FastPay system when I came across it on a freebie site to get some freebies but soon found myself using it quite often. (£1,000 off food at various restaurants across the UK per person.) It lets you to transfer money to other people on the scheme through their e-mail or mobile phone number as the bank clears all their details and makes sure that everything's OK. You go on line where you have an electronic account, which you pay money into from other accounts. This then creates a pool of money which you can transfer instantly to other people by logging in and transferring cash electronically. You do this by sending it to their e-mail addresss/mobile number - the bank then credits the account that has that particular address or number registered with it. And of course money can be sent to you by any of your friends. As a student for example the group of friends I am living with are thinking of using it to work out rent between us, because then we can change who pays as each of us has cashflow. I also use it when I make auction transactions where I can because I feel more secure. If something goes wrong, all I have to do is get in contact with the bank and try to retrieve my money. It is also free, which is of course never a bad thing. It is not particularly had to join either. You simply go online (to www.fastpay/www.natwest) and give Nat West your bank details - it only takes a few minutes to set up. The only disadvantage, mentioned elsewhere is the fact that you can't put more than £250 in the account which limits the size of your transactions. Another good feature that is worth a mention is that you are notified by e-mail or text when someone puts money into your account so that you can keep easy tabs on how things are developing.

Summary: