Impressed with Natwest (Natwest Bank)

Member Name: jayandfoo

Product:	Natwest Bank
Date:	07/08/05 (6262 review reads)
Rating:

Advantages: Great online banking service, great Customer Service

Disadvantages: Slightly higher charges than their competitors

*About Natwest*
Natwest is a well known High Street bank. Formerly known a National Westminster bank, it recently merged with the Royal Bank of Scotland, to create RBS Natwest.

'In 1968 National Provincial Bank and Westminster Bank merged as National Westminster Bank. Together these banks could trace their history back down the centuries through a lineage of prestigious constituents, dating back to the 1650's.

The new bank, with 3,600 branches, developed a wide range of new services, including the bank's first credit card, Access, in 1972, and computer-linked cash dispensers, Service tills, in 1976.

In the 1980s new services were developed such as telephone banking and touch-screen share dealing to assist the government's privatisation programme. The 1980's also saw the National Westminster Home Loans established in 1980 and the Small Business Unit in 1982. The Switch debit card extended the electronic transfer of money to point of sale in 1988'.

Natwest offer a wide range of banking and financial services to Personal, Business and Commercial Customers.

I have been a Natwest Bank customer for just over 8 years. I first joined when I left School in June 1997 and got my first job. The job required that my wages be paid direct into a bank account.

*Why Natwest?*
My mum and dad had been with Natwest for as long as I could remember. It seemed a natural choice for me to bank with them too. My local branch was only 5 minutes away (in the days before I did all my banking online, this was great) and so the decision was made for me really.

My mum took me to my local branch and, as I recall, the branch Manager handled my application and attempted to talk me through the features of my account. At that point, I was fairly uninterested in what was definitely an important issue. As I was only 16, I felt that the bank could offer me nothing of interest to me, such as free money (yeah, right!). Instead, I had to settle for a 'Cashline' card. This simply allowed me to withdraw my money from any cash machine, using my pin number. For the moment, Cheque books, Switch cards and overdrafts were out of the question. Nowadays, children as young as 11, when holding an account with Natwest, receive a Solo Debit card. This is similar to a Switch card, but instead you have to have the money in your account to be able to spend - Switch doesn't consult your account right away, but instead takes a few days to process.

My initial application with Natwest was quick and easy. I had no previous credit history due to my age and so I can presume that they didn't do a credit check against my name. If they did, I wasn't aware of them doing one at the time.

The application took around 15 minutes to complete - my mum answered most of the questions for me. This was something entirely new to me and was happy for mum to answer their questions. All I was required to do was sign the application form. I was then sent away with the promise that my Cashline card and PIN number would be in the post. I received them around a week or so later.

My dealings with Natwest for the next couple of years were fairly non-existent. I had no need to contact them. All I received were my monthly statements from Natwest and we had a content and quiet relationship - that is until a few weeks before my 18th Birthday.

Whilst in work, I received a call from Natwest to advise that once I turn 18, I would be eligible to 'Upgrade' my account to a Current Account. This basically meant that I could apply for an overdraft, Switch card and a chequebook. Not a lot was explained to me at the time, such as the Interest rate on the overdraft but I doubt that would have deterred me - I wanted an overdraft and I wanted it now!

My application for the Current Account was processed over the phone and took around 10 minutes. I was asked questions such as my date of birth, my annual income, existing credit agreements, if any, etc. When the application was complete, I was told that it had been successful and that I was entitled to an overdraft of £200.00. I was advised that my new card, pin number and chequebook would be in the post. They were also received within a week or so.

I was then contacted a few weeks after my 18th Birthday, to ask if I would like to apply for a MasterCard or Visa. Not knowing the difference between the two (and I still don't!) I applied for a MasterCard. After going through the application process, 10 minutes later I was told I wasn't eligible for a MasterCard as I had no credit history. I gave up on the idea of getting a credit card after that and I am happy to say that I have never been the owner of one.

Upon joining Natwest, I barely had any problems until recently. My overdraft was paid off some time ago - as an 18 year old I merely saw it as extra money, little realising that it wasn't money that had been given to me, but that it was money that I was borrowing off the bank, therefore paying interest on. This only amounted for a couple of pounds each month, but it was a couple of pounds that could have been saved. I have managed to conduct my account efficiently and although there have been times when I have gone overdrawn, and been charged £35.00 each time for the liberty, I have generally stayed in the black.

I applied for a loan with Natwest when we moved house. This was to pay deposits, buy new furniture, etc. The loan was approved by Natwest and an application form sent to me to sign. I received the form the very next day and duly sent it back immediately.

The loan had still not been processed over a week later and I contacted Manchester lending Centre to see what was happening. They advised me not to be hasty and that the application would be in their system somewhere, but as they had a number of staff off ill, applications were taking longer than normal to be processed - I was originally advised it would take no longer than 48 hours. I asked that my application be located and dealt with immediately. I received a call back a short time later advising me that they had not received the application - or they had lost it.

Another form was sent out to me which was again returned immediately. This too was 'lost'. After demanding that I be able to fax the third form over to them, which they refused, I was promised that they would send another form out to me, via Recorded Delivery. The form was a received a few days later and had been sent second class. The application was eventually processed and my account credited. However, I was unhappy with the service and sent a letter of complaint to Natwest. They issued me with a letter of apology and two bottles of red wine, which were gift wrapped - I was impressed!

Apart from the problem above, I haven't ever really needed to contact Natwest via the phone. When I need to check my balance or check if a payment has been made, I refer to their excellent online banking service, which can be found at www.natwest.com. Naturally, you do have to be a Natwest Customer to be able to utilise this service.

As a customer, to log into Natwest online banking, you are required to enter your pin number and 3 letters/digits from your password. These details are obtained by ringing Natwest, who set your account up for online banking. Online banking is a 24 hour service and not only enables you to obtain your balance, but you can also get computerised copies of statements, view, cancel and set up Direct Debits and Standing Orders, order a new Chequebook and apply for other services. Online banking is extremely easy to navigate and one of the websites I find pleasing to use (when my balance is healthy, anyway!).

Natwest offer a wide range of services from savings accounts to Mortgages and Insurance. A full range of their services and interest rates can be obtained from their easy to navigate website. Here, you can read about and apply for their services. Natwest offer accounts and services to Personal, Business and Commercial bankers. They have moved well into the 21st Century by allowing their customers to use their cards to top up their mobile phones at any of their cash machines. A few of the Bank Accounts they offer are:

Young Saver Account

An instant access savings account for the under 11s, which offers a good interest rate and is a fun way to save money. You get a folder which tells you about using your account, with stickers and a wall chart.

Card Plus

Designed for 11 to 18 year olds, this account comes with a Cashcard and lets you pay for goods in shops where you see the Solo logo. You can also top up your mobile phone at any of our cash machines.

Current Plus

If you are 18 years or over Current Plus offers all you need for straightforward banking, with a Cashcard or Servicecard and a flexible Credit Zone Overdraft option. This account also offers 24-hour Internet and telephone banking.

Advantage Gold

You could save hundreds of pounds with the account that gives you exclusive financial and lifestyle features for just £10 a month

Advantage Premier

The select account with an exclusive package of services, with a Premium Manager who will be allocated to you, for £195 a year - with a 90-day, money-back guarantee.

Step Account

Easy access to your money and peace of mind because arranged overdrafts and loans are not available with this account.

Student Account

An account specially designed for students keeps you in touch with your money from Freshers to finals and beyond.

Graduate Account

The current account that helps guide you from student life to work or taking a break, with a Servicecard and interest-free overdraft or loan options, all subject to application.

For further details and interest rates on Credit Cards, Savings, Mortgages, etc, their website can be consulted for the most up to date information.

Fees & Charges
As with all other banks, Natwest do charge in certain instances, such as going overdrawn. Some such charges are:

Unpaid fee - Standing Order, Direct Debit or Cheque - £35 for each item Natwest do not pay

Card Misuse - If you use your Natwest Servicecard, Cashcard or Cheque Guarantee card when there are insufficient funds in your account, we will charge you £35 for each item Natwest are obliged to pay

Paid Referral - Any items Natwest choose to pay, which result in an unarranged overdraft, will attract a paid referral fee. They will charge you £30 for the day the transaction was debited up to a maximum of £90 in a calendar month.

It is therefore advisable to stay within your means thus avoiding any of the charges above. Incidentally, Natwest's Unpaid Fee changes are £5 more than the £30 that HSBC charge. However, Natwest more than make up for that in Customer Service.

Although the decision for me to open an account with Natwest wasn't mine, I'm glad that it was made for me. Natwest have been a great, helpful bank who offers a wide range of services. My experiences with them haven't always been good, but their Customer service is second to none, and they admit when they make mistakes (and send me wine for the pleasure!).

On the occasions that I have had to contact their Customer Services department over the phone, my call has been answered quickly. Upon contacting Natwest via phone, you are given the choice to use their Telephone banking Service, should you wish. Alternatively, you are able to speak to an advisor. Although they do use an automated service, you only need to press around 2 buttons in order to get through to a human being.

I've never really taken advantage of any of Natwest's other financial services. I have been happy with my bank account and would be lethal with a credit card so haven't applied for one. However, we are going to get a mortgage this year and we will definitely consider Natwest. On the contrary, my partner is with HSBC and has nothing but trouble with them - we are now in the process of applying for a joint account with Natwest, in order to be rid of HSBC once and for all!

I highly recommend Natwest to any potential customers. If you are interested in their services and would rather not go online, as I have discovered in the past, their customer services are more than happy to help - give them a call on 08456 012 288

Thank you for reading!

Tel: 08456 012 288
www.natwest.com

Summary: Customer Service, range of products