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First Bank Account closure. NATWEST
 

Just thought I would let everyone know that Natwest may be an issue when using stealth.
No reason given just that my Natwest Select account is now closed, its part of the RBSG royal bank of scotland group. Deposits would have been from a stealth name for Etsy, Amazon and Ebay. totaling £32k over the past 10 months.
I also had 4 savings accounts which had yet to be used.

Apparently I will have to take ID with me to the local branch to withdraw the funds.

Re: First Bank Account closure. NATWEST
 

Nat West is not an issue with stealth. In fact it is pretty much up there as the very best to use with stealth.

Much more likely an issue with your modus operandi.

When did you open your savings accounts, how far apart did you open them?

Re: First Bank Account closure. NATWEST
 

I had some issue with Royal Bank Of Scotland.
RBS and Natwest belong to the same group.

Though I had no stealth activity on my RBS account since it was my main personal account.

It did get me worried, thought something really bad is about to happen.
I thought all my other bank accounts would go through the same way.

Three years down, all my other bank accounts are active.
Nothing is wrong with my credit file.
So I just assumed, Natwest just was a rubbish bank.

RBS was a good bank until Natwest merge into one.

Re: First Bank Account closure. NATWEST
 

Ghettotidge - if you go into branch with your ID you won't get anywhere it's just what they say.

They hold the funds for 2 months or so, usually 60 days from the date of the closure letter. You then have to provide invoices etc for all the payments going into the accounts before funds being released.

Re: First Bank Account closure. NATWEST
 

Wow if what vetus states is true Natwest are a bad bank..
I opened the savings accounts about 10 weeks ago, all at the same time as the website was glitching and I only intended to open one. If they dont have an issue with mismatching name on deposits vs account owner then I cannot imagine what their issue is?

Re: First Bank Account closure. NATWEST
 

This could be an issue for a start. I have read about people having their accounts closed for opening up 4 or 5 savers in a day.

Re: First Bank Account closure. NATWEST
 

The issue is you are using your personal bank account to accept payments for goods, 32k being paid in will look like a business rather than personal. Thats just my opinion though.

Re: First Bank Account closure. NATWEST
 

No they don't hold your money for 60 days. They give you 60 days to withdraw your money before the account is deleted.

I had 7k in natwest and i opened up too many rbs and natwest accounts within a short while. Got the account closure letter and was able to withdraw the money out easily. no problems, just had to go to bank with ID and the closure letter and it was sorted in 20 minutes.

Funny thing is, reopened up a natwest account 6 months later and it's been running 7 months, i'm supposedly not allowed to bank with them or rbs.

Re: First Bank Account closure. NATWEST
 

How is that funny? Worrying each time you go to the cash point if it will swallow your card or use in store and decline? They will close it eventually.

Re: First Bank Account closure. NATWEST
 

Exactly. Stealth or not, they don't like personal accounts being used for business purposes.

Re: First Bank Account closure. NATWEST
 

Why would I worry? They can't keep the money if they did decide to close the account. But over 10ks gone through it in over 6 months, that's more money then I had in the other closed account ever.

Re: First Bank Account closure. NATWEST
 

I beg to differ, my stepfather had this happen and he took id into the bank and they gave him the cash.

Re: First Bank Account closure. NATWEST
 

This happened to my partner with rbs. He opened one savings account online but the internet was glitching so the fraud team decided he was doing something dodgy. He fought with them for 2 weeks over this on how it was there technical issues that caused this.

They reopened his account and gave him £80 compensation for the agrevation.

Re: First Bank Account closure. NATWEST
 

I've lost loads, Halifax,Bank of scotland,Natwest,Rbs,Santander,Nationwide.

They'll all go down if you put a lot of cash through them, 32k in 10 months isn't that much though tbf, you probably just got unlucky

Re: First Bank Account closure. NATWEST
 

FYI
I have complained about banks and insurance companies to the Financial Ombudsmans service over the last few years. The standard apology and offer is around £75.

when you complain i think they have 30 days to give you a financial response. In fact if you call the FO they will write the letter to the bank for you. After that 30 period you can then ask the financial ombudsman to investigate.

Here's the thing !

whatever the ombudsman finds right or wrong it will cost the bank approx £550 to the Financial Ombudsmans service and all free for you. So.. its in the banks interest to compensate you and that starts at about £75. Same for insurance comapanies too.

I hope this helps

Re: First Bank Account closure. NATWEST
 

should have read ..
when you complain i think they have 30 days to give you a final response.

Re: First Bank Account closure. NATWEST
 

NATWEST RULES-

NatWest policy is Personal account cannot be used for any Business transactions .

if they find any funds coming into your personal account to be business funds .
That account will be closed instantly .


The Only way Round That is -
if you can open a low business account with them , you will also get a personal account opened for you and that can be used for business freely.

As that allows you to make purchase for your business account.
you will have 2 accounts to use as you please.
and all this can be opened on-line or over the phone.

i hope this help .:juggle:

Re: First Bank Account closure. NATWEST
 

what I am thinking is, stop messing with personal accounts which I now have 13, halifax, loyds,nationwide,santander, barclays, hsbc both current and savings. Approach them all and say I want to open basic business accounts.

If that works this should avoid future issues.

Iam running out of bank accounts :)

Re: First Bank Account closure. NATWEST
 

Basic business account?

Re: First Bank Account closure. NATWEST
 

You're right on mao :thumb:

Re: First Bank Account closure. NATWEST
 

Here's an article on basic business accounts

How to open a business bank account if you have a poor credit history

Re: First Bank Account closure. NATWEST
 

You'd have a thought by now banks would fill an empty market and offer basic business accounts for people who can't get accepted for normal business accounts.

A friend of mine had a ccj and couldn't get one, whilst starting his new business he had chequers for over £55k and no bank to accept them... Eventually got one after a few months.. But still...