transfering money from one account to the other ?

[katie11]

Re: transfering money from one account to the other ?

yes it doing same with me . i keep replying and having to start again . aaaarrrrrr

[thephoenix]

Re: transfering money from one account to the other ?

It is a bit slow.
The account in question is a First Reserve Account with Natwest. Which seems to be an account for the younger customers jointly with a parent or guardian


Additional Terms and Conditions for First Reserve,
Diamond Reserve and Reward Reserve Accounts
Operations on the account

• Lodgements for any amount can be made by Bank Giro Credit at any
of our branches or at any other bank. A small direct charge for this
service may be made by any other bank. Wages and salary
lodgements are not permitted on the account.
• Standing Orders and Direct Debit payments are not permitted from the
account.

Additional Terms and Conditions for First Reserve
Availability
• The account is available to private individuals and trustees as a
personal account only. We may write to your parent(s)/guardian(s) if
you are under 16 to advise that an account has been opened.
Operations on the account
• If at any time we receive instructions to withdraw funds from the
account and there are insufficient funds available to cover the
withdrawal, we may exercise our sole discretion and, without
contacting you refuse to pay some or all of the items.
• For the purposes of assessing whether you have sufficient funds
available to cover the withdrawal we will look at the cleared balance on
your account at 3.30pm on the working weekday before we receive the
instruction to withdraw funds.
• Examples of our receiving instructions to withdraw funds include cases
where:
– you withdraw money from a cash machine
– you carry out a Solo transaction
– you request us to make payments by any electronic means
– any other transaction on your account falls due for payment.
• Any debit interest payable will be charged to the account at the start of
each quarter.



What type of account is in arrears with the overdraft? Have you been informed of the arrears and when?

[katie11]

Re: transfering money from one account to the other ?

the other account is advantage gold account .yes he is aware of o/d .

[pam1]

Re: transfering money from one account to the other ?

Thanks Phoenix thats what i was missing the account type.
They should never of accepted the wages? So this is classed mainly as a children's account, doesn't that make what they have allowed quiet a serious breach of their own terms.

there must be some reason why they are not allowed or won't accept wages, possibly to stop aiding underage employment. if it is i think they have made a serious error.

[thephoenix]

Re: transfering money from one account to the other ?

Pam1... yeah, I can only presume that this type of account is directed at children and I agree, a serious breach of their own T&C's.


Kattie11.... you say he is aware but did Natwest contact him regarding the repayment demands on the overdraft?

(a) Overdrafts are repayable upon demand in accordance with normal
banking practice. This means that at any time we may, on giving you
written notice, withdraw your right to overdraw the account and
demand immediate repayment of the overdraft. If we demand
repayment of the overdraft, you must immediately stop issuing cheques
and making withdrawals on the account.

[biscuits]

Re: transfering money from one account to the other ?

Thanks Phoenix thats what i was missing the account type.
They should never of accepted the wages? So this is classed mainly as a children's account, doesn't that make what they have allowed quiet a serious breach of their own terms.

there must be some reason why they are not allowed or won't accept wages, possibly to stop aiding underage employment. if it is i think they have made a serious error.

A Natwest First Reserve account is not aimed at children it is a adults deposit account
My husband opened one earlier this year and he's 29
and he did it all by himself lol

http://www.natwest.com/personal02.as.../FIRST_RESERVE

[thephoenix]

Re: transfering money from one account to the other ?

A Natwest First Reserve account is not aimed at children it is a adults deposit account
My husband opened one earlier this year and he's 29
and he did it all by himself lol

Thanks for that. but this is in their T&C's:

Additional Terms and Conditions for First Reserve
Availability
• The account is available to private individuals and trustees as a
personal account only. We may write to your parent(s)/guardian(s) if
you are under 16 to advise that an account has been opened.

You have a talented Husband :roll:

[biscuits]

Re: transfering money from one account to the other ?

He sure is!!!

[pam1]

Re: transfering money from one account to the other ?

Additional Terms and Conditions for First Reserve,
Diamond Reserve and Reward Reserve Accounts
Operations on the account

Additional Terms and Conditions for First Reserve
Availability
• The account is available to private individuals and trustees as a
personal account only. We may write to your parent(s)/guardian(s) if
you are under 16 to advise that an account has been opened.
Operations on the account

was posted back up the thread.

[thephoenix]

Re: transfering money from one account to the other ?

Katie, is your partners account in his name only?
the one with overdraft.

[Amethyst]

Re: transfering money from one account to the other ?

From Natwests own policy on Set Off Creditor Balances

''In the eyes of the law the accounts must be beneficially owned by the same customer - thus excluding trust accounts for example - and have the same repayment term, tis normally means that the balances on the accounts are repayable by or to the customer on demand''

CASH ISA and TESSA accounts are excluded as would be any deposit account where the customer needs to give us notice to withdraw funds

Hope that helps too.

[Amethyst]

Re: transfering money from one account to the other ?

Hiya Katie

As I see it the main issue is to get your partner and yourself back in control of the money you have coming in so you can use it to live on.

On Monday open a basic bank account at a different bank and get all the details changed for payments on child benefit/tax credits and the salary payments.

Write to Natwest with a repayment proposal temporarily of an amount you can afford to repay - theres letters in the debt forum to help you with that - I think we can add something about the cock up with this reserve account too just to push their hand a little. This should release the money for the moment.

Get in touch with CCCS (consumer credit counselling service) and get your budgeting and creditor repayments sorted out so you can handle them easily.

Hope that helps, I do think arguing about the banking code and T&Cs of right of offset is worthwhile on a technical level, but the main aim is to get u some money available to live, and to get your debts sorted out....so I dont tink getting too bogged down in legalities etc of stuff is going to help you
immediately.


also - had natwest seen the account was being used incorrectly you'd have been paying money into the indebted account or another natwest account and it would have been held in off set anyways. so not sure arguing they breached their T&Cs helps you particularly.

Shall I duck ?

[thephoenix]

Re: transfering money from one account to the other ?

I do agree with Amethyst. The most important and immediate action, is too ensure you have money to live on.
You do have to sort out a repayment plan with natwest and if I was u, I would sort it out personally
CCCS are very helpful and the letter templates available here will help.

Once your accounts have been transferred, and a payment plan, with accompanying letter as Amethyst mentioned, has been sent, you could request an explanation of their actions.
Being bogged down with company policy and legalities, is not what you want to be dealing with at this stage.

I may be wrong here, slap me very hard if I am, but using a trust account as a sort of current account is not going to help matters. Ensure all your income is going to an account, whereby NO debts are owed to that bank.
That's what we did, it gives you space to breath.

You can slap me now....harder.

keep us informed.

[biscuits]

Re: transfering money from one account to the other ?

I may be wrong but i do think they let you pay wages in, i'll ask hubby in the morning
I'm sure thats why he opened his account as we were having probs with a bank at the time
Like i say dont quote me or jump on me from a great height cos i could be wrong¬!

[pam1]

Re: transfering money from one account to the other ?

Katie if you want a breather and to be able to hold your cash before any other blitter..

Try Brittania, I started with them to have a break so i could see all my money and monitor it myself but I never left that was near on 2 year ago lol

They allow money in benfits/wages and you can have cheques made up for bills, with no charge.