NGM's Ghost, I think the reason you received the paper form from NatWest is to do with this wretched govt's stupid money laundering regulations, my husband had the same thing with Premium Bonds, they advertise you can buy them over the phone but then won't/can't action them until they have received back the signed & dated form!   I often wonder how long before we have to give DNA to put our own money in an account, the temptation when asked "where did you get this money?" to reply "robbing a bank" is almost overwhelming but I suspect even this post could be investigated now by govt busybodies!

Barbara wrote on Apr 21^st, 2009 at 9:08am:


Barbara,

No in this case it is pure bureaucratic incompetence by NatWest as I am an existing customer who they already know and have all the money laundering ID for and I opened the account while having gone through the log in procedure to NatWest online banking.

The form I was sent by NatWest in the post was not one requesting confirmation of my identity but one asking for a signature to initiate a transfer from my current account to this so called "E-ISA" account (an instruction I had already given online when opening the account).  I ignored the form and on the advice of their online banking helpdesk staff transferred the money manually using online banking two days after I had gone through the account opening sequence online as by then the account was accepting manual online transfers of money in from my current account through the online banking screens.  But if I had gone off abroad for 3 weeks thinking I had already opened the account and put £3,600 in it when I opened it I would have lost 3 weeks interest........

Hence clearly there was no need for the postal correspondence and forms.  All it means is more cost for them in postage out and return postage back (reply paid envelope) and the much more expensive cost of staff time to process each manually sent back transfer request form.  This is money they are wasting that they could be using to pay their account holders a higher rate of interest.

bbb_uk wrote on Apr 21^st, 2009 at 6:22pm:

They'll be losing another one in August when the 3 year variable rate bond I have with them (and which is now down to 1.6% gross) matures.

sherbert wrote on Apr 22^nd, 2009 at 9:31am:


It only takes 5 days if you do it after say 5pm on a Friday where you miss that day's clearing point and there is also a weekend involved.  So it could take up to 7 days If you start the process at 6pm on the Thursday before Easter.

But I believe that is why Fastpay in real time transfers are being introduced is it not?

NatWest have already implemented this fully for ordinary electronic transfers in and outbound but surprise, surprise Nationwide only honours Fastpay inbound and still insists on the full 3 working days for outbound payments.  Nationwide think they might finally introduce Fastpay for outbound payments in June (there again the date might slip again ).  Of course Fastpay only works between the major banks and building societies that are signed up to the scheme, some of whom (Nationwide) are dragging their heels as long as they can about fully implementing it.

See www.apacs.org.uk for more information.

sherbert wrote on Apr 22^nd, 2009 at 10:13am:


Then Yorkshire BS have not implemented Fastpay for outgoing payments.  If I transfer Money to my Egg Mastercard from  Natwest it arrives the same working day.  Same if I top up my Co-Op Cashminder account to buy Ryanair flights using my NatWest online banking.  Arrives within minutes.

sherbert wrote on Apr 22^nd, 2009 at 10:50am:


If Yorkshire have not implemented Fastpay (or are not part of it at all) then it won't help if Lloyds TSB have.

So, I assume from these replies, that both institutions that one deals with, must be signed up to Fastpay to make it work?

bbb_uk wrote on Apr 14^th, 2009 at 5:54pm:
Am I going mad?  I could have sworn that Halifax used geographical numbers when I checked their website before posting the above but upon checking their website again now, they use 0845 numbers.

Have they just moved over to 0845 now as well or am I going mad? lol