Former customers of the high street bank contacted the FOS after their accounts were closed and they couldn’t access their own money. Although the FOS concluded that NatWest was within its rights to close the accounts, it said the way customers were treated during this process was unfair, awarding them up to £500 in compensation.
Customers who aren’t happy with such a decision should contact their bank in the first instance and ask for an explanation.
They are then advised to contact the Financial Ombudsman Service if they’re still not happy or haven’t received a response after eight weeks.
The bank doesn’t have to tell you the reason behind the decision, but it can be forced to give unhappy customers up to £500 in compensation by the FOS if it’s found that they were in the wrong.
All complaints will be looked into.
Some reasons that might make customers feel they have a right to complain are if their bank discriminated against them, an employee gave them contradictory information or the bank didn’t give enough notice before closing an account.
The FOS will then look at several factors, including if the bank acted fairly and what it has done to support the customer.
Banks are usually expected to give people 30 days’ notice if they plan on closing their account.
However, they can give less than this if they suspect fraud or if a customer is threatening or abusive to staff.