Some customers who were due to receive their £125 incentive from NatWest for switching their bank account may have to wait an extra two weeks for their cash.
UPDATE 9.00AM Thursday 19 April: NatWest has now confirmed that it has paid the switching bonus to all eligible customers.
In January NatWest ran its first switching incentive in almost a decade, and offered £125 to customers who switched a non-NatWest current account to a NatWest Reward, Select, Reward Silver, Reward Platinum or Reward Black accounts by 16 March.
Customers who met the switch requirements were supposed to get their cash incentive by 13 April, but NatWest has now confirmed that some payments are delayed, and may not be in customers' bank accounts until 27 April.
Some of our forumites have been offered £30 compensation due to the delay, after logging a complaint with NatWest online.
Looking to get cash to switch your current account? See Best Bank Accounts.
Who is due the bonus?
To get the £125 incentive, customers had to:
- Apply for an eligible account by 16 February.
- Complete a full switch using NatWest's official switching service by 16 March.
- Pay in at least £1,500 by 16 March.
- Log in to online or mobile banking at least once by 16 March.
If you didn't meet this criteria, you won't receive the bonus.
If I'm affected, can I claim compensation?
NatWest said the delay has affected only a small number of customers who completed the switch, but won't say exactly how many or if it affects any particular subset of applicants for the switch.
If you fulfilled all the criteria and haven't had the money in your account yet, you can complain to NatWest if you have been inconvenienced. Some forumites said they've been offered compensation after doing this.
Forumite RicRoc said: "I logged a complaint online, just got a phone call back. They gave me £30 compensation immediately (which I've received) and have said I will receive the £125 by the 27 April."
Another forumite, HonouraryScouser [sic], said: "I've just had a call back from the complaints team, they had compensated me on Saturday and closed the complaint but had called to update me as requested."
What does NatWest say?
A spokesperson for NatWest said: "Our £125 digital switching offer was incredibly popular and the majority of customers received the cash incentive into their account on Tuesday 10 April 2018.
"For a small number of customers there has been a delay. Eligible customers don’t need to do anything and will receive the payment into their account on or before 27 April 2018."