NatWest has apologised to a customer after he claims he was left in the lurch when it closed his island-based offshore accounts without giving him sufficient warning.
Andrew Hirst, who is from the island but now works as a financial consultant in Malaysia, said he was left with no Isle of Man account and made to feel like a criminal following the actions of the bank.
Returning to Malaysia on September 1 after a series of family and business engagements, he was horrified to open a letter from the NatWest dated June 30 informing him the bank had undertaken a review of its worldwide operations and was giving him 60 days’ notice before all his accounts would be closed.
By then it was too late to make alternative arrangements and transfer the funds.
Mr Hirst said no warning had been given to him in May when he had a meeting with the relationship manager allocated to him.
He told the Manx Independent: ‘The bank has the prerogative to close my accounts but my problem is with the way they went about this, and the complete lack of understanding I encountered trying to resolve the issue or even get my own money out.
‘The ensuing fall-out from this is still going on, and I have done very little else but try and work around the mess I’ve been in, ever since. I have been made – repeatedly – to feel like a criminal, yet all my accounts were in the black and had been administered in an exemplary manner.’
Mr Hirst, who has strong links to the island, had held accounts with NatWest for the last three or more years.
He first went to the bank when he was living in Onchan looking after his father and elderly aunt. After his father died, he opened an executor account to administer his estate. He also opened a personal account.
Now spending much of the year in Malaysia, he was transferred to the bank’s international department.
His own accounts held four figure sums, or five figures including the executor account. But the accounts saw in excess of £500,000 go through them, with his own personal accounts holding six figure sums up until this year and the purchase of a home in the island.
With his accounts frozen, he was unable to transfer funds to his UK account, to cover direct debits and standing orders due out at the beginning of the months. As a result, his UK account went seriously into an unauthorised overdraft position.
His wife, who was on a leisure trip in England at the time, was left stranded with no cash and no means of withdrawing any.
In addition, Mr Hirst could not check which of his Isle of Man direct debits and standing orders hadn’t been paid, including the fees for his aunt’s care home.
‘I asked them to unlock my online banking for a day -or even an hour – so I could just transfer the money myself, but no,’ he said.
He reported his case to the island’s financial regulator, the Financial Supervision Commission which has now become the Financial Services Authority.
A NatWest spokesman said: ‘We never take the decision to close a customer’s account lightly.
‘We have reviewed Mr Hirst’s complaint and have acknowledged that we could have done more to help him in this case and for that we are sorry.
‘We are continuing to work with Mr Hirst to ensure that he is not out of pocket as a result of our decision.’
Mr Hirst said was disgusted at the way he had been treated.
He said the bank now accepts it could have handled things more sympathetically and has agreed to stand the charges for the overdraft resulting from his inability to transfer funds across.