Rapid Cash is being withdrawn

Why is NatWest withdrawing Rapid Cash?

Following a recent review of the Rapid Cash product, NatWest have taken the commercial decision to stop offering this product to new and existing customers. We appreciate that this will be disappointing and you will require time to decide an alternative funding option.

Why is NatWest withdrawing Rapid Cash during challenging economic climate?

The environment and markets we operate in are continually evolving, often fundamentally changing what our customers need from a bank to grow and manage their business. This is why we continually review our propositions, making sure they are still relevant, meet current customer demands and deliver commercial value. Following our most recent review of the Rapid Cash business NatWest has made the difficult decision to close Rapid Cash.

If you find yourself in challenging circumstances or financial difficulty, please contact us as soon as possible. Please speak to the Rapid Cash Team on 0330 808 5576 or, if you already bank with us please speak to your Relationship Manager or Business Banking Team on 0345 711 4477. Whatever your circumstances, we are here to help.

What happens next?

There are no immediate actions for you to take at this stage. We will contact you at the start of December, to advise you of the termination date and to set out next steps and potential funding options. If you no longer require the facility, please let us know and we will close your account over the coming weeks. If you have any concerns, please speak to us to discuss your circumstances. Please contact the Rapid Cash Team on 0330 808 5576 or if you already bank with us please contact your Relationship Manager or Business Banking Team on 0345 711 4477.

What will happen to my balance?

Any debt notified to NatWest prior to the termination date will be funded in line with the terms outlined in your agreement, unless you decide to terminate your facility, move to an alternative form of funding or provider ahead of the termination date served. On or before the termination date, you are required to pay to Rapid Cash all liabilities under your agreement, without deduction or set off. Once repaid, we’ll reassign all remaining outstanding notified debts and release the security that we hold under the agreement.

What alternative products may be available?

There are alternative funding solutions that could be available to you following the withdrawal of Rapid Cash. Your business could benefit from other working capital products such as Invoice Discounting or Overdraft. We will be in contact with you from the start of December to discuss viable, alternative options. In the meantime, the product information can be reviewed on the NatWest website:

  • Overdraft for businesses with a turnover of under £2m view here.
  • Overdraft for businesses with a turnover of over £2m view here.
  • Invoice Discounting for businesses with a turnover of over £300k view here.
  • Alternatively, you could find other potential suitable NatWest funding options on our website here

Throughout this process, we will try to assist you and where appropriate help you with the process and ensure your business is supported during the transition, which could involve seeking external finance.

Please contact the Rapid Cash Team on 0330 808 5576 or if you already bank with us and have concerns please advise your Relationship Manager or contact our Business Banking Team on 0345 711 4477 (+44 870 511 4477 from outside the UK).

I am not happy with my facility being terminated, what can I do?

If you would like to raise a complaint or any dissatisfaction, please use our online form https://www.natwest.com/support-centre/how-to-complain/complaint-form.html Alternatively, you can contact us on: UK: 03457 11 44 77 & Overseas: +44 3457 114477.

Useful contacts

If you already bank with NatWest it is best to speak to your Relationship Manager through your usual contact or call Business Banking Team on UK: 03457 11 44 77 & Overseas: +44 3457 114477 Alternatively speak to Rapid Cash Team on 0330 808 5576.

 

Terms & conditions

A Business Current account is required to obtain an Overdraft facility. Security may be required. Product fees may apply. Over 18s only. Subject to status, business use only.

Invoice financing services are provided by RBS Invoice Finance Limited. Registered in England & Wales No. 662221. Registered office: 250 Bishopsgate, London, EC2M 4AA.

Invoice discounting is for businesses with a turnover over £300k. You must have established credit control and robust in-house ledger systems and be happy to use your debtor book as security.

Security may be required. Product fees may apply. Subject to status, business use only.

ANY PROPERTY OR ASSET USED AS SECURITY MAY BE REPOSSESSED OR FORFEITED IF YOU DO NOT KEEP UP REPAYMENTS ON ANY DEBT SECURED ON IT.