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MSE News: RBS punishes basic account holders in ATM crackdown
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It is VERY difficult for many people. Even a single default for a few pounds will have you turned down or being late for credit card or mortgage payments will have you turned down. I know because i've been turned down for both reasons.
I (now) have no defaults or CCJs yet cannot get a standard account because i've been late in paying my mortgage occasionally or a credit card or loan payment. Don't forget that the credit record goes back 6 years so something we did, say, 4 years ago still affects us.
I didn't mean opening loads of full accounts was easy. I meant opening a basic bank account is easy when there are so many options.0 -
It is VERY difficult for many people. Even a single default for a few pounds will have you turned down or being late for credit card or mortgage payments will have you turned down. I know because i've been turned down for both reasons.
I (now) have no defaults or CCJs yet cannot get a standard account because i've been late in paying my mortgage occasionally or a credit card or loan payment. Don't forget that the credit record goes back 6 years so something we did, say, 4 years ago still affects us.
The answer is to not be "late paying your mortgage occasionally", which in my mind is not something to be casual about.
Paying late on credit accounts has consequences. That's the way it should be.urs sinserly,
~~joosy jeezus~~0 -
JuicyJesus wrote: »The answer is to not be "late paying your mortgage occasionally", which in my mind is not something to be casual about.
Paying late on credit accounts has consequences. That's the way it should be.
Exactly, so opening a standard account is not easy for many people .... Of course, not everyone has a continuously perfect credit score like you because people's incomes/circumstances change over many years.0 -
callum9999 wrote:I have (full) accounts with most of the major banks - it really isn't difficult.
I meant opening a basic bank account is easy when there are so many options.
Cough ....0 -
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It is VERY difficult for many people. Even a single default for a few pounds will have you turned down or being late for credit card or mortgage payments will have you turned down. I know because i've been turned down for both reasons.
I'm strongly against financial exclusion but I don't think you have a good argument against what Natwest/RBS are doing.
A better test whould be whether applicants with a good "conduct" history but with "limited" means and a need for Link and/or a cheque book, have an application for a "free" Select account (without overdraft) declined.
While I agree you probably don't "comply", many others may, though they should be alert to the prospect of £6/day unauthorised overdraft charges. In many respects a Basic Account is better for most people including, either for bills or cash but not both, for many "full service" account holders.;)
An earlier poster speculated that the banks have other motives, and in time "free" full service accounts may lose Link access. I do not disagree with that theory, and it is a pity that Natwest/RBS has rolled out the changes before "at cost" ATM charging is developed.
*That* is the answer to the problem the consumer organisations and this forum are wrongly "carping" about.0 -
The only way for some to get a standard account is to open a paid one, cancel within the 2 months most banks allow (you get your fees back) and it will change to a standard account with a debit card that can be used in any ATM. Very rarely will a back convert it to a basic account because a paid account is a standard account with paid for benefits.
Incorrect. I didnt have toHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Prehaps there could be a small charge of say 50p if another cash machine other than those which are free are used.
That is a very good point. This link is to a 2005 Parliamentary enquiry into cash machines. It reveals that in 2005 the "interchange fee" which is essentially the fee that Natwest/RBS claims to be balking at the cost of when incurred by Basic Account customers was either £0.20 or £0.30 depending on the ATM location.
http://www.parliament.the-stationery-office.co.uk/pa/cm200405/cmselect/cmtreasy/191/19104.htm#n22
Anybody aware what the fee is in 2011?0 -
In 2008 it was around 15p for a bank ATM and 30p for a supermarket ATM (including a bank's ATM at the supermarket).0
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