MSE News: RBS and Natwest to rejig bank charges

vaporate

Legalised extortion

If RBS wanted to, they could block methods of unauthorised lending...

glider3560

vaporate wrote: »

Legalised extortion

If RBS wanted to, they could block methods of unauthorised lending...

If customers wanted to, they could only spend the money they have...

proeleche

glider3560 wrote: »

If customers wanted to, they could only spend the money they have...

Comments like the above are not helpful.

People should not spend money they don't have, but I think people forget that you can't just help yourself to whatever you like from the bank. For example, the balance of my account is £100, but I think I want £200, so I'll just take £200 from the ATM, and as a result of this the bank penalises me - sorry, the bank have provided me with a service and therefore can charge any fee they deem fit...

The technology exists to block payments, this is what should happen if adequate funds are not available, and if a person has not paid their bills, the only person they can blame is themselves. Of course, considering and rejecting payments costs the bank something, but it shouldn't be an over exaggerated sum and a way for the banks to make easy money from vulnerable and iresponsible members of society.

In respect of this RBS change, they only reduced the bounced direct debit fee to £5 (from £35) around a year ago, and now it's going up to £6; and now they're charging a daily unauthorised overdraft fee like several other banks - how wonderful are market forces...!

In addition, where do they get the buffer figure of £6 from? It doesn't seem like a sensible figure to me, but as many in these forums like to tell us: we signed the contract, so they can (literally) do as they please, when they please.

stclair

Here are the new terms and conditions:

http://www.natwest.com/olb/mandatory_message/downloads/changes_tandc_031110.pdf

http://www.rbs.co.uk/content/personal/downloads/terms_conditions_changes_oct2010.PDF

knightfox

Anyway Barclays for short term unauthorised borrowing is the most expensive.