MSE News: RBS punishes basic account holders in ATM crackdown

callum9999

coolesticeking wrote: »

I understand what people say at they are making a loss from basic accounts but i'm confused as I have a Classic account with Lloyds TSB & a Current Plus account with NatWest.

Since i've had the accounts i've never been overdrawn, never had a charge and don't even have any other products from these two banks.

So I must be a loss leader also but they have not made any changes to ATM usage with these accounts or plan to do so?

So what am I doing that people with basic accounts are not to make them lose money by having the basic bank accounts?

It's completely irrelevant what you do - the banks don't sit there every month analysing every single account to see what they made/lost.

What matters is what people generally do with those accounts. People with basic bank accounts will generally have very little money in there, whereas people with full accounts will often have substantial amounts and a variety of other services they can make money from.

Funny how any intervention the government does that doesn't personally benefit someone is "nanny state gone mad!" whereas any intervention that would personally benefit someone is some kind of essential public service!

yenool

I have a natwest step account and I'm concerned about these changes meaning I wont be able to get cash out when required.

will these changes affect me?

Sicksorry

I got an email regarding this the other week, and I have to admit I am going to change my account to a current account if I can with the RBS, however if they tell me the only account they will give me is one where I have to pay a monthly fee or something similar then I'm calling it quits with them.

jalexa

Sicksorry wrote: »

I got an email regarding this the other week, and I have to admit I am going to change my account to a current account if I can with the RBS, however if they tell me the only account they will give me is one where I have to pay a monthly fee or something similar then I'm calling it quits with them.

Entirely up to you. If you need a cheque book and would like an overdraft then (even) your existing account is not suitable for you.

However if it is just the loss of Link access, think if there is another solution. Natwest/RBS offer access to a large number of Group ATMs, including ATMs at Tesco. If the *only* convenent ATM for you is another bank's, open *their* basic bank account just for cash, keeping your Natwest/RBS basic bank account with its very good online access and rejoice that you have a "loss-making" account that is quite difficult to incurr charges with. Unlike the full function Select range.

For most people this issue is not the problem it is cracked up to be.

cbassno3

I also have a step account. I'm not over the moon with these changes but have other bank accounts to get round it. Can't see how this will help Natwest's 'helpful banking' campaign or help to continue it's customer charter. In financial terms it's the correct decision for the bank, But not if your continuing to improve your customer service.

Sicksorry

jalexa wrote: »

Entirely up to you. If you need a cheque book and would like an overdraft then (even) your existing account is not suitable for you.

However if it is just the loss of Link access, think if there is another solution. Natwest/RBS offer access to a large number of Group ATMs, including ATMs at Tesco. If the *only* convenent ATM for you is another bank's, open *their* basic bank account just for cash, keeping your Natwest/RBS basic bank account with its very good online access and rejoice that you have a "loss-making" account that is quite difficult to incurr charges with. Unlike the full function Select range.

For most people this issue is not the problem it is cracked up to be.

Granted the Online banking is brilliant with RBS, I just find the ATM thing an issue as Tesco's is quite the walk from where I live, same with the RBS branch itself and It can be quite the challenge getting a working ATM round here at the best of times. haha.

I'm hoping they can offer a free current account, to be honest I'm not fussed about Overdrafts, thats just more nonsense that will land me further in debt really.

coolesticeking

Sicksorry wrote: »

Granted the Online banking is brilliant with RBS, I just find the ATM thing an issue as Tesco's is quite the walk from where I live, same with the RBS branch itself and It can be quite the challenge getting a working ATM round here at the best of times. haha.

I'm hoping they can offer a free current account, to be honest I'm not fussed about Overdrafts, thats just more nonsense that will land me further in debt really.

This may be of use to you to get around the ATM Crackdown:
http://www.rbs.co.uk/personal/savings/g1/instant-access/savings-account.ashx

Hank_Marvin

coolesticeking wrote: »

This may be of use to you to get around the ATM Crackdown:
http://www.rbs.co.uk/personal/savings/g1/instant-access/savings-account.ashx

Just wondering how the RBS Instant Access Savings Account would be of use. Is it coz they give you a card etc..

coolesticeking

Hank_Marvin wrote: »

Just wondering how the RBS Instant Access Savings Account would be of use. Is it coz they give you a card etc..

Indeed, it states:

Manage your money - bank online, by telephone and in-branch. Plus withdraw money at any cash machine where you see the logo shown on your card.

That way you can either use Internet Banking or if you are away from your computer just call up and use the automated or human telephone banking and move money to the savings account and withdraw from any ATM you desire.

jalexa

coolesticeking wrote: »

and withdraw from any ATM you desire.

err...no. Only from ATMs displaying the logo on the card.:)