MSE News: RBS punishes basic account holders in ATM crackdown

ihateyes

as i also pointed out...

its not basic account holders that run the debts u with the banks.....
it the customers who have overdafts/loans/ccards etc.....

penlise them as well.......
il remember RBS

BoGoF

ihateyes wrote: »

as i also pointed out...

its not basic account holders that run the debts u with the banks.....
it the customers who have overdafts/loans/ccards etc.....

penlise them as well.......
il remember RBS

The thing is the customers with all you mentioned are still making them money through revised fees etc.

What does the basic account holder make them - zilch.

I'm sure RBS and the others will be glad to see the back of their basic account holder who actually cost them money

jen245

ihateyes wrote: »

as i also pointed out...

its not basic account holders that run the debts u with the banks.....
it the customers who have overdafts/loans/ccards etc.....

penlise them as well.......
il remember RBS

And a lot of basic account holders have these accounts because they've run up credit cards loans and overdrafts, and haven't been able to pay back what they owe.

It's not about penalising customers, its about cutting costs

Thrugelmir

Viper_7 wrote: »

They cannot afford to cover the costs of customer using other banks ATM's. Hmmm how about the money rolling in from other banks using their machines!

Obviously RBS pay out more than they receive.

mandi

BoGoF wrote: »

The thing is the customers with all you mentioned are still making them money through revised fees etc.

What does the basic account holder make them - zilch.

I'm sure RBS and the others will be glad to see the back of their basic account holder who actually cost them money

In my opinion this is a ploy to upgrade accounts. Like you say basic accounts make them very little .

I contacted RBS last week, there is a note on my account stating " no review" but as usual I was asked to upgrade to a current account .

This time I was told that if I didn't my Visa debit card wouldn't be accepted in some stores .. It was only when I made a complaint I found it to be untrue !

It seems that some of the staff are now employing scare tactics to get the upgrades .

glossyhair

Was going to post but changed my mind . . . apologies for waffle in lieu of delete key!

Thrugelmir

mandi wrote: »

In my opinion this is a ploy to upgrade accounts. Like you say basic accounts make them very little .

Current accounts cost money to run.

Now that the income generated by cross selling of PPI and high bank charges has been stopped. LloydsHBOS was earning a return on capital of 472% selling PPI. The figures were enormous. The banks will have to change their business model in the future.

This is the first step of many.

Chrisblue1962

Hmmm, tricky one this one.

RBS will justify it stating that basic account holders cost them money using other banks' machines but surely RBS basic account holders accounts are always in credit so they make money lending your money to other people or move it around overnight gaining interest elsewhere.

Also, as was pointed out in previous posts, if RBS charge other banks for access to their ATMs then they'll be gaining funds..until other banks retaliate or wait to gain disgruntled RBS customers.

You could always do one of the following:

Open up another basic bank account which still has unversal ATM access and periodically move funds into that account, using it as your "cashpoint" account.

Open a savings account with RBS that comes with ATM access and use that as your "cashpoint" account.

Move to the Co-op ...:D

Thrugelmir

Chrisblue1962 wrote: »

RBS will justify it stating that basic account holders cost them money using other banks' machines but surely RBS basic account holders accounts are always in credit so they make money lending your money to other people or move it around overnight gaining interest elsewhere.

Banks are unable to lend out money that you may wish to withdraw tomorrow. Liquidity levels is a requirement that banks have to adhere to.

People (MSE users anyway) do not use non interest bearing current accounts as savings accounts.

realaledrinker

Viper_7 wrote: »

They cannot afford to cover the costs of customer using other banks ATM's. Hmmm how about the money rolling in from other banks using their machines!
As both Natwest/RBs/Tesco have a large number of ATM's they are an acquirer of other customers- so make money from other banks!
If other banks start the same practice then RBS will lose out...but with the biggest loss being to the customer!

Cannot remember the exact stats but surprisingly the big 4 banks tend to lose money on interbank ATM fees as they have a high customer ATM ratio. As each balance enquiry on another bank's ATM costs your bank 10p and a cash withdrawal 30p, Natwest will be losing tens of millions a year on this 'customer service'. Co-operative Bank, in contrast, is a small player in the current account market but has one of the highest number of ATM machines in the UK for any bank (most Co-op stores have one outside). Luvly jubbly!