MSE News: RBS punishes basic account holders in ATM crackdown

notts_phil

Well i opened a select account yesterday via my online banking and it now shows on my account list. So no reason other people cant give it a go..

Molly41

Does this affect the kids accounts at Natwest? I have three who bank with Natwest and have debit cards?

jalexa

notts_phil wrote: »

Well i opened a select account yesterday via my online banking and it now shows on my account list. So no reason other people cant give it a go..

Well done, the benefit of positive mental attitude over carping....

You will know this as you undoubtedly read the charges (or at least ticked the box;)), but for the benefit of anyone who isn't aware, unplanned overdrafts on Select are charged at £6 a day. I am not aware this is capped though I stand to be corrected.

On a step/key/basic account unplanned overdraft daily charges are not charged. (not "impossible" to overdraw but the account cannot be operated in overdraft).

Keep alert. You don't want to end up subsidising the "loss making" Basic acccounts.:D

tifo

noh wrote: »

Why not just open an ordinary Select account? That has no fee.

Many people who have a Basic account do so because they CANNOT get a 'Standard' account, i.e. one with all the facilities.

I've had their Basic (Key) account for about 8 years, never been overdrawn etc yet I can't pass a credit check for the Standard current account (Select), though I have a paid account (because it offers the benefits). But that's still a Basic account with a fee for the benefits. I still cannot get a cheque book or overdraft that comes with the paid accounts.

So Basic account holders can upgrade to a paid account but not a Standard free account. Only because the bank is happy to take the money from you.

tifo

callum9999 wrote: »

Tesco deciding not to sell baked beans is a punishment for people who like baked beans.

Maybe not a punishment .....

noh

tifo wrote: »

Many people who have a Basic account do so because they CANNOT get a 'Standard' account, i.e. one with all the facilities.

I've had their Basic (Key) account for about 8 years, never been overdrawn etc yet I can't pass a credit check for the Standard current account (Select), though I have a paid account (because it offers the benefits). But that's still a Basic account with a fee for the benefits. I still cannot get a cheque book or overdraft that comes with the paid accounts.

So Basic account holders can upgrade to a paid account but not a Standard free account. Only because the bank is happy to take the money from you.

My original comment was specific to the post I answered.
I'm aware that some cannot upgrade because of their credit record.

noh

tifo wrote: »

..........................
So Basic account holders can upgrade to a paid account but not a Standard free account. Only because the bank is happy to take the money from you.

Of course the customer must also be happy paying for the extra benefits otherwise they wouldn't be doing so?

savagej

Why has no one mentioned the issue of corporate social responsibility in our society instead of just addressing the fact these are business and as such can do what they like with respect to their products. In the energy industry they are required to invest in "green" energy and improving the infrastructure and the environement. Banks are regulated and should be required to show their social responsibility as massive and often respected institutions in our society by help customers not will silly "money matters" programmes to teach people but with real, tangle, changes to help those most in need. This is not an extension to the welfare state it is encumbent upon these businesses to act in a socially responsbile manner given their size, and their positons in our daily lives.

Stryder

maybe customers could put a charge of deposits to ...

If the bank wants a cheque, thats free, but if they want my cash, that will be charged, and if they want money paid directly??? well that is extra.

Banks are unique as we allow them the use of ourmoney as savings so that they can profit... and when we do the same for them, their rates are massively higher.

We Loan the banks money at this rate (CASH ISA)

Amount AER Gross Rate % p.a. Net Rate % p.a.
£50,000 + 2.00% 2.00% N/A
£27,000 - £49,999 1.90% 1.90% N/A
£22,000 - £26,999 1.75% 1.75% N/A
£15,000 - £21,999 0.95% 0.95% N/A
£9,000 - £14,999 0.75% 0.75% N/A
£1 - £8,999 0.55% 0.55% N/A

But a loan is charged at


Banks hardly need our sympathy. AND AS A STATE OWNED BANK it should be the last one to sting the poorest, or blow up children with cluster bombs

PolishBigSpender

I fail to see what the problem is. The bank is offering a free service - and people are complaining because it's not good enough?!

I can see that with some people on here, it's all take, take, take. Also known as greed.