MSE News: RBS punishes basic account holders in ATM crackdown

molerat

Does what it says on the tin, a basic account with basic facilities, free no frills banking. Hardly preventing customers from withdrawing their money or punishing them.

This account has no cheque book or overdraft. It allows you to withdraw up to £300 a day from any NatWest, RBS or Ulster Bank cash machine in the UK (Remember, cash machines in many supermarkets including Tesco and Morrisons are NatWest & RBS branded), or at any UK Post Office counter.

I like the way the press stories, the MSE one included, only quote half the truth, many failing to mention Ulster Bank,Tesco or Morrisons. Not many of the last two around are there

hello2007

What wrong with the nationwide cash card + account that comes with a Visa Debit card and you can use any cash point. The only downside is you cannot take cash out overseas which will not affect most people.

notts_phil

The is a lot of winging going in here!!!!

Hanky_Panky

savagej wrote: »

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.

This really made me laugh - banks are forced to offer these accounts when they don't really want to anyway so you could argue that they are meeting their social responsibility. As another poster staes though, these accounts are free. Why are people moaning about a service that is free ?

What really made me chuckle though was the thought of all the customers claiming bank charges etc - where was their social responsibility ?

savagej

Hanky_Panky wrote: »

This really made me laugh - banks are forced to offer these accounts when they don't really want to anyway so you could argue that they are meeting their social responsibility. As another poster staes though, these accounts are free. Why are people moaning about a service that is free ?

What really made me chuckle though was the thought of all the customers claiming bank charges etc - where was their social responsibility ?

You could argue they should be doing a dam sight more than potentially leaving people mainly in rural areas where bank branches and post offices have closed, with no ATM to use, and the issue of cashback is rather spurious when people have to travel for miles to get to a supermarket where they will have an ATM as well.

You would have to plan your life in some respects around the banks conditions because if you are going somewhere you don't know you will have to look up if there is an ATM / Post Office there you can use, or take out money before hand.

These accounts are supposed to be enabling people and getting them into the land of the "banked", to be able to save money, not going backwards and having to travel miles to get their money which they lent to the bank; when other more profitable customers don't have to give ATM's a second thought, anyone will do.

IronWolf

You know in France, you actually have to PAY monthly for a debit card!

So I think we've got it pretty good over here.

opinions4u

savagej wrote: »

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 fairness, they are still offering an unprofitable product for reasons of social responsibility (or keeping politicians off their back).

The facility they are removing is the ability to go and use a competitor at the bank's expense.

it is encumbent upon these businesses to act in a socially responsbile manner given their size, and their positons in our daily lives.

I really don't see it as a socially irresponsible move.

A big PR error. But nothing more.

the issue of cashback is rather spurious when people have to travel for miles to get to a supermarket

My local pub does cashback.

savagej

I don't see the funny side of either of those two posts I made, why should some people be treated more or less as second class citizens in our society, by organisations which make alot of money, and are owned by our Government, and the money they make is from using the money we put into their accounts. Basic accounts are not just for debtors they are also for those with no credit record a "thin file".

savagej

O4U I do see your point, however, I don't agree with it. In such large organisations social responsibility is a big issue in the area in which they manufactuer or service. Just look around at what other big companies do for communities, the environment, the charity sector et cetera. The issue of sponsorship is also an interesting one, with RBS I believe it is formula one and LTSB it is the Olympics. I appreciate this does help them to make more money and hence profit for the shareholder in this case the tax payer, but they need to get a balance between spending in such areas which leave the opportunity cost of the financially excluded; who still to this day have to use loan sharks as a bank would not lend them 100 odd quid due to an old debt.

huw01

Sorry but I can't see the problem here, there's still access to RBS, Natwest, Ulster Bank, Tesco ATM's. Plus cashback and Post Office access. That's well enough in my book.

To me it's still more than a basic account that my mate still has today. He still uses a deposit account in a building society and has his wages paid in by BACS, updates his book weekly when he goes in on a Saturday morning to withdraw cash. He could have a bank account but prefers to deal in cash.

Going back on point the RBS / Natwest ATM issue, I personally think this is a mountain out of a molehill. No story at all really, but the media are trying to create a story from very little. Try living abroad for a bit and then you'l realise how good we've got it over here with free banking. End of.