NatWest charging for changing notes

RedBern

I went into the local NatWest to change £40 into coins for a float for an event we were holding. We bank at the branch, and have done for two And a half years. The cashier pushed across a piece of printed paper and asked for my account number, which I didn't have. When I asked why she needed it, she said there's a charge for this service. I asked how much, she said 'a percentage' but she couldn't tell me how much. How does this help small businesses? NatWest should be ashamed.
Do other banks charge for this service?

opinions4u

What does your small business charge customers for?

Gromitt

Natwest are a business and as such, charge for most services. So do other banks.

Normally they don't support changing notes into cash, but instead withdraw the money from your account and apply a percentage fee for the service depending on what you ask for. This is applied at the same time as the withdrawal.

Now, if you used a personal account and asked for £40 in coins, they'd probably do it for free.

JuicyJesus

If you have a business account, there's usually a charge for paying in and withdrawing cash too, which when put together comes out at about the same as the change charge.

Also, yes, other banks charge for the service.

cottager

RedBern wrote: »

I went into the local NatWest to change £40 into coins for a float for an event we were holding. We bank at the branch, and have done for two And a half years. The cashier pushed across a piece of printed paper and asked for my account number, which I didn't have. When I asked why she needed it, she said there's a charge for this service. I asked how much, she said 'a percentage' but she couldn't tell me how much. How does this help small businesses? NatWest should be ashamed.
Do other banks charge for this service?

Have a business a/c but wasn't aware of this charge as we never change cash into other denominations. But it is in their current tariff which we will have been sent.
See top of p6 for 'Cash exchanged'
http://www.natwest.com/content/business/products/business_current_acc/downloads/NWB5965.pdf
It's £1.75 per £100 exchanged (and for that I would think read 'or part thereof')

RedBern

osborn99 wrote: »

Pay the £40 into your bank account then withdraw asking the cashier for coins only.

common sense which sadly you are lacking.

a little uncalled for I think.

We're a social enterprise and need 2 people to sign cheques - something which wasn't possible on Saturday morning when I went into the bank.

opinions4u wrote: »

What does your small business charge customers for?

we're a not for profit business and provide amongst other things free sewing classes.

Not that you are interested in the answer - presumably that was another swipe at my ignorance that banks would charge in this way, and that small businesses pay.

pmduk

Why should Natwest be ashamed of charging for a service which costs them money? You may be a social enterprise, but they operate for profit.
At least next time you'll be able to plan appropriately.

Perhaps you should be researching what other services they're charging you for.

Hazzanet

Yes, they do charge for this service.

Many years ago when I worked for a bank I had a customer that received a discount for depositing pre-sealed bags of notes (bags of £1k in £20s etc). He occasionally used to arrive at the counter with £900 in £20s and £100 in £10s which, he couldn't deposit using his discounted rate.

He asked me to change the £100 in £10s to £100 in £20s so I handed him a form to exchange the cash (much like the one the OP was given). He wasn't very happy as he didn't realise that it was a chargable service.

With business/enterprise/charity accounts, the bank does charge for pretty much everything. As others have said, a bank operates for profit and charges for its services; even for charities and not for profit organisations.

Sorry, but the cashier was correct on this one.

rb10

RedBern wrote: »

we're a not for profit business

... so are you on the Community account?

Natwest wrote:

A community account is the ideal way for your non-profit organisation to look after its funds.

http://www.natwest.com/business/products/business-current-accounts/community-account.ashx

According to their fees and charges leaflet, there are no charges on the Community Current Account.

opinions4u

RedBern wrote: »

we're a not for profit business and provide amongst other things free sewing classes.

Not that you are interested in the answer - presumably that was another swipe at my ignorance that banks would charge in this way, and that small businesses pay.

Merely trying to establish the nature of the business and draw out the parallels between your business and that of the bank with the intention of identifying solutions the Nat West or a competitor could provide.

Ironically rb10 has hit the nail rather successfully on the head in this respect.

So I won't bother.

RedBern

Having been back into Nat West and clarified that we have a community account, as you rightly say, ther should be no charges levied. Cashier I spoke to apologised for colleague's error.