NAT WEST to Charge £6.00 a Month Overdraft

bazlindon

Just had an email from NAT WEST bank saying they are going to CHARGE £6 a month for an ARRANGED overdraft from JULY 2013 . I have had it free (Plus interest) for over 10 years now. Are other banks going to go this way. So if i am overdrawn £20.00 in a month I will now get charged £6.00 plus interest for the priviledge . Martin are you aware of this change by nat west and if other banks are going to go the same way ?

Kimberley

It's still the cheapest fee though working out to about 20p a day. Other banks charge around 50p or even £1 a day.

dr_adidas01

bazlindon wrote: »

Just had an email from NAT WEST bank saying they are going to CHARGE £6 a month for an ARRANGED overdraft from JULY 2013 . I have had it free (Plus interest) for over 10 years now. Are other banks going to go this way. So if i am overdrawn £20.00 in a month I will now get charged £6.00 plus interest for the priviledge . Martin are you aware of this change by nat west and if other banks are going to go the same way ?

Had you searched the forum you would have seen that this has been posted at least 4 times in the last 2 weeks.

Martin doesn't read this forum in fact he no longer owns this site he sold it on for a tidy profit.

How can anyone know what other banks are going to do with there overdraft fees!!!

You-kip

Lets all moan about overdraft fees then go overdrawn each month.

_Andy_

bazlindon wrote: »

I have had it free (Plus interest) for over 10 years now. /QUOTE]

So using your logic, companies should never be able to increase prices for services or products?

JuicyJesus

Kimberley wrote: »

It's still the cheapest fee though working out to about 20p a day. Other banks charge around 50p or even £1 a day.

It isn't, because some banks charge a £0 monthly fee on top of interest, which works out at 0p per day.

Although at the moment that's pretty much just Barclays and HSBC left that do that.

Colin_London

Well we knew this was coming when they changed the Ts & Cs a few months back.

I have had a Current Plus account since 1992 and only now is it being changed to 'Select' (although I fail to see what is 'Select' about it).

Note that the £100 interest / fee free buffer is also being reduced to £10 if you liked to make use of that at the end of each month.

I guess we should be grateful it is still without a monthly account charge.

iamchrisli

Just aware of this today, when logged into the online banking. RBS and Natwest are doing the same, at the moment, they are giving you £100 buffer zone without any fee/interest, very good for me to use a pocket money.

Now thinking to change over to first direct.

fiid

Am appalled by what's happening. Have today rung Nat West to make a fornal complaint, about forthcoming charges of £6 for going £10 overdrawn PLUS the interest! I now plan to switch my bank. I would suggest if you are a customer to contact them to complain too.

stclair

fiid wrote: »

Am appalled by what's happening. Have today rung Nat West to make a fornal complaint, about forthcoming charges of £6 for going £10 overdrawn PLUS the interest! I now plan to switch my bank. I would suggest if you are a customer to contact them to complain too.

I doubt complaining will change anything.

The best way to avoid the charges would be not to go overdrawn.

Thrugelmir

fiid wrote: »

Am appalled by what's happening. Have today rung Nat West to make a fornal complaint, about forthcoming charges of £6 for going £10 overdrawn PLUS the interest! I now plan to switch my bank. I would suggest if you are a customer to contact them to complain too.

Given that RBS is 84% owned by the taxpayer only too happy to see the bank become profitable again. If you don't want to pay fees then don't go overdrawn. I wouldn't bother complaining. As I suspect losing customers is part of their plan as well.