MSE News: NatWest and RBS hike overdraft charges from today

chambta

At least one letter went out explaining it as clearly as possible.

stclair

chambta wrote: »

At least one letter went out explaining it as clearly as possible.

And the rest lol

Archi_Bald

eefee wrote: »

I'm off to 1st Direct

Best of luck with your application.

thegfb

JohalaReewi wrote: »

£6 for borrowing a tenner for a few days. Makes Wonga seem like good value.

It's anything over £10, but yes you are quite right!

My wife has a NW current account (as do I, two actually).

My accounts both had a £100 overdraft as I believe that's what I set it to before because that was the interest/charge-free "credit zone" or something. I reduced mine to £10 on both on online banking.

My wife is a little less organised and her actual OD facility was something like £1500, though she barely ever went into it. However she doesn't read letters, emails etc so I went online to check and she was over £50 in the red. So I paid an instant transfer from my account to hers to get her back to £10 in the red, told her that she might need to ask me for some money soon and helped her re-arrange her overdraft to get it back to a limit of £10.

badlands21

Boy oh boy, have the Nat West blown their own foot off with this one.

I have been with the Nat West for the last 24 years and more often than not find myself having to use the agreed overdraft facility. Well, for building up a whopping charge of 42p interest for my overdraft in the last month, I have just found out that the Nat West are going to charge me £6.

The words 'short sighted' spring to mind.

Think about it Mr Director of Nat West.

In the last 24 years I have calculated my overdraft interest charges come to a total of about £1300. That's £1300 which I have paid into the Nat West.

Well they won't be getting their hands on my money any longer because, shock horror, I have just moved banks.

Who would have thought people would have the audacity to change banks when their own bank implements price hikes ??

dalesrider

badlands21 wrote: »

Boy oh boy, have the Nat West blown their own foot off with this one.

Why?

Fact is they have been more than generous by giving you a buffer. Which they still are doing....

HSBC do not.... Same as a some other banks.

I have made the point about just going over the buffer where you are charged per day.
Compared to costs of PDL co's. Before.

Still we ALL know just what the charges are. And what you can do if you don't like them.:D

Marcuspd

I got stung with this and after 20 years of making RBS money, this is a step too far.

I was overdrawn for 4 weeks but got charged for 2 x 4 week periods plus interest. They charge in periods, in my case, from the 17th to the 16th and not for 4 weeks from when you go more than £10 overdrawn.

If you go £11 overdrawn for 2 or 3 days, say 16th to 18th of the month they charge you for 2 x 4 week periods, so 2 x £6 plus interest.

This is an equivalent potential interest earning of around 18000% apr and is disgusting for a bank bailed out by the tax payer.

I complained and got told this is tough and their new small print.
I have 3 accounts dating back at least 20 years with Natwest, with the way they try to screw long term customers, they can get stuffed as far as I care. They also rate jacked my Natwest CC last year.

My credit rating is usually 4 or 5 stars with Noddle, if they want to treat good customers like this they don't deserve any more business
From me.

Time to give my money to another bank. RBS can dissappear up their own bottom!

tiktok

Spoke to NatWest today after finding the £6 charge for using my agreed overdraft facility levied to my account twice in the last 6 months. Having understood the new charges, I still believed they were not pertinent to my account having opened it before July 4th 2011.

There is a live link on the NatWest website that leads you through to "Rates and Charges" for accounts that have either been opened before or after 4th July 2011.

Mine was opened before 4th July 2011 and so I clicked through to the appropriate section where it clearly states in the "Charges" section, that arranged overdraft usage fee applies only to Gold Plus Accounts.

On contacting NatWest and advising them of the ambiguity and contradictory conditions, they agreed to reimburse my £6 charges and to look into the ambiguities of there stated charges.

As a new poster to this forum I am unable to attach a link, so you will have to hunt it down yourselves unfortunately.

All the best "tiktok"

PeacefulWaters

tiktok wrote: »

Spoke to NatWest today after finding the £6 charge for using my agreed overdraft facility levied to my account twice in the last 6 months. Having understood the new charges, I still believed they were not pertinent to my account having opened it before July 4th 2011.

There is a live link on the NatWest website that leads you through to "Rates and Charges" for accounts that have either been opened before or after 4th July 2011.

Mine was opened before 4th July 2011 and so I clicked through to the appropriate section where it clearly states in the "Charges" section, that arranged overdraft usage fee applies only to Gold Plus Accounts.

On contacting NatWest and advising them of the ambiguity and contradictory conditions, they agreed to reimburse my £6 charges and to look into the ambiguities of there stated charges.

As a new poster to this forum I am unable to attach a link, so you will have to hunt it down yourselves unfortunately.

All the best "tiktok"

That could be a useful loophole for others to exploit.

Track down that page, take a screenshot before they take it down and get a complaint in!

Archi_Bald

tiktok wrote: »

As a new poster to this forum I am unable to attach a link, so you will have to hunt it down yourselves unfortunately.

You can, sort of, post the URL - just insert a few blanks and it will be treated as normal text. We can figure out the proper URL from that