RBS Charge help

rachel1659

I recently set up a busines account with RBS and they charged me £110 for setting up a overdraft of £5000. they didn't tell me about this charge at the time I set up. I have been in and complained as not only have they taken money out of my account without telling me but they have taken 3 months to get my debit card organised, 2 months to start arranging the over draft, made me pay postage on letters they have sent as they haven't put enough stamps on as well as making me wait weeks before starting to set up a savings account. When i complained they just suggested i cancel my overdraft as i might not be using it yet, but surely they should just remove the charge and give me my money back... what should i do next? And if i decide to leave the bank where is best for a business account?

tom188

did you not look at the schedule of fees attached to the account. very little is done for free in the business account world.

scottp_2

Hi,

The charge for setting up an overdraft is 1% with a minimum of £110, so you could have a £11000 overdraft and still pay the same amount. At the moment the business managers are under imense pressure to charge as much as they can, whilst the marketing department decide to advertise free business banking! If you read the small print however, it states the 'Free' means you dont have to pay the monthly fee (£10 if you dont not pay cash in, write cheques etc, which are all charged extra) so you are saving yourself a fair amount of cash if you will be using the account alot! At the moment the business managers are snowed under with work due to them loosing all of their assistants (they have been relocated to a call centre that is not set up properly yet!). Its all a bit of a mess which should not affect customers, but sadly it does.
As for the debit card, i am assuming it is just a Sole Trade account? In that case a CashLine card (to be used in cash machines and branches) can be ordered over the counter (remind the staff member it will need to be checked off by a senior member of staff the same day, otherwise the order gets cancelled), this should only take around a week to get to you then.
What branch are you using and what happened with the postage? as that seems like a very easy fix, we would just refund the cost if you had a reciept from the post office?
Charges for business accounts do not fall into the same category as personal accounts, therefore all charges for account usage are justified. The free banking for a year is good, and saves you AT LEAST £120 a year, but will get you in bad habits for when the free banking stops, as some ways of withdrawing and paying money in cost more than others.
Any other questions please ask, but i hope this helps you.

Thanks Alot!