RBS and NatWest to hike overdraft interest rates - MSE News

Former_MSE_Naomi
Former MSE Posts: 519
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RBS and NatWest have become the latest banks to announce a steep hike in the interest charged on overdrafts, with some set to pay 39.49%. But the banks are also scrapping daily and monthly fees currently charged for overdrafts, meaning many will end up paying less overall to use them...
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'RBS and NatWest to hike overdraft interest rates - but many will actually pay less as fees are scrapped'

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'RBS and NatWest to hike overdraft interest rates - but many will actually pay less as fees are scrapped'

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Comments
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This announcement of around 40% interest on overdrafts was pretty predictable following the announcements of the other banking sheep.
Personally, I can't wait to see what the Lloyds group are going to come out with when their current interest rate on overdrafts is 84% (on the first £1,250). It will be interesting to see customer reactions if they keep the same rate from April.Warning: In the kingdom of the blind, the one-eyed man is king.
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Will NatWest/RBS allow an unarranged overdraft to occur? As I understand it, Nationwide, Lloyds, Halifax etc. wont now these changes have been implemented.0
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Will NatWest/RBS allow an unarranged overdraft to occur? As I understand it, Nationwide, Lloyds, Halifax etc. wont now these changes have been implemented.
It would probably be safer to assume that payments would be refused, however.Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »It would probably be safer to assume that payments would be refused, however.Eco Miser
Saving money for well over half a century0 -
I've been comparing current accounts, partly due to these overdraft changes but I'm confused as arranged overdrafts don't have a monthly cap (on the MSE website) but unarranged overdrafts do. Does this mean I will be charged 40% up to my arranged limit but a maximum of £20 per month above that?0
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It would be safer still to assume that payments would be accepted or refused, whichever is to your greater detriment. Not saying banks would do this deliberately, just applying Murphy's law.
I have the 250 soon to be removed 'buffer'
Any pennies over 250 -DD'S have been unpaid as you kindly suggest.Replenished CRA Reports.2015 Zoe i nav -67-131 miles top charge. Savings depleted. VM Stream tv 54mb fibre0
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