RBS o/d Buffer 30th March

Dandytf

Not sure if latest RBS Overdraft charges have been mentioned.
Not going into detail yet though APR arranged overdrafts is increasing soon up-to 39.49 AER.
Interestingly my Platinum account 250 buffer is being removed.
Does this mean I'll have to re apply for a new arranged 250 overdraft.
Only asking as my credit rating is yet 2-3 years from restoration.

Thanks in advance.

eskbanker

Dandytf wrote: »

Not sure if latest RBS Overdraft charges have been mentioned.
Not going into detail yet though APR arranged overdrafts is increasing soon up-to 39.49 AER.

Yes, there was a thread started a couple of weeks ago when the changes were announced: https://forums.moneysavingexpert.com/discussion/6088320/rbs-and-natwest-to-hike-overdraft-interest-rates-mse-news

Dandytf wrote: »

Interestingly my Platinum account 250 buffer is being removed.
Does this mean I'll have to re apply for a new arranged 250 overdraft.
Only asking as my credit rating is yet 2-3 years from restoration.

If you don't currently have an actual overdraft facility (other than the £250 buffer included with the account for now) and want one after the changes are introduced, then yes, you'd need to apply for one.

Dandytf

eskbanker wrote: »

Yes, there was a thread started a couple of weeks ago when the changes were announced: https://forums.moneysavingexpert.com/discussion/6088320/rbs-and-natwest-to-hike-overdraft-interest-rates-mse-news

If you don't currently have an actual overdraft facility (other than the £250 buffer included with the account for now) and want one after the changes are introduced, then yes, you'd need to apply for one.

Late reply I have the 250 overdraft which rbs were calling a buffer.
Does this mean I have to re apply for a new arranged overdraft or does the buffer get auto changed.
Thanks for the recent mse'r post I'll review tonight.

Dandytf

As I have platinum '250' soon to be removed buffer
This is relevant
The £6 a month Arranged Overdraft Usage Fee will be removed

• The arranged overdraft interest will go up from 19.89% to 39.49% EAR1

• We're removing the £250 buffer, meaning the whole arranged overdraft is chargeable

That last point suggests the buffer will become an arranged overdraft so maybe it's not a new application, hopefully.

eskbanker

My interpretation of the current buffer is that it effectively means that the first £250 of any borrowing (arranged or unarranged) is free, rather than it actually being a £250 overdraft facility as such.

Is there anything on your statements and/or online banking that clearly specifies that you have an arranged overdraft facility? If there is, then it should be retained, but if there isn't then I'd suggest that you'll need to apply for one if you want one....

Dandytf

eskbanker wrote: »

My interpretation of the current buffer is that it effectively means that the first £250 of any borrowing (arranged or unarranged) is free, rather than it actually being a £250 overdraft facility as such.

Is there anything on your statements and/or online banking that clearly specifies that you have an arranged overdraft facility? If there is, then it should be retained, but if there isn't then I'd suggest that you'll need to apply for one if you want one....

Haven't been online or App for ages though I know any fees or interest charges come with Arranged Overdraft Doc's/e-mail.
I suspect as latest new soon to be charges are on whole arranged overdraft (rather than nil interest on free 250 buffer) then in effect rbs are now replacing word 'Buffer' with 'Arranged Overdraft'