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    • MSE Guy
    • By MSE Guy 20th Oct 09, 9:11 AM
    • 1,628Posts
    • 1,255Thanks
    MSE Guy
    MSE News: Banking rule-book changes explained
    • #1
    • 20th Oct 09, 9:11 AM
    MSE News: Banking rule-book changes explained 20th Oct 09 at 9:11 AM
    This is the discussion thread for the following MSE News Story:

    "Anyone with a current or savings account will have been told of "important changes to your account" over the past few weeks by their provider ..."

Page 1
    • stclair
    • By stclair 20th Oct 09, 7:05 PM
    • 6,521 Posts
    • 3,459 Thanks
    • #2
    • 20th Oct 09, 7:05 PM
    • #2
    • 20th Oct 09, 7:05 PM
    Yes and the information has been available to natwest & RBS customers since about 08/09.

    The new T&Cs are available below:
    Last edited by stclair; 20-10-2009 at 7:49 PM.
    • MarkyMarkD
    • By MarkyMarkD 21st Oct 09, 9:30 PM
    • 9,795 Posts
    • 4,216 Thanks
    • #3
    • 21st Oct 09, 9:30 PM
    • #3
    • 21st Oct 09, 9:30 PM
    The article implies that this affects all current and savings accounts, which is not true.

    The changes affect payment accounts which means almost all current accounts, and maybe half of savings accounts.

    In particular, ISAs, fixed rate bonds and notice accounts are not affected. It's pretty accurate to say that only instant access savings accounts - ie. the sort of account where you'd expect to be making lots of transactions - are affected.
    • Consumerist
    • By Consumerist 22nd Oct 09, 11:35 PM
    • 5,203 Posts
    • 2,604 Thanks
    • #4
    • 22nd Oct 09, 11:35 PM
    Will we need to check our savings rates on 1st November ?
    • #4
    • 22nd Oct 09, 11:35 PM
    Intelligent Finance have reduced the rate on their iSaver account from the 2nd October but I have not, so far, received any notice of the change.

    Are banks likely to make changes to savings rates just before the 1st November to escape the new regulations?
    • Milarky
    • By Milarky 23rd Oct 09, 6:18 AM
    • 6,290 Posts
    • 2,209 Thanks
    • #5
    • 23rd Oct 09, 6:18 AM
    • #5
    • 23rd Oct 09, 6:18 AM
    Credit card providers must apply cash and electronic payments to your account on the day they receive the money. If the card is issued by the same bank where you're making an over-the-counter payment, it will be credited immediately.
    (A good rule) I remained concerned that credit cards were contining to be mealy-mouthed about when they would actually treat any payment as received (e.g. one sent through Faster Payments) As we know, timing can be critical here to avoid triggering late charges and/or backlogs of interest.
    .....under construction....
    • gjs1701
    • By gjs1701 27th Oct 09, 11:04 AM
    • 144 Posts
    • 36 Thanks
    • #6
    • 27th Oct 09, 11:04 AM
    • #6
    • 27th Oct 09, 11:04 AM
    Transfers from account-to-account (when sent to a different provider) must be completed by close of business the next day. Until 1 January 2012, this can be extended to the third working day, if in the terms and conditions.
    So no change there then. :rolleyes:
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