RBS/Natwest slash charges

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I did a search and I don't think this has been posted yet:

http://news.bbc.co.uk/1/hi/business/8242144.stm

Bounced cheque, direct debit or standing order - £5, down from £38
Payment on overdrawn account - £15, down from £30
Guaranteed card payment fee - £15, down from £35
Monthly overdrawn account charge - £20, down from £28
Overdraft interest rate - reduced to 19.24%
 
Well it's good news in general, but then I suppose they've decided to settle on more reasonable fees in order to stop the courts deciding against them completely on the charge front.

So I assume we're not going to get better interest rates on savings accounts then to compensate for these.
Just like we aren't getting better interest rates in compensation for the pick up in the financial sector that has led to billion pound profits again this quarter.
 
Well it's good news in general, but then I suppose they've decided to settle on more reasonable fees in order to stop the courts deciding against them completely on the charge front.

Just like we aren't getting better interest rates in compensation for the pick up in the financial sector that has led to billion pound profits again this quarter.
Indeed sir. :(

However, I'm apposed to the slashes. I think the fees are too low. You break the T&C, they could charge you £1000 a second for being overdrawn. You agreed to the charges.... :D
 
Only if you're bad enough with money to get charged in the first place. It's not an issue for most people.

That still doesn't explain why the banks should increase the interest payments on savings to 'compensate'. The banks are going to make less money on this that they would have.
 
Well it's good news in general, but then I suppose they've decided to settle on more reasonable fees in order to stop the courts deciding against them completely on the charge front.
I don't think it's a purly volantary measure no.
Just like we aren't getting better interest rates in compensation for the pick up in the financial sector that has led to billion pound profits again this quarter.
or restrain bankers pay because they threaten to send the jobs off shore.

or introduce new regulation because they threaten to move the industry to Switzerland or the US.

or lend money to business at a reasonable rate so they can get on their feet again, despite base rates being the lowest ever seen.

The banks answer to no one, and with in reason can get away with pretty much anything providing they don't break the law. I don't expect any thanks or compensation for the support the government has provided them with over the last 18 months. The only possible solution would be some type of windfall tax that could be levied when "things recover" i.e. when the majority of people have forgot and moved on with their life.
 
That still doesn't explain why the banks should increase the interest payments on savings to 'compensate'. The banks are going to make less money on this that they would have.
Banks make less money? Oh please.

When base interest rates return to normal, the savings account rates we once had will never return. The above, I believe, will contribute to this.
 
Bank charges don't matter when you plan your money properly.

I'd rather have higher interest rates and higher bank charges for making an error on your account. People really shouldn't be overdrawn etc, you live to your means. etc etc.
 
B
When base interest rates return to normal, the savings account rates we once had will never return. The above, I believe, will contribute to this.

The high street banks have never had good interest rates, the banks that target the large saver demographic will raise their interest rates with the base rate as they always have done to maintain competition. Anyone with sense locked in their money in the 7% days anyway.
 
Bank charges don't matter when you plan your money properly.

I'd rather have higher interest rates and higher bank charges for making an error on your account. People really shouldn't be overdrawn etc, you live to your means. etc etc.

Great financial advice that, thanks.
 
Great financial advice that, thanks.

I'd have to say that the best financial advice is to not spend what you don't have. If you don't incur debt you don't incur debts costs.
If you must incur debt then only incur what you can afford to service. I don't see anything wrong in what Ace Modder said, if you don't spend money that isn't in your account you will not incur charges, so said charges don't matter.
 
I'd have to say that the best financial advice is to not spend what you don't have. If you don't incur debt you don't incur debts costs.
If you must incur debt then only incur what you can afford to service. I don't see anything wrong in what Ace Modder said, if you don't spend money that isn't in your account you will not incur charges, so said charges don't matter.

You're right, I'd best just give my mate a call right now. After losing his house after falling short with mortgage payments because his building firm went bust after lack of work this past year he's now struggling to make enough money even to feed the kids. All at the same time multi million profit bank ******* screw him for every penny just because he has fell beyond his overdraft limit.

I'll call him now "ayup pal, you've got all this wrong it's really simple, you shouldn't spend so much, don't feed your kids and why not try living in a local shelter or something instead, that will save you money"

Bank charges are ridiculous, just like the smug opinion of some people who find themselves in more favourable positions than others.
 
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