Natwest' 'Monthly Management Fee Option'? Moderator?

[Carpetbagger]

Hi,

 

is there anywhere people are discussing Natwest trying to gyp people into signing up with their 'Monthly Management Fee Option'? Who are the moderators on here? I tried Bankfodder but their inbox is full.

[yourbank]

Carpetbagger, what that option allows for is reduced charges for a monthly fee of £10. For some people it will benefit them and for others it won't. It has been around for almost 18 months I believe or that may be too long. I think when it first came out I started discussion about it but I am not sure whether that was on CAG or another site. I would suggest though, that if that is what natwest is offering you, then you may want to start claiming your charges back using the FSA Waiver on Bank Charges.

Link is on my signature, PAGE 11.

If Mods are not aware of the account and how it works on here, that would be very shocking to here.

[Carpetbagger]

Hi yourbank, thanks for getting back so quick,

I knew it had been around a few months, I've been offered it once before back in June. Personally it wouldn't help me at all, well I get charged once a month if at all, a bounced cheque is £38, Management Fee is £10 plus £17 reduced fee, I save £1. Big whoop. All the charges are unenforceable anyway, so I shouldnt have to pay them.

Thanks, I'm looking into this waiver business. However I'm still intrigued by the implications of this Management Fee, I'm wondering if the FSA is aware of this and what they'd make of it.

I'm assuming signing up for this would jepordise any claim an account holder had going through the courts, because it looks to me like by signing up you agree the charges are fair and reasonable.

"By signing I/ we agree that 4- The changes to the terms and conditions of my account set out in 'Personal and Private Banking- Keeping You Informed' dated 28 November 2008 shall take effect from the date of this application" In normal practice these changes are not due to come in until the 15th January and I havent studied what they say but I'm sure it's nothing friendly. A veiled attempt by Natwest to change customer's contracts of sale?

May I suggest it would be a good idea to store a copy of this letter with the terms and conditions collection?

[yourbank]

Why are they not unenforceable? The OFT test case has dismissed the "penalties in law" argument even though the UTCCR and fairness are still in.