Whats this all about RBS & Natwest dropping charges???

[neil6534]

Hi all, today I have received 2 emails 1 for my natwest account the other for my rbs account - both saying the same thing

 

"We're really happy to let you know that from 5th April 2016 we'll stop charging unpaid transaction fees on your Basic account.

 

You're charged unpaid transaction fees when you try to make a payment but don't have enough money in your account to cover it. We normally charge £6 for each unpaid transaction (up to £60 for each charging period). The good news is from 5th April 2016, you won't need to worry about this".

 

Has there been a problem with these charges then? Is that why they are removing them?

[Andyorch]

A problem....That's why CAG was created to fight them.

[BankFodder]

Hi all, today I have received 2 emails 1 for my natwest account the other for my rbs account - both saying the same thing

 

"We're really happy to let you know that from 5th April 2016 we'll stop charging unpaid transaction fees on your Basic account.

 

You're charged unpaid transaction fees when you try to make a payment but don't have enough money in your account to cover it. We normally charge £6 for each unpaid transaction (up to £60 for each charging period). The good news is from 5th April 2016, you won't need to worry about this".

 

Has there been a problem with these charges then? Is that why they are removing them?

 

One thing to add here is that when they say they're happy to let you know, it's another damn lie from the banks.

 

There very unhappy about it, I'm quite sure. They will lose a lot of money from the charges and also from the further charges that people incur by paying pushed into those charges.

 

There is clearly some deal somewhere and the banks have been obliged to do this as part of their side of the bargain.

 

Don't for one moment imagine that the banks are your friends or that they are ever pleased to relinquish any nasty little stream of revenue

[neil6534]

just got me thinking why....is it possible that these charges were unfair/unreasonable or unlawful and thats why they have dropped them....if so a possible reclaim maybe?

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?458558-Nine-UK-banks-launch-fee-free-accounts%281-Viewing%29-nbsp

 

I don't think there is any generosity on the Bank's part. I suspect it is because your accounts fall into the category of the new fee free bank accounts that the government has pretty much insisted must be made available. The 2 banks you mention are part of that scheme.

 

So, I don't think you will be able to reclaim those charges you might already have incurred.

Edited February 4, 2016 by citizenB

[StJane]

The EU published something called the Payment Accounts Directive a while ago which set out to ensure that people have access to a bank account (even if they are not eligible for a full facilities current account). These new basic accounts have to be implemented by September 2016 and they are required to come without returned/unpaid transaction fees.

 

Most of the banks released their new basic accounts this January. Natwest no longer offers the Basic Account but instead offers what is called the Foundation Account if you are declined for a full facilities current account.

 

They are not required to stop unpaid transaction fees on your existing Basic Account though. But I suspect they are removing them in order to simplify their accounts - they may even be planning to move you to the Foundation account eventually.