RBS_NatWest Overdraft Fees Cut
Published / Last Updated on 08/09/2009
RBS-NatWest Overdraft Fees Cut
Record loss making and now publicly owned Royal Bank of Scotland Group (owners also of NatWest) has dramatically cut overdraft charges.
RBS-NatWest has cut overdraft charges with effect from 1 October 2009 from £38 for a bounced cheque to just £5. In addition, when agreeing to honour a cheque or direct debit or standing order despite being over your limit, the charge will be dropped from £30 to £15.
The banking group is claiming this is a good thing, we suggest it is not. Record corporate losses of £27bn, a poorly run business with bad investment decisions bailed out by the tax payer and now they cut charges (incidentally that pay staff wages) for people who abuse their credit/overdraft positions. We despair. The changes are needed at the top, not at the front line revenue generating end.
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