RBS/Nat West to charge for holding cash

[ThePublisher]

I read on the BBC that apparently RBS/Nat West have written letters to over a million business customers telling them they may start charging them for their credit balances.

Has anybody received one of these letters as I haven't?

 

[MikeJ]

Complete scare story. Never going to happen.

(wanders off, fingers crossed)

 

[sarky]

I got a letter today from NatWest. It's about reducing my account charges and at the same time they've changed the 'terms for your account'.

Buried in the small print I found: "We reserve the right to charge you a negative rate of interest. If we intend to charge negative interest, we'll always give you notice in accordance with General Term 11.3."

I think that they are just covering themselves in case the muppets who are in control of the Bank of England go for negative rates.

 

[Ian J]

Apparently it's only applicable to business accounts and not personal accounts.

I tend to keep about £50,000 on deposit and earn the magnificent sum of £2.50 every month but if the bank are going to charge me negative interest I will simply transfer it all to my personal account and leave it there although I will need to remember to transfer it back on the last day of my financial year so that I don't have a hugely overdrawn DLA

 

[ecommerce84]

Does that mean that if they can charge you on accounts with a positive balance that you charge them for accounts with a negative balance?!

 

[Annoying Donkey]

Does that mean that if they can charge you on accounts with a positive balance that you charge them for accounts with a negative balance?!

Basic math... two negatives make a positive. Send your invoice now...

 

[ThePublisher]

I have several business accounts with RBS, but haven't received a letter as yet.

 

[Mark T Jones]

All of the big banks are desparate to get back to charging for current accounts, having stampeded to the bottom in response to Midlands 'free banking' offer many years ago

The situation is more critical now as the. Amos have an excess of deposit money and interest rates are at an all time low and potentially reducing further

It's a game of 'who blinks first'. Rbs are putting customers on notice - the others will swiftly follow

 

[john1989]

Apparently it's only applicable to business accounts and not personal accounts.

I tend to keep about £50,000 on deposit and earn the magnificent sum of £2.50 every month but if the bank are going to charge me negative interest I will simply transfer it all to my personal account and leave it there although I will need to remember to transfer it back on the last day of my financial year so that I don't have a hugely overdrawn DLA

Be careful that you don't get caught by the anti avoidance legislation on bed and breakfasting.

 

[MikeJ]

Apparently it's only applicable to business accounts and not personal accounts.

I tend to keep about £50,000 on deposit and earn the magnificent sum of £2.50 every month but if the bank are going to charge me negative interest I will simply transfer it all to my personal account and leave it there although I will need to remember to transfer it back on the last day of my financial year so that I don't have a hugely overdrawn DLA

We have around £3 million on deposit at the moment. Not sure the tax man will be happy with us moving that around .....

 

[Deleted member 226268]

.
Banks charging us to make interest for themselves on our own money....


https://www.theguardian.com/busines...over-rbs-plans-to-charge-interest-on-accounts

https://www.theguardian.com/busines...y-for-introduction-of-negative-interest-rates


But NO comment from the latest incumbent about the issue >>>>

https://www.gov.uk/government/news/...e-for-business-energy-and-industrial-strategy

.

 

[Ian J]

We have around £3 million on deposit at the moment. Not sure the tax man will be happy with us moving that around .....

Not sure that you'd be happy paying interest on it either

 

[ThePublisher]

Ouch. I've just received a letter this morning from RBS saying that I'm going from paying nothing at the moment (with Business Banking Direct), to charges of approx £55 per month.

Looks like I need to change banks! Could be I'm off to the Coop via FSB.

 

[Deleted member 226268]

Ouch. I've just received a letter this morning from RBS saying that I'm going from paying nothing at the moment (with Business Banking Direct), to charges of approx £55 per month.

Looks like I need to change banks! Could be I'm off to the Coop via FSB.

Off to the COOP ....... Scary.

http://www.bbc.co.uk/news/business-35940988

 

[ThePublisher]

I'll take my chances, I spread the risk around various deposit accounts with other institutions. It's just day-to-day money, well under the £75K protection limit, I need to move away from RBS.

 

[ThePublisher]

How odd. After receiving a letter in July telling me my Business Banking Direct account would be charged from 19th October, I've now received a letter saying they won't be charging.

I've tried opening an account with the Coop - you can't accuse them of being hasty in their decision, I've been waiting 2 months!