RBS customers face new charge
April 30, 2007 by admin
Filed under News, News-Banking
The backlash from the Office of Fair Trading’s (OFT’s) crackdown on bank charges is beginning to be felt.
After the organisation announced that banks should reduce the amount they charge customers when it comes to penalty fees, it became apparent that banks would look for other ways to make their money.
Now Royal Bank of Scotland (RBS) has announced that it is making some changes to the way that it operates.
The bank has revealed that customers who change address must inform RBS before two statements are sent to the previous property or they will be hit with a £12 fine.
In addition, RBS has plans to change the way it treats card purchases of items such as gift vouchers and betting slips.
The bank wants these “cash equivalent products” to be charged in the same way as cash advances, meaning customers will incur a higher rate of interest.
RBS is not the first bank to announce changes to its operations since the OFT crackdown.
A number of firms have increased interest rates, while some are charging customers for failing to use their card on a regular basis.
