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A leading bank is freezing overdraft charges for small businesses to help them survive the credit crunch.
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A leading bank is freezing overdraft charges for small businesses to help them survive the credit crunch.
More...Tags: association, bank, benefit, british, business, businesses, chairman, charges, credit, customers, demands, government, help, interest, interest rate, money, ock, overdraft, overdraft fees, rates, rbs, royal bank of scotland, shares, temp -
Re: Bank freeze on overdraft fees
A leading bank is freezing overdraft charges for small businesses to help them survive the credit crunch.
NatWest and the Royal Bank of Scotland (RBS) said up to a million customers could benefit from the freeze, which starts on December 1 and lasts for a year.
The bank also said there would be no demands for repayments of the overdrafts for 12 months.
Peter Ibbetson, chairman of small business for RBS, said: ‘We believe this move will reassure our customers the Bank is committed to supporting them.’
A spokeswoman for the British Banking Association said the move was an attempt to shore up struggling clients.
‘It does help small businesses in terms of cash flow to know that some of their charges are fixed,’ she said.
About a quarter of the UK’s small businesses bank with NatWest and RBS.
Stephen Alambritis, from the Federation of Small Businesses, said: ‘This is a very welcome initiative.’
Freeze starts on Dec 1st ...are they putting rates up before then then?#staysafestayhome
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Re: Bank freeze on overdraft fees
Not that I am aware but I assume that £20billion quid preference shares hitting the London Stock Exchange will certainly help. Not that I am being cynical or anything.Comment
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Re: Bank freeze on overdraft fees
Someone on the comments section has commented about passing on interest rate cuts. I assume that would be excluded from this freezing of charges.#staysafestayhome
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Re: Bank freeze on overdraft fees
I think as well, that the government has an emphasis on small business. Remember there is a lot to the deal that was secured by the RBS with Government money, BTW, the job losses are going to be 2700 confirmed.
This will not be just in the UK but across the globe. Some will go straight away and others will take a bit longer. Strategic review of all businesses within the RBS Group is already underway.Comment
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