Northern Rock takes £100m in penalty fees

[Legal Beagles]

Northern Rock savers were forced to pay more than £100m in penalty charges when the £2bn run on the beleaguered bank began earlier this month.

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[pam1]

Re: Northern Rock takes £100m in penalty fees

Link Won't work but £100m Bank charges then they deserve to be down and out. Seems these banks may be relying on the charges to keep them selves sustained. Who in their right mind would rely on the assumption someone will be going overdrawn and be charged the earth and one day never say enough is enough now SOD OFF:rolleyes: I have come across many estranged people in my Life but i think banks top the lot!msl:

[biscuits]

Re: Northern Rock takes £100m in penalty fees

Its working now

[Amethyst]

Re: Northern Rock takes £100m in penalty fees

Northern Rock takes £100m in penalty fees

Bank had its single most profitable day as savers were forced to pay redemption charges to close accounts

By Simon Evans

Published: 30 September 2007



Northern Rock savers were forced to pay more than £100m in penalty charges when the £2bn run on the beleaguered bank began earlier this month.
In the panic following news that Northern Rock had gone cap in hand to the Bank of England for an emergency loan, customers were forced to pay punitive redemption charges to close their accounts instantly.
A source at a Northern Rock branch told the Independent on Sunday that the combined penalty charges at a single, larger branch totalled £3m on Friday 15 September, the day the run began. The rush to close accounts made it the most profitable single day in the bank's history.
One customer is believed to have paid £12,000 to take out £1m worth of savings-related products.

[Paradox]

Re: Northern Rock takes £100m in penalty fees

That'll help to pay back the interest on their loans then