Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

[Amethyst]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

lol I like the LSB, think we need them onside to get the future fairer - They are doing some good things on hardship and on offsetting, as well as taking the reigns on this opt out of unauth OD's plan.

Its a bit softly softly but I think get these bits in voluntarily first while the banks are ameniable then push for legislation via the future of banking commission and Vince lol.

[natweststaffmember]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

Natwest - yes in a way - its opting out of excessive fees isnt it.

I like the live chat thing on Natwest, t'is very good. I asked how to get one of those accounts...

''You can request to opt into that if you have frequently bouncing direct debits etc. It's usually really a debt management option so you'd need to either speak with a branch or call us on 0800 200 400 to have a chat about it.''

I asked how they decide who is eligible and they don't know lol.

So no I don't think it's a real opt out opportunity as you'll have to be in poop before they will let you have one. Though I may ring them later and sound them out unless you fancy it this after.

The Cogs were really slow so a little kick was required to get the information. I will email you a copy but the response I got from RBS Group was this:

Monthly Management Fee Option (MMFO) "The Monthly Management Fee Option Tariff was Introduced June 2007 and provides customers with the ability to reduce the cost of Unarranged Borrowing Fees incurred. Customer circumstances can change and therefore this option is not one that we actively recommend, although customers are free to make a choice to opt in and out if they feel they will benefit from the arrangement.
Since the introduction of MMFO unarranged borrowing fees have reduced substantially across the board and customers must decide for themselves whether the tariff will benefit them, given that they will pay £10 per month for the service. For example, if there is only a Maintenance Charge incurred (£5), then there would be no point is signing up for this arrangement. In view of our charges reducing significantly in recent times, it is highly likely that in the short term our MMFO will be withdrawn for new and existing customers.
MMFO is only currently available on the following account types
NatWest
Current Account
Current Gold Plus
Current Plus
Personal Current
Advantage Gold
RBS
Gold Cheque Account
Royalties Gold
IPCA
Personal Current
Royalties
Royalties Premier
Yours sincerely"

[Amethyst]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

For example, if there is only a Maintenance Charge incurred (£5), then there would be no point is signing up for this arrangement.

The Maintenance Charge is £20 ? NatWest Reduced overdraft charges

So they are looking at removing the only opt out of unauth od account they have ? whoops.

[natweststaffmember]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

The Maintenance Charge is £20 ? NatWest Reduced overdraft charges

So they are looking at removing the only opt out of unauth od account they have ? whoops.

The Maintenance charge on the Monthly Management Fee Option is £5.00......you need to read down the page

[Amethyst]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

Okay clog, explain what this sentence is meant to mean...as I read it paying £10 plus a £5 maintenance fee makes it cheaper than paying a £20 maintenance fee. Plus to get the maintenance fee in first place there will prolly be a bounced/paid item to add on to both those. Still works out same/cheaper on the managed account even if u only bounce/pay one thing over overdraft limit ?

'' given that they will pay £10 per month for the service. For example, if there is only a Maintenance Charge incurred (£5), then there would be no point is signing up for this arrangement. ''

[natweststaffmember]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

Okay clog, explain what this sentence is meant to mean...as I read it paying £10 plus a £5 maintenance fee makes it cheaper than paying a £20 maintenance fee. Plus to get the maintenance fee in first place there will prolly be a bounced/paid item to add on to both those. Still works out same/cheaper on the managed account even if u only bounce/pay one thing over overdraft limit ?

'' given that they will pay £10 per month for the service. For example, if there is only a Maintenance Charge incurred (£5), then there would be no point is signing up for this arrangement. ''

It is a poor example imho because it would save someone money.

[Amethyst]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

Exactly. Group Customer Relations needs to learn to add up.

It okay to fwd that email on to LSB for their OPT OUT consultation thing ?

[natweststaffmember]

Re: Accounts which ''allow'' you to opt out of having unauthorised overdraft fees

Exactly. Group Customer Relations needs to learn to add up.

It okay to fwd that email on to LSB for their OPT OUT consultation thing ?

Can you email me their addy to do that?