Natwest T&C-interesting

[WendyB]

Hi fellow Natwesters. Just found this in the latest T&C. Might be of use to those who regularly get charges, bounced dd's, referral charges etc. Rang up to discuss and was told it is dealt with at branch level. This monthly charge is in addition to any maintennce charge such as Advantage Gold, etc. I know its still charges but at least on a lesser basis.

Monthly Management Fee Option

If you regularly pay unarranged overdraft or unpaid item charges, we may agree with you that our Monthly Management Fee Option will apply to your account. Under this option:

• you pay a monthly management fee of £10;
• any Maintenance Charge, Unpaid Item Fee, Paid Referral Fee or Guaranteed Card Payment Fee which you have to pay will be reduced to £17;
• the Paid Referral Fee will be subject to a maximum of £51 in any calendar month and the Unpaid Item Fee will be subject to a maximum of £51 per day.

Please note that this option is not available for certain accounts, including Student, Graduate, Adapt and Step Accounts and cannot be combined with introductory or special offers on other accounts. For further details, please contact your branch.

[Amethyst]

Re: Natwest T&C-interesting

How do they decide which items will be paid referral fees and which will be unpaid ?

I assume guaranteed cheques, and visa payments ? will be paid referral fees. As they will be paid regardless of your limit. so max £51 a month for those okay - sounds better I guess. So thats 3 a month costing £61 (when you include the £10 management fee) previously 3 a month would have been what £105 ? Quite safe in that IMO as cheques arent being used as much, and visa can be refused at point of sale if its taking you over.

DD's, unguaranteed cheques will be unpaid item fees.....subject to a max of £51 a day ? nice of them. Still charging MORE for NOT doing something. What was their previous daily or monthly maximum for those charges? Of course most items that bounce will be DD's as most household bills are getting to be paid that way nowadays, so they nicely kept those limits up. I suspect it will also mean more items are unpaid if they take you over rather than paid. have they detailed the invisible buffer thingy ?

Doesnt seem highly transparent to me.

[Jester]

Re: Natwest T&C-interesting

Ummm....I thought as part of the Waiver they are not supposed to change their T&C's ?

While this 'might' be to the benefit of the consumer, surely it also means they are breaking the terms of the waiver (again) ?

[Amethyst]

Re: Natwest T&C-interesting

Indeed Jester. maybe a note to the FSA ?

[WendyB]

Re: Natwest T&C-interesting

unpaid cheques etc are usually £38 each, with a max of £114 per day. so that would be a saving of max 63 per day i suppose.