Xiaomi Mi Mix 2 review
Received a letter from NatWest last night enclosing their 'revised' Terms and Conditions.
The bottom line is that, with effect from 22 September, they'll no longer pay interest on credit balances on all of their day-to-day Current accounts (including those for Students and Graduates).
I've replied to their letter with one of my own, as below:
I refer to your letter of July 2010 enclosing revised Terms and Conditions for my above account with you.
I note that with effect from 22 September 2010 you no longer intend to pay interest on my credit balances with you.
It is only fair to inform you, therefore, that I have also revised my Terms and Conditions, with effect from 22 September, for allowing you to have use of my balances.
As you will in future have free use of my balances which, no doubt, you will reinvest in the markets, you will no longer be permitted to charge me overdraft fees or interest, should my balance become overdrawn, without first informing me, in writing, of your intentions.
I will consider your proposed charges and inform you whether or not they are relevant within 30 days. My decisions, in these instances, will be final and binding between both parties.
I got one to say that (I forget when) they will no longer issue cheque guarantee cards. Admittedly their use is dropping , but I still sometimes need them. I think all the banks are doing the same so voting with your feet on this issue is not an option.
Of course you can always keep your dosh under the mattress.
Oh well, I suppose they will put the £2 or so I got last year to good use. Mind you, multiply that across their customer base and it is probably a tidy sum.
The latest wheeze that for every day you are in overdraft we will charge you £1 is a belter and daylight robbery. I just loved a bank spokesperson response (HBOS) when challenged 'we did it to make it simpler for our customers who don't always understand interest rates'.
time to ditch nat west and go elsewhere, never banked with them, if my bank did that i would go to one that did, look at lloyds
Shortly there will be no such thing as free banking, and every service will have a charge fee applied. Storing your money takes resources, and by not paying any interest fee will partly cover the banks cost (supposedly!).
No point in changing banks because they all belong to an Association, which will dictate how the market works. Bank procedures may also stop certain people from opening new accounts.
Perhaps when we had the recent recession scare, when the world governments 'gave' billions in bail-outs, perhaps those same governments should have taken over the banks completely, and made them public banks. Any free enterprise investors should then have the privilege of sink or swim, perhaps using some of their massive bonuses and profits for ring fencing!.
move your accounts to the banks that will pay you interest
They don't keep it in a big pile :-]
Its just numbers in a computer.
I don't see what all the fuss is about. Barclays only ever paid a silly interest rate on Current accounts which seems to have disappeared without trace, and without any obvious notification. The amount received every year wasn't worth the bother.
The only current accounts that pay interest now have conditions attached. i.e. a minimum monthly credit and a maximum balance, and some of them i.e. the Santander one being advertised at the moment are only for a limited time.
and currently Barclays and HSBC nothing. If you're going to make it a condition that you get interest on your account balance you will have an increasingly hard time to find a bank.
With regard to your 'terms and conditions' letter to your bank, you'll find that they already notify you about overdraft charges etc. - such things are included in the terms and conditions attached to your account - they don't have to notify you again.
You're raging against the machine, and I'm afraid you are in for a disappointment.
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