RBS Introduce New Charges
Friday 28th April 2007
The Royal Bank of Scotland has announced this week that they will be introducing new charges to customers who fail to inform them of a change of address. Customers who fail to notify the bank of their new address within 2 months of moving will face a charge of £12.
RBS have also announced that it is formulating plans to charge higher rates of interest for purchases that they deem to be ‘cash equivalent’. Items such as gift vouchers and betting purchases will be treated as cash transactions and incur higher charges.
It is thought that banks are trying to recoup the huge loses which they have suffered as a result of the ruling by the Office Of Fair Trading that made them lower the amounts they could charge customers for late payments.
RBS are not the only lender to hike charges with many banks raising their overall rates of interest and others introducing fees for services such as duplicate statements.
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