"Agree/Disagree?"
A review of Natwest Bank by JJ - Friday 16th of March 2007
I am in two minds over all the charges stuff going on at the moment. I do have an account with natwest and so far have been fortunate never to be in a position where i have been charged, but i no ppl who have, but yet they were normally very carefull with their accounts, and they were refunded immediately after they simply phoned and explained politely.
The so called no 'overdraft account' is the type a friend of mine had and he was able to go over the limit - strange i thought at first, but it does for once seem not to be entirely the banks fault. there is a little known fact that almost all shops in the UK have a shop floor holding limit wherby they will take a card payment up to a certain ammount, without checking with the bank electronicaly first to see if funds are available, then when the trans. is sent it must be honoured by the bank by law, and hence its your responsiblity to know how much is in your account at all times, no to be babysitted by the bank (no offence meant)
however, thats not to say that i think charges cumulating upon charges is very fair, i think just the one, and thats it until you clear the excess ammount should do. other than that though, i dunno wot to make of it all, ppl nowerdays are in so much debt that lowering all the charges to £5 as some dept has suggested would only encourage more ppl to go overdrawn more regularly as the opportunity cost to them becomes of a lesser size in proportion to the excess they go over by, thats just fundamental economics, but hey, spose every1 thinks diferently about it and as i say i havnt had a charge (yet) so perhaps im biased.
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