So some good banking news came out today, with the announcement that RBS-Natwest, the majority tax-payer owned group, is to reduce its overdraft fees.
Bounced cheques will now cost £5 instead of a whopping £38, and the fee for paying for something when overdrawn halves from £30 to “just” £15.
It’s an interesting, and welcome move, but you have to wonder whether it has been done in anticipation of the banks losing the long drawn out bank charge court case.
And of course, for many people who have already been charged extortionate amounts, this announcement is of little value – the damage has already been done, but hopefully they’ve already put in a claim and are just waiting for the outcome of the case to get some sort of compensation. Of course, the courts could still come down on the side of the banks, but I would think that is now quite unlikely.
photo credit: eisenbahner