You are here: Home - Credit Cards & Loans -

Move home – and face a £12 ‘fine’ from your bank

Written by:

The Royal Bank of Scotland (RBS), the second largest bank in the UK, is to begin charging its credit card customers £12 if they fail to tell it that they have moved.

From 1st May, NatWest, RBS and Mint – all part of the larger RBS Group – will charge £12 to trace a customer if they forget to tell the bank that they have changed address. The fee will be applied once the bank has received two returned statements in the post.

Banking analyst Robin Long said: “Customers really should tell their banks – and everyone else – when they move, but charging £12 as a penalty fee for those who may forget seems pretty steep to me.

“Last April, the Office of Fair Trading imposed a £12 cap on penalties for customers who went over their credit limit or missed a payment. Before that, the card providers would charge over £20, which was widely regarded as excessive.

“Since then, the credit card providers and banks have come up with loads of schemes to recoup some of the lost revenue. This move would seem to come into that category and you have to wonder what else is in the pipeline.”

The move is seen as another incentive for consumers to compare credit cards before they take a product.



Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Child trust cash not invested by ‘distracted’ parents

About 25% of Child Trust Fund (CTF) vouchers given to children are not being invested by their parents within the...