Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
I've just been on the RBS website and noticed this for my Route 21 Account.
Any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at a rate of 2.2% per month, which is equivalent to 29.84% EAR Typical (variable). Interest is charged in addition to the Maintenance Charge. The Paid Referral Fee and/or Guaranteed Card Payment Fee may also be payable if the unarranged overdraft arises from an informal request by you for an overdraft.
If your account becomes overdrawn without prior arrangement or any arranged overdraft limit is exceeded, you will be liable for a monthly Maintenance Charge.
The Maintenance Charge will be applied if you have an unarranged overdraft at any time during a monthly charging period. The charging period normally ends on the date that we send your statement to you.
£28
(£10 for R21**, Student Royalties, and Graduate Royalties)
Interest due on overdrawn balances Arranged Overdrafts 1. Royalties Premier*, Royalties Gold, Royalties, Interest Paying Current Account and R21 Account**
If you have arranged an overdraft facility with us in advance and
you use this facility within the thresholds shown below, you will
not pay any interest. If the amount you overdraw under an
arranged overdraft facility exceeds these thresholds, you will pay
interest on the full overdrawn balance – even the part of the
balance which is within any interest free threshold that applies to
your account – at the rates shown in the tables below. Type of account Interest free thresholds
Royalties Premier* £500
Royalties Gold £250
Royalties, Interest Paying Current Account, R21 Account** £100*
R21 Account**
All Amounts 1.25 16.00
16.00% EAR Typical (variable)
Just a couple of questions
1- Can you reclaim the Maintence Fee as it relates to Charges?
2- Sometimes i have been overdrawn and sometimes i've gone over my Overdraft, Are the ones in red, the interest rate on each charge and the contractual interest that you can claim. I just want to make sure before i ask for my charges back
You can claim back any interest you have paid on your charges. The advanced excel spreadsheet in the CAG library will do the calculations for you. (see my sig for link).
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Do you know what the contractual rate is as i've mis read the info it's 2.2% interest per month which is equivalent to the 29.84%. i thought one was for interest on charge and then the contractual rate.
To complete the spreadsheet that I'm suggesting you use, the interest rate does not matter, as you would simply be claiming the interest that you actually paid on the charges.
This is not the same as claiming contractual interest for which at the moment there does not appear to be a legal argument, and I would suggest that you do not try and claim unless you are very confident that you understand it and could stand up in court, explain to the judge and convince that you are legally entitled to it.
When the Liberals and Conservatives were in opposition they both agreed that banks should pay back high bank charges to customers. Nothing seems to of happened since they came into power as a coalition. PPI insurance has been sorted now they should turn their attention to bank charges and help customers get exorbitant charges refunded.
Should you be offered help that requires payment please report it to site team.
Alliance & Leicester Moneyclaim issued 20/1/07 £225.50 full settlement received 29 January 2007
Smile £1,075.50 + interest Email request for payment 24/5/06 received £1,000.50 14/7/06 + £20 30/7/06
Yorkshire Bank Moneyclaim issued 21/6/06 £4,489.39 full settlement received 26 January 2007
Advice & opinions given by Caro are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.
Caro - in what way does the 'maintenance' charge differ from 'unauthorised o/d' charges that get cited as penalties in other banks? And, can the size of the charge be challenged for fairness since they have already hit you for the 'bounced' transaction?
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Contractual interest on RBS account
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Originally Posted by animal_lover
