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The book is easy to understand and clearly explains the rights
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This is the last bank charges guide that I will write on this forum. I have decided to rewrite this guide from my the other guide because the definitions are different and the amount changed. This should act as merely a guide to understand which charges are claimable and what they were called. The charges are from 2001 to the present day. I will revise this from time to time.
Descriptions of Business Bank charges since 2001 and what they are for
1) Excess Borrowing Fee--- This is when you have an overdraft or not and go over that mark. The bank charges you if this happens within a charging period, usually of one month duration. The charge will go out at the end of the following month. For example, exceed the overdraft in May and at the end of June the payment goes out.
2) Paid Referral fee/Referral Charge--- This is where the bank has paid a cheque/Standing Order and/or direct debit that takes you over your agreed overdraft facility.
3)Cheque Return Fee---This is where there is not sufficient funds in the account to cover a cheque going out and is therefore returned unpaid.
4) Unpaid D/D fee-- This is where a Direct Debit has been returned unpaid.
5) Unpaid R/P-- This is where a Standing Order has been returned unpaid.
6) Unpaid Item(s)-- This is when a cheque/Standing Order/Direct Debit has been returned unpaid due to insufficient funds being in the account.
Amounts debited to the account.
I hope you can bear with me on this because I am working from a spreadsheet that GuidoT has got and so while it ends in 2003 there were some changes to it up to the current levels. I am going to stick to the order that they come and if posters want to correct me then I will edit post 1 so that the guide is clear and concise. My timeline is from 2001 onwards....
1) Excess Borrowing Fee--£3.50 per day. This charge appears to have been removed completely from Business account with the last charge for Excess Borrowing Fees being taken out of the account on 28th September 2001.
2) Paid Referral Fee-- £12 per item in 2001, £30 per item from June 2003 which is current.
The maximum per month was 4 and that went up to 6(however there are some types of accounts where the maximum is 4.
3) Cheque Return Fee/Unpaid D/D Fee/ Unpaid R/P Fee/Unpaid Items-- £30 per item, but that figure is now £35 per item. At the moment I have no timeline for when this charge went up by £5.
I think I have covered all the charges that can be claimed BUT I am open to revising the guide as the timeline becomes clearer and further information on here dictates. Thanks to those who have helped with the guide already(Special thanks to GuidoT for spreedsheet and Tifo for kick up the backside)
my last contact with them above was as follows
we thank you for your letter dated xx xx 1992 in connection with the above
balance 5/12/91
opening...12526.73....-649.96
charges proj.-49.76 interest...-699.72 interest..-24.88
gcu...-110.34
update...-110.34
charges proj...-231.19 interest......-476.75
interest....-26.27
rate change....14.50%
rate change.....14%
charges proj....-215.50
interest.......-412.18
interest.......-21.02
charges proj...-479.14
rate change...16%...-5.44
rate change....14%....-6.22
rate change......13%....-27.22
rate change.....13%......00
credit......30.00....22.0 9.92
interest.....-500.00
rate change......12%....109.69
update....2.11.92....00.0 0......14665.54
accreud interest................. .......245.68
total.................... ....................14911 .22
daily rate of actual is 4.820
i think the charges were purely a matter for the bank managers of the branch,ive got so many ficticious charges lol never mind i still have to sort out my property deeds still with held by nat west
patrickq1
NatWest Business Account Charges--A Guide
Business Banking Charges-A Guide
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