NatWest's retreat on Overdraft charges
16 September 2009
If you missed it, here is what the advert had to say in a "Dear Customer" letter style.
It read: "Since taking over as chief executive of retail banking I have made it my priority to understand how, during these challenging times, we can continue to support our customers. It is for this reason we have made a series of significant changes to our unarranged borrowing charges ... yours sincerely, Brian Hartzer, chief executive officer, UK retail banking."
I doubt that, like me, many of you buy the line from Mr Hartzer that the move has been made out of the kindness of the bank's heart.
The reason is more to do with our high street banks' court battle against the Office of Fair Trading on whether the penalty fees for unauthorised borrowing are unfair. After months of legal wrangling and appeals, the omens do not look good for the banks. It seems that they will soon be forced to cut their charges anyway.
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