I had notice today that a cheque for ten pounds was being returned to the recipient due to insufficient funds in the account. For this a charge of thirty eight pounds has been levied. I am mistified why this sum is so extortionate, do banks pay there staff so much they have gotta charge this fee or is it the post costs them more. Any ideas?
2006-08-21 07:22:14 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
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2006-08-21 08:44:52 · answer #1 · answered by CeeVee 3 · 0⤊ 0⤋
Hi, used to work for a bank up until last month. The charges are so extortionate because the banks are not making as much money from mortgages/loans/credit cards any more. Peope are wisening up to interest rates and are shopping around a lot more.
The staff in branch do not get paid a lot at all, peanuts actually!!!
What you need to do is a write a letter to the customer relations dept wanting to know what charges you have incurred over the last five years.
When you receive this you need to write back to them asking for a refund of all your charges that you have incurred also what their admin costs are.
for further help log on to www.moneysavingexpert.com
enter bank charges in the search and it will bring up a step by step guide of what you need to do. Lots of people are doing this and getting there money back.
Hope this helps
2006-08-23 02:00:10 · answer #2 · answered by vino 2 · 1⤊ 0⤋
to cover administraton costs. if you were a good customer thay probably wouldn't have bounced it. so you should be asking yourself what you could do to make yourself more attractive to your bank as a customer. After all, its a bad job if you didn't even have a tenner in your account. Why would they want to keep you as a customer? You are more trouble than you are worth. That's why they bounce on you. Either that or you only have a basic bank account which means they are not allowed to pay cheques on your behalf as it would create an overdraft. You are not supposed to write cheques unless you have the funds to cover it so next time lodge in advance.
2006-08-23 09:51:20 · answer #3 · answered by binksiesbaby 2 · 0⤊ 0⤋
I think it is a deterrent to make sure you have cleared funds in the account.
I mean, if you have a good relationship with your bank and never been charged, you warned/advised the bank that you may go overdrawn and or never or in the last 6 months they should waiver the fee... it depends on who you speak too
It could be simple profit and admin as well, but I definately see it as a deterrent (to put you off going over drwan)
2006-08-23 09:50:54 · answer #4 · answered by Rebz 5 · 0⤊ 0⤋
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2016-12-11 12:42:45 · answer #5 · answered by ? 4 · 0⤊ 0⤋
My ex-girlfriend works at RBOS as a tellar, and trust me she isnt get paid anything fantastic. They try to say that its due to having to recall the cheque and re-running the cheque to amend the ban accounts back. Usually if you kick up a fuss and threaten to transfer to another Bank, but dont say NatWest (owned by RBOS), they will refund the charges. It is to each branch's discression to look after their customers. However if it is a regular occurance do not expect to get the charge refunded.
2006-08-21 07:36:14 · answer #6 · answered by MICHAEL O 1 · 0⤊ 0⤋
Admin; they have to pay for the paper/ typist/ ink/ electricity/ envelope for this letter to be sent to you and to the cheques recipient. The bank (of England) charge RBS for wasting their time and they pass that charge onto you and all of this has to be done by staff and computers, that needs to be paid for.
Don't write cheques you can't cash, especially if you don't have even £10.
2006-08-23 06:32:49 · answer #7 · answered by fionatheobald 1 · 1⤊ 0⤋
send them a stiff letter stating your objection and reason to your objection being the exorbitant charge vs the small amount. State the interest should be more than reasonable which you are prepared to pay. Then cc the letter to the banking ombudsman.
2006-08-22 10:38:22 · answer #8 · answered by Ian C T 2 · 0⤊ 0⤋
I work for a Bank and even staff have to pay charges if they **** up. The simple answer is not to **** up again. Learn your lesson from having to pay the charge and don't give them easy money again!!
2006-08-23 08:37:07 · answer #9 · answered by nooka 4 · 0⤊ 0⤋
Simple PROFIT.
Other banks charge but are cheaper - change your account and tell the BoS why you are changing, they'll get the message when enough people do likewise.
2006-08-21 07:32:05 · answer #10 · answered by MrClegg 4 · 0⤊ 0⤋
Presumably, they do it because they know they can get away with it. MBNA did it to me so I told them to feck off and closed my account. Sadly I had to cough up the late payment fee but they have lost my business forever.
2006-08-21 07:30:52 · answer #11 · answered by Anonymous · 0⤊ 0⤋