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Tuesday 17th April 2007
The Royal Bank of Scotland group has announced that customers who forget to inform its credit card providers when they have moved home will incur a £12 penalty fee.
The new rule will affect card holders at NatWest and Mint as well as the Royal Bank of Scotland from May 1st this year and will apply as soon as the bank has received two returned statements.
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Since the Office of Fair Trading (OFT) ruled in April that penalties for missing a credit-card payments should be capped at £12, banks seem to have been raising revenue from other new charges.
Price comparison site Uswitch said that although the new legislation was predicted to safeguard about £300 million of customers' money, banks have actually made an estimated £900 million extra a year through new charges.
Nick White at Uswitch said: "Although it is important for consumers to update address details when they move, a £12 penalty fee seems excessive. Since the OFT clampdown last April, credit card companies have gone absolutely crazy clawing back money in any way they can. The question is, where will it end?"
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