Royal Bank of Scotland set to refund overdraft fees
The Royal Bank of Scotland is the first of the main UK banks to suggest that it will proactively refund overdraft fees if the banking sector loses the latest test case. While the outcome of the test case has yet to be announced, there is speculation that the banks may well come under severe pressure to reimburse those who have been charged "illegal" overdraft fees. This is a situation which has now been ongoing for two years although it could well come to a head over the next few months.
The last couple of weeks have seen a major turnaround in the attitude and strategy of the Royal Bank of Scotland with many suggesting a behind-the-scenes influence from the UK government, which now owns about 57% of the company on behalf of UK taxpayers. It would be interesting to see how these new attitudes pan out into the future and whether the Royal Bank of Scotland looks set to lead the way to a more friendly and approachable banking sector.
However, the company's initial move to extend repossession protection to 6 months is something which appears unlikely to be followed by fellow banking companies. While none have specifically confirmed they will not offer a six-month window of opportunity, the signs are they will opt for a three-month minimum if they are pushed.
Share this..
Related stories
Oil strike announced in Dorset!
Australian oil company Norwest Energy has this week confirmed a number of potential oil drilling sites in Dorset which have the potential to unearth in excess of 100 million barrels of oil. While this is not the first time that energy companies have moved their operations on land to search for oil, it would be by far and away the largest discovery of recent years in the UK. The company has apparen...
Read MoreLloyds Bank announces a further 1,850 job losses
Since buying HBOS last year Lloyds Bank has been forced to make 17,700 of the combined group's workforce redundant. Today's announcement of 1,850 job losses is not a surprise for the unions but does perfectly illustrates the difficulties which the group is facing in the short to medium term. While a number of the job losses have supposedly been reached via redeployment, retirements and voluntary r...
Read MoreUK unemployment figure in surprise fall
UK unemployment has fallen for the first time in 18 months with 2.46 million people unemployed for three months to November 2009, down 7,000 on the previous three-month figure. While the government has quite rightly taken this opportunity to call the end of the UK recession and hit the media with a wave of interviews and comments, there are concerns that unemployment will actually continue to rise...
Read MoreOne in five university graduates are asset millionaires
16/05/2014 One in five people who have graduated from University have a net wealth of at least £1 million – taking into account property, pensions, savings and physical objects. In stark contrast, the ONS report shows that only 3% of people without a university degree have a net wealth worth of more than £1 million. Whilst the number of asset millionaires has risen by 50% over the las...
Read MoreBank of England steps in to calm market fears
The Bank of England has today given the first indication that interest rates may rise before the quantitative easing program is brought to an end. There had been significant concerns in the market that the government's requirement to raise funds to fight the economic downturn and the Bank of England's resale of bonds acquired in the quantitative easing program may flood the market with fixed inter...
Read More