Forgetful Brits will owe bankers £12
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. .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?"
Share this..
Related stories
HMRC goes online to tackle the tax dodgers
In a sign of the times, David Hartnett, the permanent secretary for tax at HM Revenue and Customs (HMRC), has today confirmed the release of a video on YouTube targeted at "tax dodgers" in the UK. The government has taken to infiltrating social networking sites to warn the many "tax dodgers" in the UK who are refusing to divulge their total income and therefore escaping often significant tax payme...
Read MoreMortgage lending below boom level, according to CML
13/12/2013 The Council of Mortgage Lenders (CML) has said that mortgage lending was higher than expected in 2013, but is not yet at the level witnessed in the housing boom. Lending did dip slightly month-on-month in November, but was still up by a sizable 30% when compared to the same month a year ago. The gross lending figure for mortgages was £17bn in November, down from £17.6bn in Octob...
Read MoreUK debt crisis could affect millions
30/12/2013 The number of people using more than half of their disposable income on debt repayments could almost double from 600,000 to 1.1 million by 2018 if interest rates rise to 3% according to the Resolution Foundation. The Resolution Foundation used the latest 5-year growth projections from the Office for Budget Responsibility to make these predictions. Furthermore, the Resolution Found...
Read MoreBovis Homes back on the growth path
While we still await definitive confirmation of an upturn in UK property market, despite signs from various housebuilders that the market has turned, Bovis Homes has today announced plans to scrap its interim dividend in 2009 amid " challenging trading conditions". However, the prospects for shareholders may not be as bad as the headline indicates with the company suggesting that funds saved would...
Read MoreFathers 'putting careers on hold'
A new survey has suggested that fathers in the UK are putting their careers on hold in order to care for their children.The ING Direct study claims that 43 per cent of dads have 'put the brakes on' their careers and are turning down promotions and over-time.Just over 40 per cent of fathers (42 per cent) have even changed their jobs in order to work fewer hours and make time for their childcare res...
Read More