Natwest double their overdraft charges
I have a barely-used current account with state-owned bank Natwest. They wrote to me today announcing they are introducing a monthly fee of £6 a month, just for having an overdraft, on top of an interest rate of 19.89% (that’s 40 times what the Bank of England charge Natwest).
The announcement means Natwest are:
Doubling their charges (fees + interest) on an £360 overdraft from £71.61 to £143.60
Increasing the equivalent interest rate on a £500 overdraft from 19.89% to 34.3%.
Note: Natwest took £20 billion of our money in 2008.
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