Monday, April 30, 2007
If the retail banks are bleeding now, the next act will be deadly.
Royal Bank of Scotland faces mounting criticism from furious borrowers after announcing a £12 penalty charge for customers who fail to notify it of a change of address. RBS said it would levy the charge after two statements had been sent to the customer's old address - in practice after two months. The bank denied suggestions of profiteering, and pointed out that it incurs costs in tracing customers with whom it has lost touch. "It is in the interest of customers to ensure the contacts details we hold for them are correct," a spokesman said. "We give clear instruction on each monthly statement on how to contact us to update these details."