Money News in Brief: About time...
by from money.co.uk, 10 months ago

After weeks of chaos RBS are finally making amends.

Money News in Brief: About time...

They have now started to refund the charges that their customers, and those of Natwest, Ulster Bank and Think Banking, incurred as a result of their computer meltdown in mid-June.

Here's what's going to happen:

  • Charges on current accounts, credit cards, mortgages and loans between 19th June and 6th July caused by the meltdown will be automatically refunded (this window has been extended for Ulster Bank customers)

  • Interest on current and savings accounts will be backdated and credited to your account
  • Interest on mortgages, loans and credit cards will be charged as if your payment was made on the day you tried to pay rather than the day it eventually was

RBS will be issuing refunds throughout July and you should receive confirmation of any corrections made to your account shortly after the 23rd.

However, if you are still dealing with outstanding issues you should contact your bank right away.

For more information read our guide: Natwest & RBS Banking Problems: How to Reclaim Your Losses.

What else has been happening?

The deputy governor of the Bank of England has denied involvement in the rate fixing scandal 

Dep. governor Paul Tucker denied any involvement during his address to the Treasury Select Committee after he was implicated at the highest level by ex-Barclays boss Bob Diamond, who purports that he both condoned and encouraged the bank's Libor-manipulating actions.

Spanish banks are in line to receive 30 billion euros in 'aid' from the Eurozone later this month

This payment will represent the first installment of a 100 billion euro bailout agreed by EU ministers in June. However, before the payments can be made Eurozone ministers need to get the go-ahead from their own governments first...

Fewer students will be embarking on a University education this October

According to the university admissions service, the hike in tuition fees that will see many pay up to £9,000 a year has meant applications are down 8.9%!

£36,800 is how much families now need to earn if they want to enjoy a reasonable standard of living

Unfortunately many are falling far short and suffering as a result. According to a new report it's the increasing cost of childcare and travel coupled with reduced benefit payments that's driving an increasing number of families into effectual poverty.

Asda is the latest supermarket to take on the world of banking

They've launched the new Asda Money brand by offering a cashback credit card that pays 1% cashback on Asda shopping and fuel and 0.5% cashback everywhere else.

Welsh students that took out a maintenance loan in the last two years are in line for a bonus

Up to £1,500 could be wiped off Welsh students' debt by the Welsh Government! If you took out a Maintenance Loan from Student Finance Wales in 2010/11 or 2011/12 you should be eligible for a partial cancellation that will take effect when you make your first repayment.

The big 5 banks should be forced to sell branches to reduce their monopoly on the UK banking system

Ed Miliband wants the action to give their smaller competitors a fighting chance of making an impact in the banking market. The Labour party leader is calling for a complete reform of the industry to give consumers more choice and a fairer deal.

Federer's win at Wimbledon has netted Oxfam over £100,000

They've been left the winnings of a now-deceased tennis fan who placed a bet back in 2003. Nicholas Newlife wagered that Federer would win seven Wimbledon titles before 2020. Sadly he passed away in 2009 so never got to see his prediction come to fruition; however he bequeathed any wins on his outstanding bets to Oxfam so at least some good will come of Murray's defeat!

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