
NatWest is set to overhaul its banking charges, resulting in thousands of customers facing increased costs for everyday transactions. The bank plans to amend its business current accounts by hiking fees for cash payments, cheque transactions, and certain online transfers.
From 30 August, the fees for cash payments into and out of business accounts will rise from 70p per £100 to 95p per £100. Cheque payments, whether processed manually or via mobile, will also increase from 70p to 75p per cheque.
The bank is also raising some charges related to its BACS payment system. The BACS system, a UK payment network utilised by businesses for electronic bank-to-bank transfers such as Direct Debits and Direct Credits, will see the fee for processing each individual payment or instruction rise from 18p to 21p.
The cost to process a file containing multiple payments or instructions will also slightly increase from £5.25 to £5.35. Business bank accounts are typically used by self-employed individuals, small business owners, charities, and community organisations to manage their finances.
A spokesperson for NatWest said: "NatWest is changing the prices of some business banking services. It's been seven years since day-to-day banking charges have changed for our business customers. The cost of providing services has gone up so we've had to review our charges."
NatWest confirmed that the new charges will remain fixed until at least September 2027. However, not all customers will be required to pay them, as el.
Eligibility is determined by individual circumstances.
Businesses and organisations currently enjoying free banking are not affected by the increasing charges.
This includes new businesses with a turnover of less than £1million, who receive free banking for their first two years.
Charities and community organisations with a turnover of less than £100,000 are also included, provided they maintain their eligibility.
Established businesses with a turnover of less than £2million are also covered, but only for two years after switching accounts using the Current Account Switching Service.
NatWest continues to offer business bank accounts without a monthly fee.
Several other banks, including HSBC, Virgin Money, Monzo, and Co-operative Bank, also offer business banking without monthly fees.
However, service charges vary, and not all digital banks permit cash deposits or withdrawals.
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