NatWest announced the changes in a leaflet first sent in June, entitled “tomorrow begins today”, advising customers of changes to their terms and conditions.
The new rules, which come into force on Sept 11, state that: “We may apply limits to payments to and from your account, for example, to the amount of cash you pay in or withdraw, or to payment types where there is a high risk of fraud, scams or other crimes.”
Anne-Marie Morris, a Tory MP who sits on the Commons treasury committee, added: “We should not be moving to a cashless society without consumer consultation and consent.