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Right to Off Set by RBS
Toe-Jam
Posts: 1,554 Forumite
Can anyone tell me if RBS are able to use the right to offset debt from Natwest.
E.G If you have an overdraft with Natwest and savings with RBS can they take the savings using this right ?
E.G If you have an overdraft with Natwest and savings with RBS can they take the savings using this right ?
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Comments
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they are the same bank so yes0
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Why not pay off the overdraft with the savings instead of paying around 18% interest on o/draft and getting a small return on your savings.0
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Not sure on the legality of it within banks owned by the same group but I would be very suprised if it happened across the brands.0
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Why not pay off the overdraft with the savings instead of paying around 18% interest on o/draft and getting a small return on your savings.
The overdraft is a defaulted one and is from nearly 8 years ago, which is made up mostly of those rediculous charges. I know it was my fault etc I was a wreckless student. Its not on my file anymore and has never been mentioned since.
I don't have much savings with RBS, but if I thought they could just swipe it Id move it somewhere else.0 -
hi
i have always wonder whether this would happen not sure but i wouldnt risk it however there is something about after a certain time think its 6 years if you havent paid anything or a had any contact about a debt they cant make you pay statue barred i believe its called not sure about overdrafts i assume its the same as they are a form of credit
maybe someone could advise you try asking over on debt free wannabes about this0 -
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BASFORDLAD wrote: »Sorry but they are not the same bank at all, they both have seperate banking licences....
Thats what i thought aswell0 -
BASFORDLAD wrote: »Sorry but they are not the same bank at all, they both have seperate banking licences....
No, RBS DOES OWN natwest. Read the legal section on natwest website and it will say it is ownd by RBS.
I'm 100% certain.
Keep savings separate from your main bank where you have your current account if you have debt with them.
I only have a small overdraft with natwest so im not worried. I would never get a loan from natwest neither. Moreover, their rates are crap anyway lolHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
No, RBS DOES OWN natwest. Read the legal section on natwest website and it will say it is ownd by RBS.
I'm 100% certain.
Yes, you are correct. However, although Natwest is part of the RBS Group, they use their own banking licences.I only have a small overdraft with natwest so im not worried. I would never get a loan from natwest neither. Moreover, their rates are crap anyway lol
A bit like their savings rates then!0
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