One Account rates cut

natwestripoff

Hi Karanda, I assure you this will cause great consternation, in fact it will be a considerable net cost to them (don't forget they have to administer the account too all for a mortgage of a £1). I am hoping to be able to organise this in the next three to four weeks and I expect to receive some response. They will I believe try and close the account if they can. I will do all I can to resist. I will keep you posted as to what happens!

If anyone else is in a position to do this and feel inclined to do the same, perhaps you could mention here and I will keep a list of us so we can help one another with any response they make?

I know this seems draconian and I wish it were not necessary but I assure you this bank does not care about you or your circumstances as is obvious by most of the comments on this forum.

Chris.

Johnkg

They'll be scrabbling around trying to get the money together to pay for their well earned bonuses no doubt

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2009/02/bonus_buck_stops_with_brown.html

Before the most recent 0.5% cut they were already getting 1% odd more interest from my mortgage that they haven't passed on. Tot up that across all our mortgages and that must be worth a couple of hundred thousand £'s to each hard-working RBS exec!

I'll also be glad when I get away from RBS...

natwestripoff

Hi Johnkg, you are so right, their attitude is appalling and it is hard to believe they are so complacent especially for so large a company (and such an important one). I am amazed they do not even pretend to care or at least give us platitudes. Their opinion of us as customers is extremely poor. The margin we are now paying is double that what they implied would be the case when we took out our mortgages. Inevitably this will pay for some bonuses and a fat lunch - seems incomprehensible but not if you have lost all sense and sensibility as they have done.

Catch you later Chris.

malocao

Doh wrote: »

i think if they don't pass on the full cut this time, we need to implement a group facility withdrawal on a target date i'm prepared to do it, how many others would be up for it?

With respect Doh, that's the very worst thing for us to do. We can't push RBS off a cliff, now that they are Gov't owned. Making a mass withdrawal would just hand them more of an excess profit margin (LIBOR + 1.75%) on the cash withdrawn.

The best way to hit RBS in the pocket is to pay down as much as we can.

Regards

malocao

natwestripoff wrote: »

I also thought it maybe useful to mention that I have already taken them to the financial ombudsmen ... my case was dismissed but no convincing argument was provided why.

Hi Chris,

How long ago did you go through the FOS process?

Regards

natwestripoff

Hi Malocao I lodged my case in Mid September 2008, the ruling was given in Mid November 2008, I appealed a week later and this was dismissed in Mid December 2008.

I hope this helps!

Doh

malocao wrote: »

With respect Doh, that's the very worst thing for us to do. We can't push RBS off a cliff, now that they are Gov't owned. Making a mass withdrawal would just hand them more of an excess profit margin (LIBOR + 1.75%) on the cash withdrawn.

The best way to hit RBS in the pocket is to pay down as much as we can.

Regards

i understand your logic and you probably correct (i'm no expert) i thougtht the whole point of this crisis is that the banks won't lend each other money, RBS have no money yes? surely to pay the one account customers the proposed mass withdrawal of over 10 million they would have to borrow it from somewhere themselves? are they gonna pull it out their own coffers? or try to borrow it from somewhere? or do they have a stack of money sitting somewhere to account for the unused millions (pos billions) of facilities the one account customers have?

okay what about a group liquid withdrawal? is it feasable for them to find 10 million in hard cash within the required 24 hour notice period?

natwestripoff

Hi Doh, Malocao does in fact have a point! If you/we were to withdraw the maximum funds possible under our respective agreements they would be fairly happy with this because they are earning a pretty healthy return (between 2 and 2.5%). They do not have to find the money because it is already allocated for these facilities under the banking regulations. That is why if you do the opposite, borrow only a pound it is disastrous as they earn no interest and yet they have tied up funding to the tune of the agreed overdraft. As previously stated on top of this they have to manage the mortgage, send statements etc and all for a mortgage of a £1 !! This would result in a huge overall cost to them.

Catch you later Chris.

searlech

The One Account have updated their recorded message.... they are not passing on any of the 5th Feb rate cut to customers.

Thats another 0.5% we're losing out on.

lrr_2

And RBS are considering paying out 1bn in bonuses! This has got to stop now! Whats the next plan of action? We have to fight this big time now! They are laughing at us now!

Any ideas??????