MSE News: Nationalised bank customers 'to get choice' after sell-off

opinions4u

xaulleo wrote: »

As we would be going to a new company (as I understand it, I could be wrong here), I presumed the T&Cs would change.

Absolutely no reason why they should.

I didn't sign up for a mortage with X company, I signed up with C&G and so I would expect to given new T&Cs.

So would you be happy if they gave you new T&Cs and insisted on charging you more?

It's the whole thing about saying we're going to have a choice - if I am still locked in, I don't have a choice, even though I may not want to be with any new company.

You chose to be locked in.

A lender can sell your mortgage to whoever they wish, whenver they wish. But the new provider would have to hnour existing terms and conditions.

Even assuming you are given the choice of provider (e.g. C&G or TSB) you wouldn't be able to break out of any lock-in clause without paying the contract ERC.

jamesbrownontheroad

stclair wrote: »

You can pay money in at an RBS branch into a Natwest account with a paying in slip.

Someone needs to tell the staff in my local RBS branch. Asking to do Natwest banking business in an RBS branch is like asking for a free sample of their stock...

I'm seriously confused as to how this can possibly improve the situation. I'm a longstanding Natwest customer who lives in Glasgow and works in Belfast. RBS owns Natwest and Ulster Bank (same websites, same online banking system, some awful music when you're put on hold) but neither RBS or Ulster Bank staff have been of any use in more than a year of repeated over the counter enquiries relating to my Natwest account. How exactly does closing the one and only Glasgow branch improve my situation?

EDIT... now I know what this reminds me of. It's like the privatisation of British Rail. "We're introducing competition into the railways" but you're still stuck with the one train company that goes where you want to go. Hardly competition.

Specialtea

I have a lifetime base rate tracker with IF.com which I am very happy with. Does anybody know if they are legally obliged to honor this contract or is it possible they could suspend /change this?
Many thanks in advance if you can shed any light on this

scott_lithgows

oxenryd wrote: »

Surely, just close your account and move your money elsewhere.

Have done already,3 accounts closed.One was where my wages were paid into but I was lucky that I was owed back pay by my boss which enabled me to cover the first months direct debits in the YBS account during the switchover.Other B+B customers are stuck with the (sh)abbey.
And dont call me surely

jambosans

scott_lithgows wrote: »

And dont call me surely

"Surely you can't be serious."

"I am serious... and don't call me Shirley." :rotfl:

jambosans

Specialtea wrote: »

I have a lifetime base rate tracker with IF.com which I am very happy with. Does anybody know if they are legally obliged to honor this contract or is it possible they could suspend /change this?

You will need to check your terms and conditions, but I would almost guarantee you there is a clause allowing them to change the terms and conditions, etc. I believe the notice period required under PSR to make any detrimental changes is two months.

Edit: removed part of the post, as I misunderstood part of the Specialtea's post, apologies.

opinions4u

Specialtea wrote: »

I have a lifetime base rate tracker with IF.com which I am very happy with. Does anybody know if they are legally obliged to honor this contract or is it possible they could suspend /change this?
Many thanks in advance if you can shed any light on this

If your terms and conditions state "XX% above BofE base rate for the life of the mortgage" then that is exactly what you get".

There may be a get out clause that would allow them to track something other than BofE should the BofE cease to exist.

I wouldn't worry about it until you move home.

Buckit

where will this leave existing C&G customers with offset mortgages and savings in lloyds

xaulleo

opinions4u wrote: »

A lender can sell your mortgage to whoever they wish, whenver they wish. But the new provider would have to hnour existing terms and conditions.

That's all I needed to know in the first place - thanks. I am sorry I don't magically know these things or know where to find them unless I spend hours reading the pages of small print in my many files, hence coming on here and yes, we chose to be locked in when we were advised interest rates were going to soar. That didn't happen and we are currently stuffed.

chambta

jamesbrownontheroad wrote: »

Someone needs to tell the staff in my local RBS branch. Asking to do Natwest banking business in an RBS branch is like asking for a free sample of their stock...

I'm seriously confused as to how this can possibly improve the situation. I'm a longstanding Natwest customer who lives in Glasgow and works in Belfast. RBS owns Natwest and Ulster Bank (same websites, same online banking system, some awful music when you're put on hold) but neither RBS or Ulster Bank staff have been of any use in more than a year of repeated over the counter enquiries relating to my Natwest account. How exactly does closing the one and only Glasgow branch improve my situation?

EDIT... now I know what this reminds me of. It's like the privatisation of British Rail. "We're introducing competition into the railways" but you're still stuck with the one train company that goes where you want to go. Hardly competition.

Just because you're able to use the counter services it doesn't mean that they can tell you anything about your Natwest account. In exactly the same way I could pay my RBS Mastercard bill at my local Natwest but they wouldn't be able to look at transactions on it.

I don't understand why you've made 'repeated enquiries'. You can ask all you like - it's impossible as the systems are entirely separate.