Bank changing my account

timestar

I have just had a regular mailing from my bank - NatWest - about changes to their terms and conditions. Often these seem quite minor but I noticed that one thing this time allows the bank to change my account to another account within their current range as long as: a) they have a "valid reason" (whatever that means), and b) they give me 60 days notice. This seems kind of "iffy" to me. Is this a common thing now in financial services?

premierfella

I would not be unduly concerned.

"Valid reason" is admittedly very vague, and does just mean they can conjure up any fluffy reason to do it.

However, they won't do it without the 60 days notice, and as a reputable bank I would suspect that the only reason they would do this is when rebranding or simplifying their account range (which might just as easily lead to an improvement in the terms or interest rate as to a deterioration).

The only reason I would be concerned by the change is if the existing account had any sort of guarantee attached (e.g linked to base rate).

They can close your account in most circumstances by giving you 60 days' notice, so this term just clarifies their ability to transfer your account to a different account as an alternative to closure.