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Banks using offset - does it apply to places such as the AA ?
property.advert
Posts: 4,087 Forumite
I see the AA has a decent savings rate, but the principle could apply to anyone. They state:
My question is whether RBS as the owners of Birmingham Midshires could use any money deposited with the AA to offset any sums owed to RBS directly or to offset any sums owed to any other entity owned by RBS.
My feeling is no, not where they act as deposit taker for a 3rd party they do not own but they may well be able to do so for other entities they own wholly or partially.
I would like some clarification on this if anyone knows. Thanks.
The deposit-taker for the AA savings accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered in the FSA's Register and its Register Number is 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.
My question is whether RBS as the owners of Birmingham Midshires could use any money deposited with the AA to offset any sums owed to RBS directly or to offset any sums owed to any other entity owned by RBS.
My feeling is no, not where they act as deposit taker for a 3rd party they do not own but they may well be able to do so for other entities they own wholly or partially.
I would like some clarification on this if anyone knows. Thanks.
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Comments
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RBS is the Royal Bank of Scotland not the Bank of Scotland - two different banks.Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper .
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