List of common banking groups/ banking associations.

Pott5y

Marisco wrote: »

RBS is also the parent company of Churchill Ins, Direct Line Ins and Tesco Personal Finance.

Tesco Finance used to be part (50/50) of RBS but they are now independant. Tesco bought the remaining 50% share from RBS last year with the deal completed earlier this year

Marisco

I stand corrected;) Cheers Pott5y

Pott5y

Hannah, this is a great thread so I have bumped it as I know several people on this forum are asking for this info.

Hannah_10

I've had a bit of help from the pro's on this (thanks go to MSE_Martin and to MSE_Wendy).

First point to note is that setting off rights don't always cross over all brands in a group, so I shall add a disclaimer at the top that individuals should double check for themsleves with their bank if they are worried about money being taken from their savings to pay off any debts.

Second point was about the benefits of wider group participation. I can email some of the banks and see what response I get to the question of who they can set off from and to, but we're going to end up with the clearest picture if others contact thier own bank to do the same or add thier experiences to the thread. So can I ask anyone who's interested to please contact thier bank or credit provider (be that a mortgage company, an insurer, a loan provider or a credit card company) to ask who they can set off from and to?

To start the ball rolling I'm going to contact my own bank next. Please pop the results of your investigations on the thread, or you can PM me if you prefer. The hope is that over time this should build up to being a really useful resource which will help many Debt-Free-Wannabes to bank safely and thus get out of debt without risk of additional crises being imposed by institutions "setting off".

Hannah_10

A copy of the letter I used to contact my bank, with all the identifiers taken out. Feel free to use it as a template if you wish.

My Name

My Address

The Manager
My Bank's Branch Address
(Found easily online or on statements/cheque books etc)

Roll: (Not all account types have a roll number)

Sort Code: 000000

Account Number: 00000000

The Date

Dear Sir/Madam,

I am writing to ask you about “setting off”. I understand this is a process a bank or finance provider within a group can use to take money from one account to pay an outstanding balance in another.

To that end I believe the full list of companies MyBank are in a group with to be:

• List copied and pasted from thread.

Please would you check the above list and notify me if I have made any errors or omissions?

Also, it has come to my attention that not every organisation within a banking group can always use set off from or to every other organisation. Thus my second question is which organisations can MyBank set off from and to?


Yours Faithfully,

(Signed Digitally)

If you were wondering, I'm with Halifax. Do not let that stop you if you're also a Halifax customer from making your own enquiries, it will be interesting to see if thier answers match!

lindann_2

found link to natwest and RBS, and moorcroft, hope it helps people

DarkConvict

I may have mis read this post, but are you looking for this information? - https://forums.moneysavingexpert.com/discussion/2044049

Mrs_Ryan

Arent NatWest part of the RBS group?!

pipsi_2

Nat West are part of RBS although according to the lady i opened a business account with they don't have access the the systems RBS have. I mentioned that i had an RBS graduate account and she said that they have no way of looking into the relationship (if one exists) between a potential Nat West customer who is also an existing RBS customer. I had been half hoping that my good relationship with RBS would be reflected in my Nat West application. Obviously she works at branch level it may be that they do have access to the systems at a higher level if someone owes money to one or the other banks.

Pott5y

I had also noted that Natwest are with RBS but Hannah_10 has listed them as both.

Correct me if I am wrong but I think the list being created is directed more at setting off, so as Pipsi noted although Natwest is part of RBS they don,'t seem to share a lot of their facilities/systems. Therefore could a Natwest account be used to offset another RBS account????

I know a lot of the lists shown in posts above show banking groups as far as the compensation scheme is concerned, but they may still be linked differently for off-setting.