RBS Vent - Mis-selling Royalties accounts

cazziebo

let me say first of all I have no time for parents who come on here and rant about how the world is so unfair for their adult children. I'm now about to become one! :mad:

My 18 year old daughter has just told me about her meeting with RBS. She was called in for a meeting because as she is now 18 she does not qualify for the account she held previously. She has just left school, and is working in a call centre on minimum wage until she goes to university - maybe.

She has been sold a royalties gold account at £12.95 per month!!!:eek: The sales pitch was that she woudl get 10% off car insurance and as a new driver, her insurance would be extortionate so this would be a ignificant saving. She has no car, no licence and is a long way from passing her test. Whatever, using the tips on this board I'm sure she could beat any RBS quote anyway.

My instinct is to take a day off and go in and have a rant - but I won't. Furious though! I've told her to cancel but she doesn't want to go back.

McCuddly

cazziebo wrote: »

let me say first of all I have no time for parents who come on here and rant about how the world is so unfair for their adult children. I'm now about to become one! :mad:

My 18 year old daughter has just told me about her meeting with RBS. She was called in for a meeting because as she is now 18 she does not qualify for the account she held previously. She has just left school, and is working in a call centre on minimum wage until she goes to university - maybe.

She has been sold a royalties gold account at £12.95 per month!!!:eek: The sales pitch was that she woudl get 10% off car insurance and as a new driver, her insurance would be extortionate so this would be a ignificant saving. She has no car, no licence and is a long way from passing her test. Whatever, using the tips on this board I'm sure she could beat any RBS quote anyway.

My instinct is to take a day off and go in and have a rant - but I won't. Furious though! I've told her to cancel but she doesn't want to go back.

Now she is 18 they wont talk about her account to you

Also, She didnt have to agree to the account now did she, She chose to.

Burridge60

What else does it do? Free overdraft to some level? Money off things youngsters enjoy. Maybe the largest saving was the car insurance (I wouldn't mind 10% of my 25 year old's premium let alone the extra for him to drive my car)

Mobile Insurance? People that age are glued to them and can't function without them? Saves a packet against the Phone Companies.

FATBALLZ

The banks ought to start suing people for mis-buying products. When I was 18 I don't remember being that dumb.

Jeff_Bridges_hair

So she agreed to the account or did she say no?

Either way i think you ought to think again about your rant.

Rolandtheroadie

Just cancelled mines, they went through every benefit and I told them i didnt need it.

Heres what she gets.
Account Benefit
Potential Saving
Annual Worldwide Travel Insurance
£160
Mobile Phone Insurance
£119
Car Breakdown Cover
£69
Car Insurance
£35
Payment Card Protection
£20
Accidental Death Insurance
£18
ID Theft Protection
£64
Home Emergency Service
£78
Extended warranty
£150
Travel money home delivery
£23
Extra 10% off Home Insurance
£44
Travel Service
£173
25% cash-back on top gigs and live shows
£45
Hotel booking service
£55
UK airport executive lounge access
£36
Total value
£1089
less Annual membership fee
£156
Savings Worth up to
£933 per year

Burridge60

scotsman4th wrote: »

Just cancelled mines, they went through every benefit and I told them i didnt need it.

Heres what she gets.
Account Benefit
Potential Saving
Annual Worldwide Travel Insurance
£160
Mobile Phone Insurance
£119
Car Breakdown Cover
£69
Car Insurance
£35
Payment Card Protection
£20
Accidental Death Insurance
£18
ID Theft Protection
£64
Home Emergency Service
£78
Extended warranty
£150
Travel money home delivery
£23
Extra 10% off Home Insurance
£44
Travel Service
£173
25% cash-back on top gigs and live shows
£45
Hotel booking service
£55
UK airport executive lounge access
£36
Total value
£1089
less Annual membership fee
£156
Savings Worth up to
£933 per year

So not just 10% off car insurance which sold it to a non driver? :-)

pmduk

It might have been a good idea to discuss the "interview" (read sales pitch) with her before she went into the bank. They don't hold these interviews for the customers' benefit.

Foggster

To be fair, an 18 yr old on a minimum wage and probably living at home with parents isnt really going to benefit from the majority of what she will be getting from that account. Anyone who hasnt been mislead and paid for the privilege after they turned 18 be the first to cast the first stone!

JanCee

cazziebo wrote: »

let
She has been sold a royalties gold account at £12.95 per month!!!

My instinct is to take a day off and go in and have a rant - but I won't. Furious though! I've told her to cancel but she doesn't want to go back.

She doesn't need to go in, just put it in writing.

bluenoseam

Who's fault is it - the person who "mis-sold" the item or the person who clearly didn't listen to what they were being told or didn't understand the terms & conditions of the product. I'd suggest the only rant needing doing here is aimed squarely at your DAUGHTER - she's the one who signed up for something without understanding the simplest of things!

Sorry for the terrible troll style way of putting it, ofcourse i get your frustration at the fact the Royal Bank of *hit decided to sell someone something who was unprepared for such "tactics". But at 18 surely your daughter should be able to understand stuff like that, even if not fully understand the little things in banking (which at 26 even i doubt i'll ever understand!) being told "it will cost £12.95" should be enough to make even the most whispy of person's alarm bells ring! I assume that you'll sit her down and explain that there's not a banker or salesman in the land who WONT take her for a ride!