RBS changes to basic bank account takes away use of link

mrajfarmer

I've also received this email and I too am not happy about it. Does this mean that my credit rating has fallen so far that RBS now only judge me worthy of a Basic Bank account?

notts_phil

mrajfarmer wrote: »

I've also received this email and I too am not happy about it. Does this mean that my credit rating has fallen so far that RBS now only judge me worthy of a Basic Bank account?

No its just its the most like for like account.

jalexa

mrajfarmer wrote: »

I've also received this email and I too am not happy about it. Does this mean that my credit rating has fallen so far that RBS now only judge me worthy of a Basic Bank account?

No. The Natwest/RBS Step/Key account was the previous "Basic Bank Account". They have revised their current account range. The only *significant change* (apart from the name) is that Link ATM access has been removed. But remember there is always the Post Office.

*If* you are saying that on the basis of your use (standing orders and direct debits) and Link ATM access is important to you, you should talk with the bank about upgrading to Select. The outcome of that discussion would be the right time to consider how they judge you.

But be very wary of attempts to flog you a fee paying Select account.

Wids

jalexa wrote: »

No. The Natwest/RBS Step/Key account was the previous "Basic Bank Account". They have revised their current account range. The only *significant change* (apart from the name) is that Link ATM access has been removed. But remember there is always the Post Office.

*If* you are saying that on the basis of your use (standing orders and direct debits) and Link ATM access is important to you, you should talk with the bank about upgrading to Select. The outcome of that discussion would be the right time to consider how they judge you.

But be very wary of attempts to flog you a fee paying Select account.

That's my fear, that the long term aim is to make these accounts so inconvenient and then restructure ordinary current accounts that have deposits of less than for e.g. £1000 a month to be fee paying so that less well off customers have a choice between an account with drastically reduced facilities or one that is paying a fee.

stclair

Open a select account its free:

http://www.rbs.co.uk/personal/current-accounts/g1/select-account.ashx

Matthew-989

Got the same email but I'm not fussed as I don't really use cash anyway, and I go near a NatWest branch every few weeks so I can just draw the maximum out which is £300 I believe in one go. It does depend on individual circumstance really, if you absolutely need the Link ATM access then either move out or apply for a Select account - either way you'll get a new account number and sort code.

Like stclair said, it's free to open the Select account.

savagej

I understand only too well that they make a loss on these accounts and each link transactions costs something like 30p, but why punish the people who are already at the bottom of the barrel. Especially when the two major institutions are RBS and LBG both I believed owned by the government , and the goverment is supposed to be pushing for financial inclusion (or was that just the last government) rather than exclusion. It is not as easy as opening a regular current account, the purpose of the basic account is to let those who cannot have one have still have a current account.

It does not matter that there are plenty of Natwest / RBS or LTSB machines around, there are far fewer RBS machines in England (with few Natwest machines in Scotland) when you take off the sold branches and when LTSB Scotland goes where exactly does that leave English customers of Lloyds coming to Scotland? Or will they be further inconvencied and sent looking for the sign of a bank they might never have seen before.

Matthew-989

It makes perfect business sense, they're trying to cut the costs on a product they'd rather not have to offer at all. I'm surprised they didn't keep this ATM limit for new customers and let exsisting Key/Step account holders continue to use the full ATM network. Perhaps looking at numbers it made sense to potentially upset a few to save themselves some money and extra legwork.

It's a business and at the end of the day, government backed or not, if the numbers make sense then that's all that matters.

savagej

So what happened to government backing for financial inclusion and again why not take some of the profits made from the rich and re-distribute it to help those at the bottom of the ladder. They still make good profits regardless, why do these profits have to rise year or year so dramatically. They might not like it, but they are massive institution, which goes hand in hand with great social responsibility given what they do and spending millions on sponsoring formula one or the olympics should come second to the good of all of their customers, not just the ones that make them a good buck or two.

jalexa

savagej wrote: »

and when LTSB Scotland goes where exactly does that leave English customers of Lloyds coming to Scotland

But it is already the case that Lloyds "basic" account customers couldn't use Link.

Step/Key account customers may (or may not) have a justifiable concern but (for most people) the loss of Link is hardly the most significant difference between (in the case or Natwest/RBS) "Basic" and "free" Select. Anybody who wants Select should apply for an upgrade to "free" Select. Anybody who needs Link should apply for an upgrade to "free" Select and make the point. An "unsatisfactory" outcome to that will indeed be a justifiable "exclusion" concern which I will recognise and support.

But for "most people" loss of Link will hardly be a significant impediment to spending their own money. And in the case of "last ATM in town" the answer is staring you in the face.

Of course if enough people make an appointment to discuss an upgrade you may find that Natwest/RBS customer service is so poor you would prefer to bank elsewhere;)