Mis-sold Bank Account

fatman1976

Hi

I believe I was mis-sold a packaged bank account roughly 12 years ago by RBS. My partner at the time and myself applied for a standard joint current account and when we attended our meeting with the bank we were told that they would only offer us a Royalties Silver Account and there would be a monthly fee. Being young and nieve at the time we agreed. We have since split up and I have been left with this account that I am unable to convert to a standard account due to my overdraft being £1450.

I was wondering if anyone has had any luck with banks regarding the mis-selling of this type of account or any further info on the FSA's findings. Also if the account is proved to be mis-sold could this open up a claim for any charges that have be incurred during the life of the account?

Thanks

withabix

You're kidding, right?

Just pay your overdraft off and change the account. Simples.

MonkeyMad

From your username you may be as old as me and I don't recall a bank account that had a monthly charge being a particularly difficult concept to understand 12 years ago.

In what way is this account mis-sold? You have incurred charges from it being a chargeable account and presumable from having an overdraft. If you can't see that, then find a carer to help you get the account back in the black, close it and then ask them to run your finances for you.

Premier_2

fatman1976 wrote: »

Hi

I believe I was mis-sold a packaged bank account roughly 12 years ago by RBS. My partner at the time and myself applied for a standard joint current account and when we attended our meeting with the bank we were told that they would only offer us a Royalties Silver Account and there would be a monthly fee. Being young and nieve at the time we agreed. We have since split up and I have been left with this account that I am unable to convert to a standard account due to my overdraft being £1450.

I was wondering if anyone has had any luck with banks regarding the mis-selling of this type of account or any further info on the FSA's findings. Also if the account is proved to be mis-sold could this open up a claim for any charges that have be incurred during the life of the account?

Thanks

Why do you think you were mis-sold the product? :huh:

How, after 12 years of holding the account, do you now feel it was not appropriate for your needs?

You were advised of the monthly fee and you both accepted it.

McKneff

I thought I had heard it all..............

Till now.............:rotfl::rotfl::rotfl:

magpiecottage

I have heard of complaints of this nature being upheld.

fatman1976

Thanks to most of you for the very constructive and somewhat insulting feedback.

I think the point most of you have missed is we applied for one product and were forced into buying another product and were advised this would be the best option for us. Not knowing the product inside out and not working within the industry I now work within we accepted. This is classic mis-selling as far as I am aware. But what do I know, I only work for a major insurance & pension provider and have witnessed, first hand the whole endowment scandal.

Premier_2

fatman1976 wrote: »

Thanks to most of you for the very constructive and somewhat insulting feedback.

I think the point most of you have missed is we applied for one product and were forced into buying another product and were advised this would be the best option for us. Not knowing the product inside out and not working within the industry I now work within we accepted. This is classic mis-selling as far as I am aware. But what do I know, I only work for a major insurance & pension provider and have witnessed, first hand the whole endowment scandal.

You were offered a product.
You were only eligible for one product from this supplier. (You were not eligible for the other product you wanted)
You were advised of the monthly fee
You both agreed to the terms and agreed to go ahread with buying the product.

Not sure how that is classic mis-selling. :huh

And any anwer to my previous question?

Premier wrote:

How, after 12 years of holding the account, do you now feel it was not appropriate for your needs?

Finally, why sign up here with a new account asking for advice if you think you already know the answer??? :huh:

Now that is a classic example... :cool:

talana

fatman1976 wrote: »

I think the point most of you have missed is we applied for one product and were forced into buying another product and were advised this would be the best option for us.

Well, the point you're missing is that you were free to say no thanks and go elsewhere. They said take it or leave it, and you could have left it.

My partner at the time and myself applied for a standard joint current account and when we attended our meeting with the bank we were told that they would only offer us a Royalties Silver Account and there would be a monthly fee.

So it the account in joint names with your ex?

magpiecottage

It seems unlikely to me that a bog standard current account would NOT have been available so I think they have a case.

I am not saying they would win but contrary to what the rest of you are saying I think that FOS would consider it to have merit.

fatman1976

magpiecottage - In this type of case how do you think the Ombudsman would treat the case if there was snowballed charges & hardship i.e. proof of payday loans, on top of the mis-selling claim??