Current Account Refund

martin4356111

To my surprise, it turns out the banks (in particular RBS) aren't all that bad and can help its customers when it wants to!

My wife and I both had individual current accounts for which we were paying around £13 per month. Around 3 years ago when we got married, we decided to add each other names and make them joint accounts to make life easier when paying bills, transferring money etc.

Foolishly we ended up paying £26 per month for two accounts when one account at £13 per months would have given us all the benefits.

The bank have just written to us saying that they will be switching one to their non-fee current account (Select) as of December and that they will be refunding us £573.36!

Has anyone else heard of this happening?

I should add that we didn't approach the bank about this, it came totally out the blue to fingers crossed more like us will be receiving a similar letter.

Well done RBS :T

InsideInsurance

Miss selling of package accounts is seen as the next PPI type scandal and many are expecting big complaints volumes and similar "reclaim you bank charges" type companies cold calling people. Inevitably there will be a question of preempting the flood of complaints and/ or FOS fees by dealing with the obvious issues to cut these off

colsten

I think it would be great if a bank proposed closing of an account, and offered a refund of charges if applicable. But I would be mightily miffed if they wrote to say they close the account because they didn't think I needed it. Even if they were right, they shouldn't unilaterally close the account for such reasons.

knack92

colsten wrote: »

I think it would be great if a bank proposed closing of an account, and offered a refund of charges if applicable. But I would be mightily miffed if they wrote to say they close the account because they didn't think I needed it. Even if they were right, they shouldn't unilaterally close the account for such reasons.

Perhaps the letter also gave the option of keeping the account as it is.

martin4356111

colsten wrote: »

I think it would be great if a bank proposed closing of an account, and offered a refund of charges if applicable. But I would be mightily miffed if they wrote to say they close the account because they didn't think I needed it. Even if they were right, they shouldn't unilaterally close the account for such reasons.

Sorry I probably didn't make that part clear. They have kept both open but have changed one of them to a simple non-fee current account.

pinkdalek

InsideInsurance wrote: »

Miss selling of package accounts is seen as the next PPI type scandal and many are expecting big complaints volumes and similar "reclaim you bank charges" type companies cold calling people. Inevitably there will be a question of preempting the flood of complaints and/ or FOS fees by dealing with the obvious issues to cut these off

This thread isn't mis-selling though is it? It is a bank noticing that their customers have been paying twice for a product and have refunded them the premiums accordingly, something that should have been mentioned when the accounts were made joint. Up until that point both account holders were sole holders and using the account seperately.
Mis-selling is when you are sold something you do not need or are not eligible for or told you have to have the product as part of the purchase.

InsideInsurance

pinkdalek wrote: »

This thread isn't mis-selling though is it? It is a bank noticing that their customers have been paying twice for a product and have refunded them the premiums accordingly, something that should have been mentioned when the accounts were made joint. Up until that point both account holders were sole holders and using the account seperately.

Mis-selling is when you are sold something you do not need or are not eligible for or told you have to have the product as part of the purchase.

I am well aware of the definition of miss selling but that hasnt stopped 90% of people who have attempted to reclaim their PPI. The majority of posts on here have no idea why they think that their PPI was "miss sold" but have heard they can get the money back anyway.

It is predicted that package account will be the next miss selling scandal. The fact the OP wasnt told anything when asking for doubling up the benefits presumably would be the OPs argument of miss selling if they were to go down that route. Even if the bank defends the claim the FOS fee is going to be around ~£550 and that doesnt factor in any cases they lose or the cost of handling the complaint itself.

Seems an easy way to preempt a problem by doing a quick sweep of those where there are the obvious grounds for complaint and fixing them before any complaints are made.