Can RBS change my account without my permission?

v6ter

My husband opened an account with Williams & Glyn back in 1978 which subsequently became an RBS account when Williams & Glyn were taken over. When we married, this same account became our joint personal current account. It offers a free overdraft facility with an excellent rate of interest. Understandably RBS don’t like this very much as it doesn’t fit within one of their ‘pigeon hole’ accounts and intermittently over the last 36 years, they’ve tried to make us change to one of their ‘off-the-shelf’ accounts, which we have always refused to do.

This is now happening again – they can’t offer us anything close to the facility that we currently enjoy with one of their 4 available ‘off-the-shelf’ products but advise us that it is a ‘bank-wide decision’ that only these 4 accounts will be available going forward and we need to choose which one we want.

We are, understandably, refusing to make a choice. So, my questions is – can RBS migrate our account to one of their inferior products without our prior consent?

pmduk

Almost certainly, they can. It'll be written in their terms and conditions.

Owain_Moneysaver

No, but they can close your existing account.

grumbler

Also, they simply can pull the "free overdraft facility" and cut/rise the "excellent rate of interest"

agrinnall

I'm amazed it didn't happen many years ago. Just how excellent is this rate of interest?

System

Yes, they can provided they give at least 60 days notice.

Owain_Moneysaver wrote: »

No, but they can close your existing account.

Thrugelmir

v6ter wrote: »

We are, understandably, refusing to make a choice.

You won't win.

pvt

Here's a similar scenario: You go to your local department store for a new vacuum cleaner, and are shown a wide range of current models. But you want a 1949 Hoover Junior which, 66 years on, isn't available any more.

Do you refuse to make a choice?

MoneySavingNovice

Look to see what the terms and conditions say. As stated above

pmduk wrote: »

Almost certainly, they can....

but I question why they have not transferred you over before.

You should also look to see what rights they have to

Owain_Moneysaver wrote: »

.... close your existing account.

and/or

grumbler wrote: »

pull the "free overdraft facility" and cut/rise the "excellent rate of interest"

It might also be worth checking out what the competition are doing. On MSE RBS or NatWest are not in the best bank accounts list.
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Could be worthwhile changing banks now.

nyermen

pvt - I think it's closer to say they say you can't use your still working 1949 hoover any more and must use something new. T&C will be what matters.

It's worth bearing in mind that Williams & Glyn is being "relaunched" by RBS in the next year or two. I think the regulator is making them split it out again. Not sure which branches will be put into it (is it those same ones bought years a go?).
Just wondering if there's a connection, trying to tidy up those who will (or won't?) be moving across. I'd have thought it's those which still have the old IBAN prefix as it tends not to change (My HSBC one still has MIDL for midland bank, even though my branch was merged with a newer HSBC one, I still have the original sort code as well). If the new account they want to switch to comes with a different prefixed IBAN perhaps. (I'm clutching at straws here, but the timing seems slightly coincidental)

DCFC79

nyermen wrote: »

pvt - I think it's closer to say they say you can't use your still working 1949 hoover any more and must use something new. T&C will be what matters.

It's worth bearing in mind that Williams & Glyn is being "relaunched" by RBS in the next year or two. I think the regulator is making them split it out again. Not sure which branches will be put into it (is it those same ones bought years a go?).
Just wondering if there's a connection, trying to tidy up those who will (or won't?) be moving across. I'd have thought it's those which still have the old IBAN prefix as it tends not to change (My HSBC one still has MIDL for midland bank, even though my branch was merged with a newer HSBC one, I still have the original sort code as well). If the new account they want to switch to comes with a different prefixed IBAN perhaps. (I'm clutching at straws here, but the timing seems slightly coincidental)

I know the branch I use is to be a Williams & Glyn and we were given the choice of staying with RBS eg move branch to 1 in Scotland.