Can RBS change my account without my permission?

EarthBoy

nyermen wrote: »

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?).

Mostly. All RBS branches in England will become Williams and Glyn, as will all NatWest branches in Scotland.

http://rbsbranchinformation.co.uk/

v6ter

Thanks for the replies. Most have corroborated my thought that we haven't a leg to stand on - doesn't mean it's not a rubbish way to reward loyal customers though!

Not sure about the Hoover analogy - if my Hoover from 1978 still works perfectly brilliantly why on earth would I buy a new one? And, to extend the analogy, particularly if the technology is now worse not better.

To confirm, this is an account which will go back to the Williams & Glyn brand.
Also to confirm, the interest rate will more than triple - and that's the best they're offering!

Re Ts&Cs:

MoneySavingNovice wrote: »

Look to see what the terms and conditions say.

Presumably we need to look back to the Ts&Cs of the original/existing account but that's impossible based on it's history. Could we ask the bank to produce copies of original/most recently signed Ts&Cs or will current standard ones simply apply?

Thanks again

chambta

v6ter wrote: »

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?

The simple answer is yes. The Gold Cheque that you presumably have will cease to exist completely. It has been 'off sale' for close to twenty years and it's amazing it's taken this long given the base-related overdrafts attached to plenty of them.

stclair

7.3 Conversion

We can convert your current account to another current account in our range. We will only do this if:

(a) we have a valid reason for converting your account; and
(b) we give you notice not less than 60 days before we convert it.

We will convert your account after the expiry of our notice unless in the meantime you have given us written notice that you wish to close your existing account. For a further 30 days from the date on which we convert your account, you may close the account (or switch to any other account we are willing to provide to you) without loss of interest or additional charges.

Archi_Bald

Full T&Cs (which include the 7.3 extract): http://www.rbs.co.uk/content/holts/downloads/personal_private_ts_cs.pdf

Too late to refuse these T&Cs now.

Lith

Doesn't matter if you had the account for 100000 years...

1: They own the account (not you)
2: In the T&C read it
3: They will close it or just switch you over in due time...
4: You keep refusing.. then expect a letter soon about closing your account.

pinkdalek

In simple terms yes they can.

Just like any other business out there can change how it operates, what it sells, when it closes, what payment methods it takes, where it is based.

If you don't like the changes then switch elsewhere, just like if you did not like changes to another business you use, you would shop elsewhere.

MoneySavingNovice

Given your statement that you are unsure of the T&C’s applied, and taking into account the information found by stclair and Archi Bald, in my opinion it does seem likely that the present RBS T&C’s would apply to this account.

Thus, in my opinion, given that they have informed you of the valid reason for converting your account and given you 60 days notice they can convert you account to any other account as per condition 7.3. Unfortunately in accordance to clause 7.1.2 they can also close your account without giving you any reason but giving you 30 days notice.

I guess that you might wish to complain all the way to the Financial Ombudsman Service, but again in my opinion based upon the information you have provided and that the gleaned by others, I don’t think that the outcome would be successful.

My view is that you have three options:-

1) Move Banks and close the account.
2) Chose the least worst option and stay with RBS.
3) Continue to argue the point, and accept the risk that they might convert or close your account without your prior consent.

Best of luck.

chambta

You don't have to actually make a choice. If you simply do nothing the account will become a Select Account.