Packaged bank account

Kitkat1079

Hi I am looking for some advice please..??

I have just received compensation off RBS for mis selling package bank account from 2001 to 2014. I have been deducted £743.58 from my compensation due to benefit usage deductions. They have deducted £481.80 for savings on loans and £261.78 for savings on overdrafts. I thought that as they have accepted responsibility of mis selling that I wouldn't have deductions for something I never asked for..?? Does this sound right to anyone..?? Any point in challenging it..??

Thanks for any info 😃

-taff

If you used the benfits that came with the account, they can take those away from the redress first.

safestored4

You can't expect to have your cake and eat it. If you hadn't taken out this account you would have been charged a higher rate for your loans and overdraft. You have complained that the account was not appropriate so are simply being put back into the position that would have applied had had you not opened it.

dunstonh

I thought that as they have accepted responsibility of mis selling that I wouldn't have deductions for something I never asked for..?

They are required to put you back in the position you would have been had the product not existed.

Had you never asked for it, you would not have had those savings. So, they are taking them off you.

Does this sound right to anyone..?

Yes. It is both the correct way for calculating redress and morally the right way.