RBS have closed my account

ryan92

I've had an account with RBS for about a year that I've never really used with £28.01 sitting in it that I've always meant to move over to my main account.

I have today received a letter that after carring out a review, they can no longer offer banking with them.

It then goes on to say that under 12.2 of the T & C's they are giving me 14 days notice they are closing the account.

They have in turn blocked my internet banking, cancelled the cards and told me I cannot use the current account switch to move that money over.

The letter was dates 8th Feb and only arrived today so I now have 9 days to get my money. However the letter then says their checks can take 60 days to complete before it can be released.

RBS are being absolutely useless and just telling me it's a business decision.
I've checked my credit files and they are all absolutely fine and I've also put a SAR into CIFAS as it's only RBS I'm having the issue with.

Anyone have any advice at all?
Cheers :beer:

Robin9

Transfer your £28.01 to your main account

Switch this account to another bank and take the switching bribe.

ryan92

Sadly they have cancelled my card absolutely blocked access to internet banking so I’m unable to do that 😬

[Deleted User]

They're not obliged to tell you why.

Presumably because it's rarely used and on the brink of being dormant

Flobberchops

As they say - it's a business decision. Banks take on customers readily and offer a lot of facilities for free, often including bribes to switch and then giving ongoing interest on savings, cashback, rewards, and perks. A great many customers, especially the more savvy ones, will never pay a penny to have access to banking, which is in contrast to global norms. And all of this comes at the expense of keeping branches open, rented, lit and heated, retaining staff in branches and call centres, maintaining the IT infrastructure and online banking networks (unless you're TSB, in which case it's optional), sending paper statements and other customer correspondence, providing other stationery and hardware like cheque books and card readers, discretionary payments for complaints, and so on. The hope, of course, is that the customer will have the awareness and the loyalty to then turn to their bank when they need a revenue-generating product, such as a loan, mortgage, or insurance; but it's a competitive marketplace and consumer loyalty isn't what it was.



So to be glib, why should a bank retain customers who look like a waste of their time? If you were RBS, would you want you as a customer? I understand that banking is an essential service and when customers are told their accounts are being closed, they often react as if their water supplier is threatening to cut them off. The difference is that banks don't run monopolies; you can walk down the high street and open an account with a different bank. Your new bank will even help you switch, and possibly pay you for the privilege. Hence, your existing bank really has no moral compulsion to retain you, especially as you evidently weren't relying on it for day to day living.

jonnygee2

Their letter, or at least your description of the letter, doesn't make much sense.

Is the account currently frozen, or just being closed. The letter says its being closed, but everything else you've said indicates its actually currently frozen.

ryan92

It's just being closed as per section 12.2 of their terms and conditions under the basis of them carrying out a review of my banking arrangement and that they can no longer offer me banking with them

stclair

It might because your old account has flagged up somewhere:

https://forums.moneysavingexpert.com/discussion/5483570/new-rbs-account-closed

jonnygee2

It's just being closed as per section 12.2 of their terms and conditions under the basis of them carrying out a review of my banking arrangement and that they can no longer offer me banking with them

Okay, I think you should actually put in a complaint about this.

Although it is within their power to close your account, I think it was unfair for them to remove access to your card and online banking before the date of the account closure, alongside giving you a very short time frame to collect the money (presuming this has to be done in a branch).

If the account was closed purely for business reasons, they should have made it easy for you to clear the balance first and there was no need to prematurely suspend your account access.

I believe they are outside of FCA guidelines here and a complaint would be successful.

ryan92

That’s a very interesting point I totally forgot all about that account. Saying that, I’ve had this one for about a year so not sure what’s spun this on so quickly. I’m going to the branch tomorrow to try and get some clarity

Zak4u

Hi,
My mate exactly recive the same latter as u mentioned.He was got his account with rbs for last 8 years.but for last 15 months he was never used his rbs account.
Eariler this month he decides to use that account.so he had about 7000 pounds gone into his account and they closed the account.
I con,t understand one thing at one point they saying we are giving u 14 days notice...but along with this they saying everything,s closed.you even con,t take ur money out.something what doesn't make any sence.
Plz update us if you recive any more information about it.

Thanks