What happens if I tell the bank I don't accept the account T&Cs

colsten

Ogre_De_Flamme wrote: »

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

You are funny

mgdavid

masonic wrote: »

"Bank account" is a synonym of "current account" isn't it

No it isn't.

mgdavid

masonic wrote: »

But definitely not any type of account offered by a Building Society or fintech company.
.........

Both are red herrings; Building Societies are not banks, if they obtain a banking licence they become banks.
Fintech does not have a precise definition so could mean practically anything.


https://en.wikipedia.org/wiki/Law_of_holes

colsten

mgdavid wrote: »

Both are red herrings; Building Societies are not banks, if they obtain a banking licence they become banks.

Are you sure? How do you define a banking licence? I thought all companies offering financial services need to have an FCA authorisation. Having an FCA authorisation doesn't make a company a bank though.

d123

colsten wrote: »

Are you sure? How do you define a banking licence? I thought all companies offering financial services need to have an FCA authorisation. Having an FCA authorisation doesn't make a company a bank though.

According to the law a building society isn’t necessarily a bank.

2 Interpretation: “bank”

In this Part “bank” means a UK institution which has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on the regulated activity of accepting deposits (within the meaning of section 22 of that Act, taken with Schedule 2 and any order under section 22).

But “bank” does not include—
(a) a building society (within the meaning of section 119 of the Building Societies Act 1986),
(b) a credit union within the meaning of section 31 of the Credit Unions Act 1979, or
(c) any other class of institution excluded by an order made by the Treasury.

http://www.legislation.gov.uk/ukpga/2009/1/pdfs/ukpga_20090001_en.pdf

masonic

masonic wrote: »

"Bank account" is a synonym of "current account" isn't it

mgdavid wrote: »

No it isn't.

Tell that to the person who named this board.

LadyDee

I know the opening post was a pretty ridiculous one, but does every thread now have to descend into petty nitpicking? It gets so boring.

soulsaver

I suspect the OP meant that if the financial entity changes the T&Cs they signed up to, and they don't accept the changes, then what's their legal standing.

And the answer to that is you tell the entity you don't accept the changes and negotiate from there.

If they won't budge go through the complaints process and get it to the FOS if you feel aggrieved.

I have challenged a material change in the terms from a Bank and got them to revert to the original terms.

JuicyJesus

soulsaver wrote: »

I suspect the OP meant that if the financial entity changes the T&Cs they signed up to, and they don't accept the changes, then what's their legal standing.

And the answer to that is you tell the entity you don't accept the changes and negotiate from there.

If they won't budge go through the complaints process and get it to the FOS.

I have challenged a material change in the terms from a Bank and got them to revert to the original terms.

I have no idea how you managed to do that. But they're absolutely not going to make a general policy of doing so. Do you have the DRN from FOS so we can see this case, as I frankly can't believe that FOS would ever accept that it'd be fair for a bank to revert back to its old T&Cs after issue of new ones.

mgdavid

masonic wrote: »

Tell that to the person who named this board.

If I explained you wouldn't understand.
Another for the ignore list.