RBS sale to Santander, potential issues!

[jon888999]

Hi, I've posted this on another thread but thought i'd start my own, basicly i'm trying to find out whether when Santander take over RBS accounts whether they could use the money to offset other debts?

http://www.consumeractiongroup.co.uk/forum/showthread.php?272399-Need-a-new-bank-because-of-my-loan-and-offsetting-rules

Re: Need a new bank because of my loan and offsetting rules

I'm going to visit my local Nat West as there operation seems to broadly the same as RBS, being part of the same group at the moment. I'm happy with RBS but don't want to go back to Santander as Abbey used to be a nightmare!

Although my Mortgage is still with Santander, they've just let me sign up to a new deal 5 years fixed at 4.79% with no fees which with numerous defaults and a unsettled on paper CCJ against me was far better then I expected.

Can anybody confirm whether they would be allowed to Offset an Old Unenforceable Disputed Abbey Loan against a RBS current account.

Although as my old Abbey Loan has been sold to DLC, I don't see how it could be legally offset, but do I trust Santander???? Not when it comes to Current accounts, no I don't/ The Abbey Accounts were set up to get maximum fee's eg processing money going in & out at midnight, so you got charges if you were od even if you paid cash in the same day, taking 6 days to clear cheques etc.

RBS are different cheques normally clear in 2 days and they work charges out at close of business not start.

My account has been with RBS for 5 years and has a perfect record. It was a parachute account, setup when I knew money problems were looming, which i've managed to keep fine. The reason I went to RBS was because it was the only bank that I didn't have a connection with 5 years ago.

My credit file should be ok in 18 months-2 years as the ccj and defaults all disappear at about the same time. Not that I intend borrowing money.

[FCC]

I think you are confused. Santander have agreed to buy 318 high street branches from RBS for £1.65bn and thats only the premises not any business conducted within.

[jon888999]

From the Santander/RBS press release:

The deal includes customer accounts attached to these branches, which will be transferred to Santander upon completion of the sale.

Some 1.8 million retail customers and about 244,000 SME customers will see their accounts transferred.

Edited August 7, 2010 by alanfromderby
Please don't shout.

[alanfromderby]

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=497637&in_page_id=7

[jon888999]

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=497637&in_page_id=7

Quote from above:

 

RBS has been ordered to reduce its share of the business banking and current account markets by selling the 311 RBS-branded banks in England & Wale

 

Surely then by selling to Santander this hasn't occurred, all it's done is given Santander a massive share of the market!

[jon888999]

Quote from above:

 

RBS has been ordered to reduce its share of the business banking and current account markets by selling the 311 RBS-branded banks in England & Wale

 

Surely then by selling to Santander this hasn't occurred, all it's done is given Santander a massive share of the market!

The edit buttons gone again!

What I meant was it's reduced RBS share but given Santander a bigger share!

Edit: it's back on this post!!!

[chattanooga]

This news is a bit of a nightmare. I have recently moved current accounts to Santander to have an account with no liabilities with my creditors while I get my debts sorted out. Unfortunately I have debts with RBS so it looks like I'll be on the move again.

[unclebulgaria67]

This news is a bit of a nightmare. I have recently moved current accounts to Santander to have an account with no liabilities with my creditors while I get my debts sorted out. Unfortunately I have debts with RBS so it looks like I'll be on the move again.

 

There will be a process for this. I expect that for those branches/accounts affected by this, that account holders will be given the opportunity to remain with RBS. I am sure you will receive a letter at some point stating your options. For those that remain with RBS, it will just mean that they might not have a branch near to them, so could prove inconvenient.

[zingy]

There will be a process for this. I expect that for those branches/accounts affected by this, that account holders will be given the opportunity to remain with RBS. I am sure you will receive a letter at some point stating your options. For those that remain with RBS, it will just mean that they might not have a branch near to them, so could prove inconvenient.

 

Not from what I have experienced: all account holders with a branch account in England and Wales (or in Scotland for Natwest), have had their accounts sold to Santander. The only option to stay with the group is to transfer the account to NatWest or request the account to be domiciled to a branch in Scotland.

 

See http://forums.moneysavingexpert.com/showthread.php?t=2635979 for some info.

[FCC]

My aplogies, I missed that.....I'm getting my coat!!

[zingy]

My aplogies, I missed that.....I'm getting my coat!!

Tbh, it's all pretty bizarre. I have a key account (basic current) that is being transfered, but a savings account (opened at the same time) is staying with them - apparently because it's in central banking and not attached to a branch.

Also, the RBS team really haven't a clue when you call them up.