Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

[1245pebbles]

Hi all,

I need to open a new bank account and am looking to apply for the Ulster Step Account, however it turns out they are underwritten by RBS and Natwest.

I have outstanding debts with both Halifax and Sainsburys (both RBS) - could they potentially offset my bank account with Ulster?

Thanks a million for any advice,
p

[MrsD]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Hi 1245

Halifax and Sainsburys both come under Bank of Scotland/Lloyds so RBS is different, its the Royal Bank of scotland not the Bank of Scotland. Just make sure nothing else is connected, ie Mint are part of RBS.

Dopeyxx

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

As above, Ulster and Natwest form part of RBS. Sainsbury finance is underwritten by HBOS (Halifax)... :niddy

[MattyA]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

ermmm.....thats me out as well then ;-)

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Ah, doh it's been so long since I had to think about it that I forgot HBOS and RBS are different but I do have a Mint debt too.

Does that mean if I open an Ulster account they will be able to offset? Right that's me down to HSBC today then!

Assuming HSBC aren't linked to anyone else right? (I have debts with basically everyone ! Barclays, Barclaycard, Halifax, Sainsburys, Mint, MBNA, Nationwide, Santander and Co-Op) I think that's everyone!

thanks,
p

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

You'll be safe with HSBC! Go for it, best of luck.

Yea, mint is rbs.

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

OK so not a great start with HSBC, as over a week ago I requested their basic bank account application form be sent to me. They sent me a brochure.

I went in to the branch, they don't have basic bank account application forms there and have to post to me so a bit of a delay..

Although HSBC Ts & Cs state they offer either and ATM card or a visa debit at their discretion - the guy in the branch said basiclly no way and they only offer ATM cards.

SO.. is it worth me opening HSBC and Ulster Bank and only transferring money to the Ulster account if I need to use a debit card (online) ?

Or would it be better to look into one of those pre-paid mastercard options?

Thanks,
p

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Oh, also prepaid cards are also backed by banks who hold the money in trust. Is there any right to offset with these too? e.g. the Cashplus Creditbuilder which holds the money trust through RBS.

Grr why is this SO complicated! hehe
p

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Oh, also prepaid cards are also backed by banks who hold the money in trust. Is there any right to offset with these too? e.g. the Cashplus Creditbuilder which holds the money trust through RBS.

Grr why is this SO complicated! hehe
p

Its not complicated, pre-paid cards are obviously exempt from any claim to RoSo so nothing to worry about there..... You will be a customer of whoever you take the card with - NOT the underwriting bank!

I notice you also asked the same on the green place: ---> http://forums.moneysavingexpert.com/....php?t=3053814

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

OK so not a great start with HSBC, as over a week ago I requested their basic bank account application form be sent to me. They sent me a brochure. I went in to the branch, they don't have basic bank account application forms there and have to post to me so a bit of a delay..

Their basic account isn't the best - you may be better trying for the Nationwide Basic Account - at least that comes with the CashPlus+ Card which is a debit card (and kinda pink too).....

Although HSBC Ts & Cs state they offer either and ATM card or a visa debit at their discretion - the guy in the branch said basiclly no way and they only offer ATM cards.

HSBC only give cash-cards thus my comment above about not being the best....

SO.. is it worth me opening HSBC and Ulster Bank and only transferring money to the Ulster account if I need to use a debit card (online) ?

NO! You owe to Mint who are part of the same group (RBS) so you're playing with fire..... forget Ulster, they use the same harsh scoring/AVU as Natwest - try Nationwide...

Or would it be better to look into one of those pre-paid mastercard options?

Definitely not - what a waste of time they are! There are basic accounts that offer facilities than these shitty things - avoid at all costs!

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Thanks Niddy - I did post on the other place too - I always feel kinda bad at taking up your time but your advice always overrides anyone elses!

I can't open a Nationwide account as I have a debt with them too

I have sent off for a Cashplus Creditbuilder card and won't activate/ pay for it until HSBC confirm it will def only be an ATM card. I am still a teeny bit hopeful that their Dec 2010 Ts &Cs mean I might, just might get a debit card. Or if not, and I manage the account well for six months I could try begging then and ditching the CC card at that point.

I think I've run out of other banking options and I'm no way going for one of those accounts that charge £12.50 a month and then charge on top for every transaction! Ulster application form is in the bin though - thanks!
p

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Thanks Niddy - I did post on the other place too

Traitor

- I always feel kinda bad at taking up your time but your advice always overrides anyone elses!

yea yea

I can't open a Nationwide account as I have a debt with them too

Oops, sorry missed that - ok, well takea read here (new section) - may come in some use: ---> How to get back onto the Credit Ladder

I have sent off for a Cashplus Creditbuilder card and won't activate/ pay for it until HSBC confirm it will def only be an ATM card. I am still a teeny bit hopeful that their Dec 2010 Ts &Cs mean I might, just might get a debit card. Or if not, and I manage the account well for six months I could try begging then and ditching the CC card at that point.

Please don't think HSBC will back down, they won't! I'm just saying, don't get your hopes up - what, with all the UE stuff and late payments/defaults you'll struggle to get a full bank account..... I heard Santander were giving debit cards, dunno how true it is (do you have debt to them?)...

I would NOT use that shitty cashbuilder card, there are 100's of free alternatives and one of the most common used is this: ---> Fair FX Card

I think I've run out of other banking options and I'm no way going for one of those accounts that charge £12.50 a month and then charge on top for every transaction! Ulster application form is in the bin though - thanks!
p

There are others out there, but you want a debit card which means yea, you're slightly hampered but not ruled out altogether!

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Niddy, I have to say that of course your advice is invaluable but your replies always make me smile too - that in itself is worth millions, so thank you!!

Right will get right on the FairFX card thank you again for that! Plus can get the £9.95 fee waived through this link too: FairFX Brilliant!!!

Yup owe Santander too but on the plus side they were truly awful when I banked with them so in a funny way, I'm kinda glad i'm ruled out from using them now! Even if they were my only hope I'd have think twice

I know in my heart of hearts HSBC will be ATM only but I promise to stop panicking now, as with the FairFX card I'll be covered to use most places i need to.

Just wish HSBC would hurry up, a week and half in and I'm still waiting to receive the blooming application form! Grr, I'm so impatient I know but currently sans bank account for the first time in my life and getting ancy!

Thanks,
Pip.

[1245pebbles]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Crap - the FairFX card can only be ordered using a debit or credit card online. Which wouldn't be a problem as a friend was happy to help me out however:

"Your card will be debited for a total amount of £10.00. Please note that, for security reasons, your credit card must be registered to the address you have provided."

Which it isn't. And I have no debit or credit card to use. They offer a bank transfer option, so guess will have to wait until the HSBC account is opened and do it that way, so more delays.

Still not received the HSBC basic account application form

P

[Never-In-Doubt]

Re: Ulster Bank (underwritten by RBS and Natwest) - can RBS offset?

Crap - the FairFX card can only be ordered using a debit or credit card online. Which wouldn't be a problem as a friend was happy to help me out however:

"Your card will be debited for a total amount of £10.00. Please note that, for security reasons, your credit card must be registered to the address you have provided."

Which it isn't. And I have no debit or credit card to use. They offer a bank transfer option, so guess will have to wait until the HSBC account is opened and do it that way, so more delays.

Still not received the HSBC basic account application form

P

Ahh bummer, forgot about the fact you needed a registered card at home before buying the PAYG one.... I am sure though if you call/email they will allow you to do a bank transfer, most do? I am unsure but worth asking I guess....

Going on your list of creditors, you ought to be applying for an account at Natwest, they can only say no after all - however they may link to the old Mint account however as you've had no contact in years you "may" find it's alright....?

Ulster is obviously the same parent company, so you could fire off an application for them as opposed to Natwest, like I say it is risky in that they may link to you but they won't just nick your wages cos you would expect to hear from them by way of a threat of some sort first..... (being the account is dormant for many years)...