Packaged account compensation

[Ruby]

My hubby and I had two joint packaged accounts with RBS over the past number of years. Today I received a letter with a cheque for just under £400. They refunded half of the fees because it was a joint account - despite the fact that the complaint we made was in both names - hmmm.

One account they have estimated fees between 1996 and 2000 and the other between 2005 and 2007. We paid £12 per month for these accounts.

Apart from the fact that I think they should have refunded my hubby's part of the compensation too, the figure of £400 seems rather low to me.

Do they only have to calculate the 8% interest during the time of the running of the account? I would have thought it should be up to today's date, or there about.

What about the fact the the account was mis-sold to us? Should they not add compensation for that too?

They conveniently just posted the cheque with the letter without me having to sign anything saying 'full and final settlement'. Does that mean that I can cash the cheque in the meantime and still challenge them for more compensation?

[Amethyst]

Re: Packaged account compensation

Well it should be at least £576 for the first account plus interest and £288 for the second account plus interest - total £864 plus interest - so half is £432 plus interest. ( that is assuming full years btw)

Have they explained why they have only refunded half - maybe they are refunding your husband separately ?

I'd give them a call to find out exactly what they have done and why, and probably write back to them accepting the payment as a partial settlement and spelling out what you expect them to do and how much you believe is outstanding. You can work out how much the interest should be by using the standard stat interest spreadsheet in the library.

[Ruby]

Re: Packaged account compensation

No they gave no explanation as to why they only compensated my part. I was the one who spoke to them on the phone, as it only takes one person to make a phone call lol. I am pretty sure they were just chancing their arm .

[leclerc]

Re: Packaged account compensation

Well it should be at least £576 for the first account plus interest and £288 for the second account plus interest - total £864 plus interest - so half is £432 plus interest. ( that is assuming full years btw)

Have they explained why they have only refunded half - maybe they are refunding your husband separately ?

I'd give them a call to find out exactly what they have done and why, and probably write back to them accepting the payment as a partial settlement and spelling out what you expect them to do and how much you believe is outstanding. You can work out how much the interest should be by using the standard stat interest spreadsheet in the library.

Amethyst I think you are basing this on the fact that the account was £12 a month between 1996 and 2000 which I think is not correct since I would assume that it would only be the case for the 2005 to 2007 area. Their Royalties account I would suspect was much lower ie £5 or £6 a month in the period of 1996 to 2000.

BTW, to the OP, never discuss a matter over the phone unless you are recording it and always ask for their response to be put in a letter so that it is in black and white

The obvious response to them btw is a letter signed by your husband stating that you have been told that the account was missold so he wants his money

[Ruby]

Re: Packaged account compensation

I spoke to someone yesterday, on the phone (going against my own advice and others) and they have agreed to compensate hubby's half too. I have been told that RBS started to have packaged accounts in the late '90's. It would be interested to know if anyone has inside information with regard to historical fees. Unfortunately I closed my accounts with them years ago and they say they have very limited information left

Not sure if it is worth doing a SAR as I believe that banks do not hold information on closed accounts after 6 years.

I also understand that the interest they compensate for mis selling of packaged accounts is not compounded.