Your RBS International Transfer Guide. Corporate customers

Transcription

1 Your RBS International Transfer Guide Corporate customers

2 Contents Introduction pg 1 What do I need to know? pg 2 What do I need to do? pg 3 Frequently Asked Questions pg 4 We re changing your account details Due to recent ring-fencing legislation introduced in the UK, we re required to make changes to our business that means you ll receive a new sort code and account number for some of your RBS International accounts. This guide further explains the changes we re making, outlines what to expect as we move your accounts to a new sort code and answers our most Frequently Asked Questions. What does this mean? As a Corporate customer with accounts impacted by the changes we re making, we need to move some of your accounts to new sort codes and account numbers. Your existing accounts will be closed and any payments and balances will be transferred to new RBS International accounts. While it s not possible to keep your existing RBS International account details, we ll ensure there is minimal disruption to your current banking activities and that all incoming and outgoing payments are transferred to your new account. Please be aware this change may not impact all of your RBS International accounts. Your enclosed personal Transfer Plan confirms what accounts are impacted. If you also have a Personal banking relationship with RBS International, you ll be contacted separately if these accounts are impacted by our ring-fencing requirements. Why is this happening? UK ring-fencing legislation requires the larger UK banks to separate their essential banking services from investment banking services by 1 January This legislation was brought in by the UK Government to strengthen the financial system following the financial crisis that began in Ringfencing reduces the possibility that essential banking services are put at risk by a failure in another part of the business such as investment banking. To comply with this legislation, the RBS Group must also separate its European Economic Area (EEA) business from its non-eea businesses such as those in the Channel Islands and the Isle of Man. This includes separating the use of certain parts of our banking infrastructure that are currently shared with the future ring-fenced bank. In line with the changes we re making, RBS International will provide products and services for Corporate customers. All Personal and Business Banking products and services will be offered by NatWest International. Further information about ring-fencing legislation and the changes we re making are available on the RBS Group website: 1

3 What do I need to know? Your personal Transfer Plan confirms what accounts are impacted and when we plan to move them. What will happen to my payments? All outgoing payments currently set up on your existing accounts (direct debits, standing orders and bill payments), will automatically be moved across to debit from your new accounts from your transfer date. You don t need to worry about incoming payments getting lost when your account details change. All payments sent to old accounts after they are closed will automatically be redirected to your new accounts. You don t need to do anything to activate this redirection and there s no time restriction on the service all payments will be redirected to your new account indefinitely. What will be changing? Account details We ll provide new sort codes and account numbers for all accounts we need to move. Debit cards If you have a debit card associated with your account, you ll be issued with a replacement debit card and PIN before your transfer date. Your existing RBS International debit card will be cancelled when your existing account is closed. Cheque books and paying in books Replacement cheque books and paying in books will automatically be ordered for customers actively using them today. All other customers can request these if required, but they won t be automatically issued. What will stay the same? Products There will be no changes to the products and types of account available to you. Credit Facilities If you have agreed overdraft and credit facilities currently in place, these will be transferred to your new account automatically. Terms & Conditions There are no changes to your Terms & Conditions. Interest, fees and charges Your current rates of interest, fees and charges will remain the same. Any credit interest due to you will be paid into your RBS International account before its closure on your transfer date. Likewise, before your account is closed, any debit interest, agreed fees and service charges will be deducted. Please note these debits will be deducted from your account on your transfer date. Depending on your current arrangements, this means your interest and/or charges may be applied earlier than usual. Points of Contact If you have a dedicated point of contact or Relationship Director who looks after your existing RBS International accounts, this relationship will continue. What do I need to do? Unless you ve been advised otherwise in your Transfer Plan, you don t need to do anything for us to move your accounts. What happens next? Transfer Plan and official notice of account transfer Alongside this guide you should have received a letter confirming our plans to move your account. You should also have your personal Transfer Plan explaining what accounts are impacted and when we plan to move them. 30 Day Reminder, new account details and transfer date We ll write to you at least 30 days before your accounts are moved to confirm your new account details and your transfer date. Your transfer date is the day your new accounts become fully activated, any remaining balances are transferred to these new accounts and when your existing accounts are closed. New debit card and PIN If you have an active debit card associated with your existing accounts you ll receive replacement debit cards and PINs before your transfer date. Transfer complete confirmation You ll receive confirmation that the move to your new sort code and account number is complete once your accounts are fully operational. You ll also receive the closing statement for your existing RBS International accounts that have been closed as part of this transfer. What if I don t want to move my accounts? If you have concerns about moving your accounts, please contact the Customer Support Team to discuss these as soon as possible. Please remember, it s not possible to keep your existing account details. Contact information for our Customer Support Team is detailed on the back of this guide. Alternatively, you can contact your usual dedicated point of contact or Relationship Director. 2 3

4 Frequently Asked Questions 1. Are all of my RBS International accounts impacted? This change only impacts certain account types and therefore may not affect all of your accounts. Your Transfer Plan confirms the accounts we need to move. 2. When will my account move? Your Transfer Plan confirms when we aim to move your accounts. We ll write to you to confirm your exact transfer date a minimum of 30 days before your accounts are moved. You should start using your new accounts from your transfer date. 3. Will I need to do anything to move my account? No. This process has been developed to cause minimal disruption for our customers and we ll do as much as possible for you. 4. What will happen to my payments? Existing outgoing payments (direct debits, standing orders and bill payments) will be automatically aligned to your new accounts. Any incoming payments sent to your old RBS International account after it closes will be redirected to your new account. There is no time restriction on this service; all payments will be redirected to your new account indefinitely. 5. What happens to my existing credit facilities? If you have agreed overdraft and credit facilities currently in place on your RBS International account, these will also be transferred automatically. 6. Will I get a new debit card and PIN? Yes. If you have a debit card linked to your RBS International account you ll be issued with a new debit card and PIN before your transfer date. Your new debit card will already be activated when you receive it. Your existing RBS International debit card will be cancelled when your account is closed. Need more help? If you have questions or need further clarification on any of the information you have received about moving your accounts, please contact our dedicated Customer Support Team who are happy to help. You can also contact your usual dedicated point of contact or Relationship Director. The team are available Monday to Friday between 9am to 5pm and can be contacted by phone or via the contact details below. Phone: customersupport@rbsint.com Website: Protect yourself from fraud At a time when changes are happening in the banking industry, you should be especially wary of banking and online account scams. Steps you can take to protect yourself include: Beware of calls out of the blue claiming to be from your bank Remember, we will not call or you asking for your personal information, account details or PIN for your bank or credit card If you receive a call asking for this information, end the call immediately It is best to call your bank back using the number on your card or bank statement Find out more ways to protect yourself from banking and online account scams at: 7. Will I still have access to Bankline? No. Offering an enhanced range of functionality and services, eq will replace Bankline as the corporate electronic banking platform. Customers who are impacted by this change will be contacted directly. 8. Will my Terms & Conditions change? No. As there are no changes to your product or account type, your Terms & Conditions will stay the same. 9. Can I still use my existing branch? Yes. You can continue to use the same branch as you do now. 10. Will my points of contact change? No. If you have a dedicated point of contact or Relationship Manager who looks after your existing RBS International account, this relationship will continue. 11. Can I keep my existing RBS International account details? No. To comply with ring-fencing legislation, we need to move your accounts to new sort codes and account numbers. 4 5

5 The Royal Bank of Scotland International Limited ( RBS International ) is incorporated in Jersey as a private limited company. It is authorised and regulated by the Jersey Financial Services Commission and is registered with the Jersey Financial Services Commission Companies Register with registration number Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Tel In the UK, RBS International is registered as a foreign company in the register of companies for England and Wales (and is registered with Companies House with registration number FC034191, and branch number BR019279). RBS International is authorised by the Prudential Regulation Authority, and is subject to regulation by the Financial Conduct Authority (reference number ) and limited regulation by the Prudential Regulation Authority. Details about the extent of RBS International s regulation by the Prudential Regulation Authority are available on request. Guernsey business address: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Tel Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: 2 Athol Street, Douglas, Isle of Man, IM99 1AN. Tel Licensed by the Isle of Man Financial Services Authority in respect of Deposit Taking, Investment Business and registered as a General Insurance Intermediary. The Royal Bank of Scotland International Limited, Luxembourg Branch, (RBS International Luxembourg Branch). Business address: 46 Avenue J F Kennedy, L-1855, Luxembourg. Authorised and supervised by the Commission de Surveillance du Secteur Financier. Tel RBSI 732 Aug 2017