Here’s why RBS has told thousands of clients to get a move on and find another bank
Most banks fight tooth and nail to hang onto clients, but one industry player has a very good reason for telling a certain group of customers they need to find somewhere else.
RBS has written to Global Transaction Services (GTS) clients who will be affected when the bank shuts down certain offerings at the end of the year to gently remind them they need to find another provider before too long.
The clients affected are those with accounts and services outside of the UK and Ireland.
RBS' decision in 2015 to stop offering the services concerned affects roughly 7,000 customers across 32 countries. More than half of these have already moved on to other service providers.
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The letter also nudged clients' memories that RBS will no longer accept any deposits or honour any payment instructions with a value after 2016.
"Throughout this process, we have stayed in touch with our customers, and encouraged them to accelerate their exit well ahead of the final termination date," said head of global transaction services, Jerry Pearce. "We have taken steps to ease the transition for customers, including the referral agreement with BNP Paribas and exceeding the contractual notice periods.
"As we approach the end of 2016 – the point at which all cash management, payments and trade-related services will cease – the bank continues to make every effort to ensure that remaining affected clients have transitioned away.
"The deadline is fast approaching. Most clients have already found new providers, or are well on the way to doing so, but there are a few that have a lot still to do.
"While RBS will assist these clients in moving, there is a point at which we will have no option but to deactivate accounts."
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