Coutts 90 Day Notice Account

Coutts 90 Day Notice Account

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I placed a reasonable sum of money in a 90 day notice account with Coutts approximately a year ago. Since that time I have had occassion to withdraw funds at immediate notice. This has never been a problem, although interest was lost.

When I asked recently to transfer funds I was informed that I was no longer able to do this and would have to give the full 90 days notice. I was told that Coutts had written and explained the change.

My first point is that I feel this is such a fundamental change in terms that it should have required more than a letter which they have no proof ever arrived. I do not recall seeing one, but it could have got lost in the plethora of nonsense so ofetn received.

It was explained to me recently that the reason for the change is regulatory as notice accounts must now live up to their name in order for banks to adhere to their liquidity requirements, and that there is no possibility of Coutts making an exception as they would face fines etc etc etc (my heart bleeds!)

However, another client has a Lloyds 30 day notice account and no such restrictions apply.

Coutts have said they will look into offering a preferential loan to cover the 90 day period. A cynic might think that was a nice way of making a few quid.

Any thoughts much appreciated.

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By skhan
28th Mar 2014 20:43

Coutts might have going concern problems

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By King_Maker
29th Mar 2014 08:30

I suspect that RBS, who own Coutts, may have to sell assets to improve its capital position - hence the need for Coutts to appear in the best possible light.

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