You are here: Home - Saving & Banking - News -

Staff must have our UK current account stipulates Royal Bank

0
Written by:
26/03/2007

The Royal Bank of Scotland (RBS) has put its foot down and is now insisting that its workers must have their primary bank account with the company or face disciplinary action.

The bank has sent staff a letter, a copy of which has been obtained by the union Amicus, saying that salaries must be paid into an RBS-administered account. “Failure to do so will represent a breach of group policy,” the letter said.

Amicus accused the bank of “heavy-handedness” and noted that up to 14,000 RBS staff have UK current accounts with competitors.

But RBS replied that it explained to all staff at their initial job interviews they would be required to hold an RBS account and that this was part of the “overall reward package” on offer to them.

“In common with industry practice, our terms and conditions require staff to open a UK current account with us for the payment of their salary,” said a spokesperson.

“Our staff are at complete liberty to run accounts with other providers if they wish.”

Many of the problems have arisen because RBS has taken over such companies as Churchill Insurance and Direct Line, where many of the staff still hold their UK current accounts from pre-RBS days.

Amicus official Rob Macgregor said: “If you work for Tesco you won’t be disciplined for buying your groceries from Sainsbury’s. This is heavy-handed and disproportionate action from RBS and bad for morale.”

 

 

Related Posts

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
The £9,500 house move hits homebuyers’ pockets hard

The average cost of moving home has gone up to £9,486 according to website Propertyfinder, which means the process has more than...

Close