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| Version 1 | Version 2 |
|---|---|
| MP Andrew Tyrie seeks RBS account explanation | MP Andrew Tyrie seeks RBS account explanation |
| (about 6 hours later) | |
| The chief executive of Royal Bank of Scotland is being asked by an MP to explain restrictions it has put on using cash machines for some customers. | The chief executive of Royal Bank of Scotland is being asked by an MP to explain restrictions it has put on using cash machines for some customers. |
| In August, 1m RBS customers with basic bank accounts were told they could withdraw money only from RBS, NatWest, Tesco or Morrison cash machines. | In August, 1m RBS customers with basic bank accounts were told they could withdraw money only from RBS, NatWest, Tesco or Morrison cash machines. |
| Andrew Tyrie, chairman of the Treasury select committee, has written to RBS; he says those most at risk of financial exclusion will be hit hardest. | Andrew Tyrie, chairman of the Treasury select committee, has written to RBS; he says those most at risk of financial exclusion will be hit hardest. |
| RBS has blamed the move on costs. | RBS has blamed the move on costs. |
| Mr Tyrie has also written to Lloyds banking group asking about its policy. RBS and Lloyds are the two high street banks with significant taxpayer shareholdings. | Mr Tyrie has also written to Lloyds banking group asking about its policy. RBS and Lloyds are the two high street banks with significant taxpayer shareholdings. |
| The RBS move affects customers with basic accounts that do not offer overdrafts or chequebooks. They can also withdraw over the counter at Post Offices. | The RBS move affects customers with basic accounts that do not offer overdrafts or chequebooks. They can also withdraw over the counter at Post Offices. |
| The bank explained the change at the time by saying the cost of offering a wider range of ATMs - or cash machines - to basic bank account customers was now "unsustainable". | The bank explained the change at the time by saying the cost of offering a wider range of ATMs - or cash machines - to basic bank account customers was now "unsustainable". |
| "We face a charge per bank transaction, which needs to be recovered elsewhere," RBS said. | "We face a charge per bank transaction, which needs to be recovered elsewhere," RBS said. |
| Mr Tyrie says the decision places in doubt the bank's commitment to offering basic accounts, something the government wants to be more widely available. | Mr Tyrie says the decision places in doubt the bank's commitment to offering basic accounts, something the government wants to be more widely available. |
| He is also asking Lloyds to explain why it already stops its basic account holders from using competitors' cash terminals. | He is also asking Lloyds to explain why it already stops its basic account holders from using competitors' cash terminals. |