Cater Allen Private Bank customers
What ring-fencing means for you
Cater Allen Limited, which is known as Cater Allen Private Bank, will be a ring-fenced bank.
If you’re a customer of Cater Allen, there will be no changes to your sort code or account number as a result of ring-fencing, but there will be a change to Cater Allen’s Bank Identifier Code (BIC) and to your International Bank Account Number (IBAN). This will affect you if you make or receive international payments. You will also no longer be able to use RBS branches to pay cash or cheques into your Cater Allen account.
A very small number of business customers may be affected by the fact that a ring-fenced bank cannot have an exposure to certain financial institutions.
If you’re affected by any of these changes, we’ll have been in contact with you to explain what this means for you and how we’ll continue to serve your needs in the future.
Protecting yourself from fraud and scams
Although we won’t be changing your sort code or account number as a result of ring-fencing, the sort code or account number of any account you have with any of the other UK banks subject to ring-fencing may change as those banks restructure their business to comply with the ring-fencing legislation. This is because each bank affected by ring-fencing is taking a different approach.
You should be aware that this may also mean the payment details of some people or organisations you pay on a regular basis may change. To make the change process smoother, any Direct Debits, standing orders or bill payments will automatically be redirected for you. All banks and building societies will support their customers in this way.
You should however remain vigilant for any fraudulent activity. While there will be genuine requests to change payment details, fraudsters may use this as an opportunity to trick you into sharing your account details or changing payment information so they can access your money. Find out more on protecting yourself from fraud and scams here.