Cross-posting here from another thread since the other one was under "Recent Game Updates"
OK, I think I figured it out!
If you are F2P, the total number of occupied slots in your bank (both members and F2P) must be 169 or less. I guess it just checks the total number of occupied slots in your bank, and if you have 170, it regards your bank as "full", even if some of those items are members-only. It also does not matter if you already have the active bonus item (e.g. a small protean pack) in your bank (or inventory), you need an empty bank space, according to this bugged definition.
For example, I had 20 members-only slots occupied and 160 F2P slots occupied, making for a total of 180. The bugged code just summed up the number of occupied slots in my bank and saw that it exceeded the 170 slots that are assigned to F2P, so it thought my bank was full. When I freed up 11 bank slots (doesn't matter it's members-only or F2P slots) by withdrawing the items into my inventory, my total number of occupied bank slots went down to 169 and I was able to use the "convert to oddments" button.
I don't know what happens if you're purchased additional bank slots, perhaps the 170 number is different in that case (I've never done that on my account).
11-Feb-2022 22:12:50