First NatWest closed my account, now Co-operative...

shearer9909

Hello,

I'm after some advice.

I had a foundation business account with NatWest. They suspended my account for investigation and then closed my business and personal accounts. They would not give me a full explanation why but one of the advisor's said something about unusual pattern of payments going in or something like that.

I then opened a personal cash minders account with Co-operative but have received a letter saying I have 60 days to find alternative banking. I rang co-op but they say they do not have to give me a reason.

My credit rating is poor, but I need a personal account for my wages etc.

Am I going to have problems opening another personal account and is this going to happen every time??

jen245

It sounds like you may have CIFAS fraud markers against you, which will make it very difficult to get a bank account anywhere. Id advise you to get copies of your credit reports with all 3 agencies, and see whats on there

pmduk

What payments are going into your accounts that might have raised concerns? If you have large sums of money going in from unknown sources this may raise concerns of money laundering.

shearer9909

jen245 wrote: »

It sounds like you may have CIFAS fraud markers against you, which will make it very difficult to get a bank account anywhere. Id advise you to get copies of your credit reports with all 3 agencies, and see whats on there

Ive checked with experian and theres nothing there for CIFAS fraud.

shearer9909

pmduk wrote: »

What payments are going into your accounts that might have raised concerns? If you have large sums of money going in from unknown sources this may raise concerns of money laundering.

There was nothing to raise concerns IMO. Everything could be verified in the business account.

Im just worried because now the co-op have closed my new current account.

jen245

shearer9909 wrote: »

Ive checked with experian and theres nothing there for CIFAS fraud.

Check Equifax and Call Credit too. There are some instances where CIFAS markers may not show up on credit reports, especially where money laundering is suspected, so you might be better off contacting CIFAS directly to see if they hold any data on you

premierfella

A couple of questions that might or might not be relevant in narrowing down the possibilities:
- The Cashminder account was opened after NatWest closed your accounts with them, or whilst the NatWest accounts were suspended, or before any of the NatWest issues?
- What has happened to the transactions that were previously going through the NatWest Business account? Were they subsequently going through the Cashminder account or a new Business account at the Co-op or elsewhere?
- (Just to absolutely rule out this possibility) You definitely haven't fallen foul of the three strike rule on the Cashminder account relating to failed payments?

shearer9909

jen245 wrote: »

Check Equifax and Call Credit too. There are some instances where CIFAS markers may not show up on credit reports, especially where money laundering is suspected, so you might be better off contacting CIFAS directly to see if they hold any data on you

OK I will check with them, thanks.

A couple of questions that might or might not be relevant in narrowing down the possibilities:
- The Cashminder account was opened after NatWest closed your accounts with them, or whilst the NatWest accounts were suspended, or before any of the NatWest issues?
- What has happened to the transactions that were previously going through the NatWest Business account? Were they subsequently going through the Cashminder account or a new Business account at the Co-op or elsewhere?
- (Just to absolutely rule out this possibility) You definitely haven't fallen foul of the three strike rule on the Cashminder account relating to failed payments?

The cashminder was opened before any of the issues with natwest.
I havent banked any of the money from the business or had any transactions yet until I sort my personal account out.
Im not aware of the three stike rule, but Ive had no failed payments.

pcombo

shearer9909 wrote: »

OK I will check with them, thanks.



The cashminder was opened before any of the issues with natwest.
I havent banked any of the money from the business or had any transactions yet until I sort my personal account out.
Im not aware of the three stike rule, but Ive had no failed payments.

Have you committed any type of fraud, Yes or No.

You must have to have all your accounts closed like that.

shearer9909

pcombo wrote: »

Have you committed any type of fraud, Yes or No.

You must have to have all your accounts closed like that.

No definately not

pmduk

Unfortunately, if the authorities have suspicions of money laundering nobody is allowed to tell you that.