Lloyds TSB - Closing all my accounts!!! Please help!

pinsix

Hi guys,

Just couple of days ago i received a letter from lloyds telling me they were going to close my Private Banking Account. The letter said:

"We're writing to let you know that following a review of your account we can no longer run a bank account for your. We will be closing your account on (60 days from the letter)

Please make alternative banking arrangements immediately."

it goes on to say we will stop making payments from that date and we will issue a cheque for the remaining balance.

First of all i am completely shocked by this. so much so that i left everything i was doing and went to my local branch imediately and spoke to the bank manager who i have met a number of times in the past and whom suggested the Private Banking Account for me last year. He said he had no idea why this has happened as there were no notes on the system indicating a reason. He also said everything in your account looks fine and in my eyes you are a very valuable customer, the account is run really well he said. He phoned the number on the paper but all they told him was for me to write a complaint but the decision was final.

I am really panicking and extremely upset by the development. I have been with Lloyds for 12 years since the age of 14 and this was my first ever bank account. I went to barclays for a couple of years but i never closed lloyds and i came back to them last year and they seemed delighted.

Any way i am an entrepreneur and i have a business offshore and a self employment business in the uk. A cash business to be precise and all the cash i earn i paid in this account and all of this was declared of course. In the last 3-4 months i must have paid 20-25k in cash part of money from the business and part from people that owed me.

Another letter was sent yesterday saying that even my credit crd with lloyds will be closed and these were very very well run accounts. one had a £15000 limit with £14000 being balance transferred to another card (money which i used to invest) and the other credit card which is a Lloyds Black AMEX and by invitation only had a £20000 limit and every months i was spending £2500-£3500 and was being fully paid by DD at the end of each month.

Both of those are being closed too, mind you they invited me to apply for the Black amex.

Does anyone know why is this happening to me???? And what can i do to stop it??
I was reading through similar old stories here and people are suggesting fraud and what not which makes me panic. I HAVE NO AFFILIATIONS TO FRAUD WHATSOEVER. (if i did id share it with you so you could help me fight back)

jen245

[/QUOTE] In the last 3-4 months i must have paid 20-25k in cash part of money from the business and part from people that owed me

I think this is the problem. High volume of cash transactions screams of money laundering

pinsix

jen245 wrote: »

In the last 3-4 months i must have paid 20-25k in cash part of money from the business and part from people that owed me.

I think this is the problem. High volume of cash transactions screams of money laundering

Even though this was legit and had an explanation if required? They chose not to even ask or find out..

anselld

Probably something to do with this ...
"Any way i am an entrepreneur and i have a business offshore and a self employment business in the uk."
Are these business or personal accounts being closed? You should not be using personal accounts for business purposes.

jen245

They don't need to, and as anselld has also pointed out, if you are using personal accounts for business, this a big no no, and coupled with the high volume of cash transactions, I'm not surprised they've closed your accounts, it all sounds very dodgy, even if it isn't.

notts_phil

Deal with it.

Accept it.

Move on.

pinsix

anselld wrote: »

Probably something to do with this ...
"Any way i am an entrepreneur and i have a business offshore and a self employment business in the uk."
Are these business or personal accounts being closed? You should not be using personal accounts for business purposes.

I have business accounts here and abroad which i use for my LTD companies and my business account with Lloyds has not been closed strangely.

As i said i have a cash business on the side here in the uk which does not make me a lot of money but its not run by my LTD company but as a sole trader and that cash goes into my personal account obviously as well as HMRC payments..

Cook_County

Which bank do you use for the offshore business? Can't you get them to handle your onshore banking needs as well?

pinsix

Cook_County wrote: »

Which bank do you use for the offshore business? Can't you get them to handle your onshore banking needs as well?

Well i have 2 import export companies 1 in Romania with Romanian bank account and Romanian accountant and i have a similar company in the UK with uk bank account and uk accountant. when i get my salary or dividends they go to my offshore personal account and occasionally i make payments to my Lloyds bank too from my offshore personal acc (when the fund are low here)

But the main income in Lloyds has been from my cash business in the uk which is completely legal.

by the way i have 2 other personal bank accounts which i dont use but thats not the point, just the fact that they are closing my main account of 12 years just like that is really alarming and besides this was my first ever bank account in the world so i feel somewhat attached. Also Lloyds has always looked after me up until this letter

RetiredInThailand

Don't ever expect logic from UK banks. They close correctly run accounts for no reason, or refuse to open accounts for perfectly valid customers again for no reason, whilst at the same time making insane loans to people who dont have a snowball's chance in hell of ever repaying them.

And then they wonder why they are nearly bankrupt. Idiots.

pinsix

sorry about spelling mistakes guys but i am actually shaking when i type about this. im in such a shock still!