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

poorgirl-54

Exactly same thing happened to me.
I hate lloyds for this and never have banked with them since and nor will i in the future.

I had 2 lloyds credit cards and which one of them was black amex card which i loved. I had 3 x lloyds vantage account and had £7k in each account and moved cash between the 3 accounts every month. Then my bf was short of some cash and over a few months i gave him £3-£5k, separate transactions. I went in lloyds to pay off my credit card bill, via my lloyds debit card and suddenly they blocked everything. They never told me reason why and took my credit and debit card off me, saying its Lloyds property, they never wrote me a letter to explain why the are closing my credit and debit cards. They are suspicious of and they dont like big transactions.
Its their choice who the do business with, im glad im not banking with them.

ChiefGrasscutter

I have a good memory....see post No 13 on this page.
It seems you had some "problems" with lloyds.

https://forums.moneysavingexpert.com/discussion/comment/48919943#Comment_48919943

anna42hmr

pinsix wrote: »

You are spot on but the fact that they wont give me a reason is grotesque!!

It's not as if they suspect money laundering or fraud which the conduct youve described could raise red flags for them on a personal account then to tell you why would breech anti money laundering and fraud regulations. If you look at terms and condition they don't have to give a reason or even notice

Or it could be that they are unhappy that you are using the account for business and therefore avoiding paying the appropriate fees and charges for instance you've said you paid in 20k plus cash - that costs to process in branch, cash centres etc this cost is waived for personal customers but many business customers are charged depending on tariff. You have avoided these charges for a while so if I was you i'd just open a sole trader business account elsewhere or if you have your limited company account with them ask if they will open a sole trader account also as nothing stopping you being a a party to multiple companies accounts

pinsix

poorgirl-54 wrote: »

Exactly same thing happened to me.
I hate lloyds for this and never have banked with them since and nor will i in the future.

I had 2 lloyds credit cards and which one of them was black amex card which i loved. I had 3 x lloyds vantage account and had £7k in each account and moved cash between the 3 accounts every month. Then my bf was short of some cash and over a few months i gave him £3-£5k, separate transactions. I went in lloyds to pay off my credit card bill, via my lloyds debit card and suddenly they blocked everything. They never told me reason why and took my credit and debit card off me, saying its Lloyds property, they never wrote me a letter to explain why the are closing my credit and debit cards. They are suspicious of and they dont like big transactions.
Its their choice who the do business with, im glad im not banking with them.

strangely they have given me 60 days notice as opposed to 30 days or none!!!! weird. i meant i could drain me cc and never pay them back for their terror.... although i wont do that

Ben8282

pinsix wrote: »

strangely they have given me 60 days notice as opposed to 30 days or none!!!! weird. i meant i could drain me cc and never pay them back for their terror.... although i wont do that

Yes, you could and that is why it is so very unusual for banks to give advance notice of the closure of credit card accounts in these circumstances.

Everything that has been said in this thread about use of accounts for business purposes, large volumes of cash transactions etc as the reason is of course pure speculation.

If the problem is use of personal acconts for business purposes, even if the bank is no longer prepared to allow it, why are they so anxious to loose this customer. Why not try to discuss it with the customer and try to get him to open a business account before taking this action?

If the problem is large volume of cash, again why not ask the cutomer to justify the source. I assume we are talking about a proper UK 'Private Banking' account. In order to have opened this account, you will have had to meet certain criteria anyway.

If there is a fraud investigation here, the letters have already made the customer aware something is wrong.

You say yourself that the bank manager was very confused himself and he said that everything was perfectly normal on the account and he didnt see a reason why they would do what they have done. If he was the manager of the account holding branch, who were these people he was talking to? Which department made this decision? Why was he not more concerned at this loss of business?

iereboy

The branch manager can do very little when the decision is made to close an account. In fact, account closures don't really care if the manager has a rant. Its always down to the external info and/or how the account is being managed. Large amounts of cash going in, funds in and out of certain countries, business activity on personal accounts etc. ring the alarm bells among other things.

Lloyds do write to customers to let them know when they are closing their Credit Cards as well.

Lloyds is not willing to enter into negotiation to find out the reasons a customer has to justify activity on the account. We are willing to lose the business and limit damages. The actual decision maker is not customer facing and probably has never spoken to a customer before.

You are truly f$%ked when you receive one of those letters.

bmwboi99

you should tell them F$%K away off and go to another bank imo

pfpf

thanks for bumping a thread thats almost a year old with that reply.

bengal-stripe

bmwboi99 wrote: »

you should tell them F$%K away off and go to another bank imo

OP hasn't visited the forum since March last year.

I wonder if s/he is so slow in the uptake that s/he is still in need of your advice.

dalesrider

pinsix wrote: »

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.

See #7 and the above and I can see exactly why they are doing what htey are doing...

Can't say why as that would be tipping off.