bank closing my account

stuart30

Plxply wrote: »

Yes, if you suddenly deposit a large amount of money into an account it's normally highly suspicious. The banks have a usage and fraud profile for every person, if you were earning £400,000 per year for example and trading £15,000 on a monthly basis then there would be no problem.

But the bank determined that it isn't normal for your account to receive such large amounts and as such have decided that it would be best for them to close it. There could be thousands of reasons for this, from suspected fraud to money laundering but banks have computers purely to watch account activity and flag anything suspicious. Normally they would question the customer about this but they may have automatically assumed it was related to fraud and as such closed the account this can depend once again on their own fraud calculations of the payment.

It may be a good idea to discuss your needs with the bank and talk to your branch manager if you are planning on taking a large deposit from a suspicious country, you can also discuss it with them at account opening and that you will be getting large deposits from country X. Unfortunately there are extremely harsh laws in regards to money laundering and fraud and if a bank fails to comply then they will find themselves with a large fine, even if no fraud or money laundering actually occurred.

REALLY..i must disagree as they doesn't always happen,in fact Barclays are about as incompetent as an untrained monkey who"s deaf dumb and blind...Norwich Union ain't much better.:D

race09

yesterday they did close my barclays card which i had two credit card. i no longer give a fu*k about them and there are plenty of bank on the high street. i called up to say why it was closed the customer service is based in India . the assistant said that this was due to review of your account, i asked for further information and then she said this was closed by collection


i said i have always paid in full and never had a miss payment or overpayment so why would they close it. it turns out to be their fraud department.
i am really !!!!ed now

i had a 8 month free interest on the card for purchases, when they close it can they like bank (overdraft ) ask for all of the money or do you still get the 0% for the term and you can pay it off even though the account is closed?

in regard to dd, i have heard on forums that once the bank closes an account or even when they review your account then will need an immediate payment for dd

thanks

jonesMUFCforever

The payments need to be made on time - whether it is by D/D Internet banking or by BGC does not change this

legendofdave

As has already been mentioned numerous times throughout this thread "Banks don't close accounts for no reason" and now your credit cards have been shut down as well with barclaycard?

I see this every single day and coupled with the way you are avoiding honest questions about nationality even on here, a non-biased forum, that you are doing something wrong sir.

Lets weigh up the facts... two completely individual banking corporations have closed your accounts and credit cards. I can assure you no other bank in the UK will touch you with a ten foot barge pole and I don't think we are getting all the facts ether. As others have mentioned... sanctions sprang to mind instantly whist reading the posts.

Just on the whole Barclays blind deaf dumb monkey analogy I gotta say that Barclays automatic fraud detection is excellent. Oh yes people complain when they get their card declined paying for petrol but good god how happy they are when we stop thousands from leaving hard earned wages and pensions. Damned if we do, Damned if we dont

Dave

race09

@legendofdave
i don't completley understand you. you seems to be insulting with not evidence.
I have nothing to hide about my nationality and not only afraid of you but no one and am proud of it .
lets say i am from a ountry that has the worst of sanction on it and .... lets say north korea, i will still be proud of my nationality and have nothing to hide from anyone
not sure if i understand what you mean by sanction.

If i was doing something wrong, why the hell would i have posted here? i would have kept it quite so genius use your brain and judgment.
finally, barclays and barclaycard are in my view same bank so when my bank is closed then the barclaycard will be advised to close cc as well.

i

jamesd

Not sure about any money laundering cautions with regard to transactions involving Dubai. It isn't on the list of prohibited countries. I don't suppose that you or a relative is a politically connected person, which imposes another layer of risk checking on the banks to ensure that those people don't do things like handling money from corrupt activities? No need to answer, I'm just telling you about another factor that can cause trouble sometimes.

It may simply be that they didn't like normally low but occasionally high usage because they thought that the risk of money laundering was too high for that pattern, while they might have accepted it if you'd been using the account routinely for your normal transactions.

Or they may have concluded that you aren't a profitable customer and that this won't change, so they prefer not to have you as a customer.

diceydeb

So annoyed I recently put money into a fixed ISA with lloyds to get 3.5% . I could get more interest now if I left it in my current account but cant move it for 2 years or get penalised on withdrawals . grrrr

innovate

diceydeb wrote: »

So annoyed I recently put money into a fixed ISA with lloyds to get 3.5% . I could get more interest now if I left it in my current account but cant move it for 2 years or get penalised on withdrawals . grrrr

Were you meant to post this in the "bank closing my account" thread?

Anyway, the interest on your 3.5% ISA is tax-free. Unless you are a non-tax payer, you get a maximum of 3.2% (4 x 0.8) paid from the Vantage account since an automatic 20% of your interest go to the HMRC. Also, on current outlook, the 4% Vantage offer expires on 31/10/2013, and you'd be on a miserly 3% AER then (taxable).

There's a good likelihood that your money is in the best place you can hope for right now

diceydeb

OOOps sorry yes wrong thread.... thanks for your advice anyway as a tax payer seems Im ok with what Im doing for now.