NatWest Account Closure - How does it affect me

jason.parker.86

Hello,
I have had my NatWest Advantage Gold account closed for no reason what so ever, other than "NatWest made a commercial decision".

I was given no compensation or notice, just told via letter it was closed and that was it!

Will this affect my credit rating?
J

Agricolae

A bank could have had a lot of underlying reasons for closing the account - some examples are:
1. Poor account conduct (e.g. frequent overdraft excess, misuse of debit card)
2. Suspected fraud or money laundering
3. Relationship broken down between customer and bank

All of these are "commercial" decisions. There are more and essentially a bank can close your account for any reason. Whether or not they give you notice I think depends on the actual underlying reason.

Can you think of anything that might have caused this? If fraud is suspected then it may well affect your credit rating, so it's worth investigating with the credit reference agencies. It could be that there is something lurking on your credit file which caused the bank to take its decision.

jason.parker.86

Agricolae wrote: »

A bank could have had a lot of underlying reasons for closing the account - some examples are:
1. Poor account conduct (e.g. frequent overdraft excess, misuse of debit card)
2. Suspected fraud or money laundering
3. Relationship broken down between customer and bank

All of these are "commercial" decisions. There are more and essentially a bank can close your account for any reason. Whether or not they give you notice I think depends on the actual underlying reason.

Can you think of anything that might have caused this? If fraud is suspected then it may well affect your credit rating, so it's worth investigating with the credit reference agencies. It could be that there is something lurking on your credit file which caused the bank to take its decision.

Hello,
Well basically I use the account for simply taking payments in and withdrawing in either cash or transferring to another bank account (as it is not my main account).
It is always in credit and does not have an overdraft.
Equifax shoes nothing but green!
J

Agricolae

jason.parker.86 wrote: »

Hello,
Well basically I use the account for simply taking payments in and withdrawing in either cash or transferring to another bank account (as it is not my main account).
It is always in credit and does not have an overdraft.
Equifax shoes nothing but green!
J

Do a lot of small payments come in and go out on a very regular basis?

No CIFAS markers on your credit file?

jason.parker.86

Agricolae wrote: »

Do a lot of small payments come in and go out on a very regular basis?

No CIFAS markers on your credit file?

No mainly large payments going in and ill wait until its a large sum (circa £10k) and withdraw!

Equifax has nothing listed against "CIFAS, UK Fraud Prevention Service Registered Alerts "

k12479

Sounds, or looks, like you might be using it for business purposes.

Certainly wouldn't hold out much hope for compensation.

Maestro.

jason.parker.86 wrote: »

No mainly large payments going in and ill wait until its a large sum (circa £10k) and withdraw!

Alarm bells ringing there tbh... and believe me, it's rare for me to ever side with a bank.

Looks like business use/laundering to the unaided eye.

jason.parker.86

Hello,

I have finally managed to discover the problem (or at least part of it).
I had a deposit made via banks transfer into my account on the 19th/20th of June. I say 19th/20th because it was made on the 19th with a maximum arrival date in my account of the 20th. This was an international transfer, and on the 20th alarm bells rang me end because I had not rcd' it.

In actual fact I just wasn't aware of the pending RBS/NatWest banking problem and the balance was not updated and transaction not showing in my account despite it being their.

My friend who made the transfer spoke to his bank and they "investigated". It could appear that this transaction was marked as fraud because they assumed their was an error and it was sent to the wrong account.

All I know is that its getting very complicated and NatWest are proving more than difficult to deal with.

stclair

Abit of bedtime reading:

http://www.bbc.co.uk/news/business-18540832