NatWest Current Account closed - please help!

RetiredInThailand

Dont blame the banks. Blame the witless UK government for introducing ill-conceived and absurdly vague money-laundering rules that make the banks responsible for everything.

No one should suffer having their account closed until it has been proven in a court of law that they did in fact use it for illegal purposes. Until then the most that should happen is to freeze the account, awaiting trial. If they arent proven guilty in court then the account should be reinstated and their bad record erased.

"Suspicion" just isn't enough justification as far as I'm concerned.

anotheruser

The problem is banks not fully and openly explaining why they close accounts.

If they said "we closed your account as there are a number of large deposits from foreign accounts, that are then moved to other accounts quickly" then fair enough, but it seems a lot of the banks aren't actually surrendering the information. I guess it is easier for them to just close the account than to fully investigate. I mean, who cares about the account holder?! Talk about a drop in the ocean and all that.

jonesMUFCforever

anotheruser wrote: »

The problem is banks not fully and openly explaining why they close accounts.

If they said "we closed your account as there are a number of large deposits from foreign accounts, that are then moved to other accounts quickly" then fair enough, but it seems a lot of the banks aren't actually surrendering the information. I guess it is easier for them to just close the account than to fully investigate. I mean, who cares about the account holder?! Talk about a drop in the ocean and all that.

This would amount to a tip off !

anotheruser

Ah ha, this is where the plot thickens.
They close your account without saying why = they think you're money laundering.
They don't have to say.

typistretired

I hope popping £1000 around 17 current accounts is not considered money laundering! I'll have to watch myself!

Seriously though, Natwest could have helped this person better with accessing their salary and having to wait 8 weeks is too long.

maninthestreet

I wonder hoe the OP got on - no update from them as to the outcome.