TSB closed joint account without my permission.

ngferg

I have just found out over the phone that TSB closed a joint account that I was a signatory on without my permission.

They said my next step is to visit them in branch.

However before I went, I just wanted to see if anyone had any experience of this? They surely could not close the account without my express permission?

Can they reinstate it? Should I be entitled to any compensation at all?

dr_adidas01

ngferg wrote: »

I have just found out over the phone that TSB closed a joint account that I was a signatory on without my permission.

They said my next step is to visit them in branch.

However before I went, I just wanted to see if anyone had any experience of this? They surely could not close the account without my express permission?

Can they reinstate it? Should I be entitled to any compensation at all?

Depends on the reason they are closing it, if they have decided they no longer want your business then they don't need your permission to close an account.

Without knowing why the account was closed no one can comment on it!!!

PeacefulWaters

Should I be entitled to any compensation at all?

Typical.

Can't answer unless you explain what they say their reasons are for their actions.

noh

ngferg wrote: »

I have just found out over the phone that TSB closed a joint account that I was a signatory on without my permission.

They said my next step is to visit them in branch.

However before I went, I just wanted to see if anyone had any experience of this? They surely could not close the account without my express permission?

Can they reinstate it? Should I be entitled to any compensation at all?

Who closed it? One of the other joint holders?
The account can be closed by any one of the joint holders. The permission of the other joint holder(s) is not needed.
Read paragraph 12.1 (a) on page 14 of the T+Cs
http://www.tsb.co.uk/media/tsb/pdfs/personal_banking_terms_and_conditions2.pdf

If that is the case the account cannot be reinstated .
No compensation is warranted as they have acted in accordance with the T+Cs you agreed to.

innovate

Surely you wouldn't want a joint account again with a person who seems to have requested the closure of a joint account without getting your permission first?

Hazzanet

ngferg wrote: »

Should I be entitled to any compensation at all?

What losses have you incurred that need compensating for?

Thrugelmir

ngferg wrote: »

I have just found out over the phone that TSB closed a joint account that I was a signatory on without my permission.

They said my next step is to visit them in branch.

However before I went, I just wanted to see if anyone had any experience of this? They surely could not close the account without my express permission?

Can they reinstate it? Should I be entitled to any compensation at all?

Why do you think it might be? Your account, your finances.

Herbalus

A joint account means every account holder has the power to do whatever they want with the account. Each account holder can purchase things, set up direct debits etc without the consent of the other party. Similarly, each account holder has the power to close the account: it does not require consent from all parties.

And the short answer to your other question is no, you won't get compensation. I haven't heard anyone ever get compensation for a bank closing down their account. Normally there is a good reason, but even if you don't agree there's not a lot you can do if just simply don't want your business.

innovate

It depends entirely on the T&Cs what each party can do. There are joint accounts that can only be closed if both parties consent but clearly the TSB joint account is not one of them.

jonesMUFCforever

ngferg wrote: »

I have just found out over the phone that TSB closed a joint account that I was a signatory on without my permission.

They said my next step is to visit them in branch.

However before I went, I just wanted to see if anyone had any experience of this? They surely could not close the account without my express permission?

Can they reinstate it? Should I be entitled to any compensation at all?

Was this a personal account with a mandate for either of you to sign?
If so one signature is all that is required for the account to be closed.

iAMaLONDONER

Herbalus wrote: »

A joint account means every account holder has the power to do whatever they want with the account. Each account holder can purchase things, set up direct debits etc without the consent of the other party. Similarly, each account holder has the power to close the account: it does not require consent from all parties.

And the short answer to your other question is no, you won't get compensation. I haven't heard anyone ever get compensation for a bank closing down their account. Normally there is a good reason, but even if you don't agree there's not a lot you can do if just simply don't want your business.

That's definitely food for thought! I'll definitely remember that if I ever open a joint account!