TSB business bank account closed following a review!

Savvy_Sue

Opinion wrote: »

I understand that completely but I would have assumed that I would be told that the account was under investigation and asked to show proof that whatever they suspect is legitimate, the right to defend myself, or at least show that whatever algorithm they're using to detect fraud isn't 100% perfect.

No, I don't think that's a valid assumption.

To use a completely different situation as an example, my understanding is that if there's an allegation of child abuse against someone, you absolutely CANNOT tell them you're investigating an allegation, even if you have to suspend them from work while you carry out the investigation.

PaulW922

I presume the bank did know the line of business you were in? If, for example, you tell them you are a management consultant and then start running your bar through the business and start banking lots of cash, the bank will probably close the account. (that's just a hypothetical)

Similarly, if you were making lots of international transactions that don't fit with your pattern of business that would be an indicator.

However the decision to close the account immediately does indeed mean that there is something we here do not know, and I am afraid that any advice given is going to be fairly hollow as a consequence.

Either way, I am afraid the bank will not reverse it's decision. Look somewhere else!

Opinion

As per my last post the bank aren't saying anything and no, they won't change their minds.

Yes, they knew our line of work, no strange transactions.

It's not only you here that do not know- I don't know either, hah!

MoneySaverNeil

Sounds like major computer error at the Bank. Follow that with gross incompetence among all employees involved, and you have your current situation...

You can open a new business account within minutes at www.mycashplus.co.uk/business/ . You get sort code / account number and debit card. No credit check since it's effectively a pre-paid debit card. You can payin cash at any post office. Only drawback is you can't send or receive cheques, but really most transactions are online now and you can pay your suppliers with online banking rather than posted cheques.

Hope this helps, and guess you'll eventually find out what happened with TSB...