can't open a bank account

syedys

my bank account was recently blocked by Halifax Bank of Scotland. They said it's going to be closed in 60 days. They didn't tell me any reason, but probably because I was running my business in personal account and was doing transactions of around 5k+. They blocked my account the same day I applied for a business account. Now I don't have any other account anywhere else.
I had 2 defaults on my credit history, and i have settled them both. My credit history is still poor.
I have applied in LLoyds, Nationwide, the applications were initially approved, and I received check books and debit cards. But then received letters from both LLoyds and Nationwide saying that after additional checks my accounts have been closed. I don't know why, I am in real trouble. Any help would be appreciated.

grumbler

I guess you have already ordered and checked thoroughly your credit files from two main CRAs?

syedys

I have only checked with Equifax. I haven't checked with Experian yet.

jonesMUFCforever

If closure of accounts has happened with 3 banks I suggest to OP that there is something seriously wrong on either the CRA or they suspect illegal transactions such as money laundering.

syedys

what can I do, if they suspect me of doing illegal transactions or money laundering? I know that I'm clear, it's my own money and I have a genuine business.

greenorange

Check all 3 of the credit reference agencies. My guess is that you have a CIFAS marker on your credit report.

JKSandy

CoOp and HSBC do basic bank accounts maybe try one of them so you at least have a bank account.

I believe it is against most banks T&C's to use a personal bank account for business. I think as above your probably now have a CIFAS marker.

Mr_Goodkat

Sounds like a marker on your credit file is spooking them. Get all three versions of your credit file and see what is on thee. Likely the Halifax suspect either fraud or money laundering as don't think this is just using a personal account for business.

A meeting with the bank with all three credit reports and some proof of your business

likelyfran

syedys wrote: »

my bank account was recently blocked by Halifax Bank of Scotland. They said it's going to be closed in 60 days. They didn't tell me any reason, but probably because I was running my business in personal account and was doing transactions of around 5k+. They blocked my account the same day I applied for a business account. Now I don't have any other account anywhere else.
I had 2 defaults on my credit history, and i have settled them both. My credit history is still poor.
I have applied in LLoyds, Nationwide, the applications were initially approved, and I received check books and debit cards. But then received letters from both LLoyds and Nationwide saying that after additional checks my accounts have been closed. I don't know why, I am in real trouble. Any help would be appreciated.

Try Yorkshire Bank.

Mr_Goodkat

likelyfran wrote: »

Try Yorkshire Bank.

NO DON'T!!!

Get to the bottom of the issue rather than blindly applying for accounts that are likely to be closed.

Gentoo365

If you are willing to say

What is your business? (what do you do)
Does it involve a lot of cash transactions?
Do you deposit a lot of checks?
Do you transfer money to and from other people as part of this business?

If so then actually you should have a business account, and the use of the account may seem dodgy.

Also, you said you applied for two current accounts, did you do this at the same time? Did you provide the same details to each bank. It is possible that this may have flagged up.

No need to post anything specific here, but it is possible that you were using a personal account as a business account, and that looked dodgy.



...and as above, don't apply elsewhere until you know the reason for the declines.