RBS Account Closure

Rascalus

I have recently been informed by RBS that they are closing my account. However, upon trying to ascertain the reasons behind this I have been informed that it was a "decision made by Head Office' .

My account has always been managed properly and is in credit so I am at a loss as to why they have decided to close it without explanation.

The irony is that I have investments with RBS but they have not mentioned closure of these!

Any advice as to how I can go about ascertaining what has happened and / or if anyone has had a similar experience would be greatly appreciated please.

Thanks

marlot

I believe that if they suspect you of money laundering they are not allowed to tell you the reason they're closing the account.

If you've been running your account in a proper manner you need to challenge this, or you'll find it hard to get banking elsewhere, from what I've heard.

Rascalus

Thanks for that Marlot - I had feared the worst but can see absolutely no reason why they would suspect money laundering. Do you know what the best approach is to challenge this please?

System

Once a bank does this, it's very difficult to get them to reverse the decision. I would move on to outside the banking group i.e. no NatWest.

marlot wrote: »

If you've been running your account in a proper manner you need to challenge this, or you'll find it hard to get banking elsewhere, from what I've heard.

You've heard wrong. Unless RBS put a CIFAS marker on your credit file, other banks will not have any idea why the account was closed.

innovate

It could be an error, or a case of mistaken identity. Before you take it on the chin, ask for a written explanation. Raise a formal complaint if necessary. Escalate the complaint to the CEO if you get no sense out of normal CS, and to the FOS if you also can't get a meaningful answer from the CEO.

agrinnall

And check with the credit reference agencies just in case there is a CIFAS marker on the account.

dr_adidas01

agrinnall wrote: »

And check with the credit reference agencies just in case there is a CIFAS marker on the account.

They don't put Cifas markers on the account, they put it in a seperate section of your credit file if there is one.

You can always do a SAR request to Cifas to see if they have anything registered against you. thought it will cost you £10.

If there is then you can challenge any incorrect information and get it removed.

JKSandy

marlot wrote: »

I believe that if they suspect you of money laundering they are not allowed to tell you the reason they're closing the account.

I know this statement is true but I have always thought if I was money laundering and my bank suddenly closed my account I would have to be a really stupid criminal not to suspect I had been rumbled.

System

You can also get a placard and stand outside your local RBS branch.

Banks can close accounts with no explanation on 60 days notice and less if they suspect money laundering etc.

In either instance, the OP may be entirely faultless.

innovate wrote: »

It could be an error, or a case of mistaken identity. Before you take it on the chin, ask for a written explanation. Raise a formal complaint if necessary. Escalate the complaint to the CEO if you get no sense out of normal CS, and to the FOS if you also can't get a meaningful answer from the CEO.