Natwest blocked my account without explanation

asd1

grumbler wrote: »

Be happy that it lasted just 1 week.
And if you really want to do something, get your MP to change the stupid laws that the MPs develop and pass and that give banks carte blanche for causing distress to innocent customers.

I agree wholeheartedly. When I initially saw my MP Doug Alexander I said my main concern was that banks can do this willy-nilly with no customer comeback. In my case the block was lifted so there was no on-going concern about my usage but still they wouldn't give a reason. I wrote to my MP again last week and asked if he would contact the body concerned which allows a bank to block an account care blanche. I await his reply

asd1

Heng_Leng wrote: »

If you are unfortunate enough to Douglas Alexander as your MP then you are based in or around Paisley.

I take it you know that your beloved NatWest will become Williams and Glyn bank in Scotland? If your account isn't based in Scotland then you'll no longer have a branch network?

why do you say unfortunate re Doug!
I no longer have a Nat West acct

BillJones

Milarky wrote: »

The elephant in the room for me is: how many 'crimes' have actually been prevented by the Natwest's of this world [when they aren't being investigated themselves for serious financial crime, like RBS Global's cannibalistic practices] routinely acting to freeze a customer's account? Come on now don't be all shy, what's the net benefit to society of having lots of 'sus' laws for current accounts and fluffy pillows for banksters?

Are you serious, fluffy pillows? HSBC was fined billions for having insufficiently robust checks against laundering. If you believe that they can just ramp up costs to cover this, then why were they not running the costs at the higher rate in the first place?

asd1

Uxb wrote: »

Unfortunately blocking an account could be viewed as tipping off the customers that the bank thought that suspicious activity was taking place.
.....and tipping off is indeed an offense.

So if they make an error they can do so with impunity

jonesMUFCforever

asd1 wrote: »

So if they make an error they can do so with impunity

.........Yes.

ChumpusRex

What would be the outcome, if you incurred additional expenses, or losses as a result of a bank freezing an account without notice or explanation?

E.g. What if a mortgage direct debit failed because the account was secretely frozen? Can you claim back the arrears fee?

What about if your credit report is damaged because the bank stops a payment and leaves you with no other means to make payment?

Do you have a claim against the bank? Or does the law protect the bank against such liability?

asd1

ChumpusRex wrote: »

What would be the outcome, if you incurred additional expenses, or losses as a result of a bank freezing an account without notice or explanation?

E.g. What if a mortgage direct debit failed because the account was secretely frozen? Can you claim back the arrears fee?

What about if your credit report is damaged because the bank stops a payment and leaves you with no other means to make payment?

Do you have a claim against the bank? Or does the law protect the bank against such liability?

based on my experience with the crooked Nat West the law protects the bank against such liability even if they made an error as they don't have to explain themselves. I've asked my MP Douglas Alexander to write to the body concerned with devising bank regulations asking that the rules be changed. After 3 emails still no reply from him. The lazy so and so. I was Labour but now will be SNP

innovate

Crooked Natwest? If you told them that, it could be the reason for why they don't wish to have you as a customer any longer.

You need to be realistic, you writing to your MP and your MP demanding from "the body concerned" won't change anything, particularly since you already seem to have obtained a FOS ruling on your case. Nobody will change any laws because you want them to, or because you threaten to vote for a different party.

The SNP, or any other party, won't change anything either, but good luck trying.

BMN

asd1 wrote: »

based on my experience with the crooked Nat West the law protects the bank against such liability even if they made an error as they don't have to explain themselves. I've asked my MP Douglas Alexander to write to the body concerned with devising bank regulations asking that the rules be changed. After 3 emails still no reply from him. The lazy so and so. I was Labour but now will be SNP

Even if you were not laundering money or financing terrorism the bank didn't necessarily make an error. The activity on your account met the criteria for the conditions for reporting (to the NCA).

grumbler

innovate wrote: »

You need to be realistic, you writing to your MP and your MP demanding from "the body concerned" won't change anything, particularly since you already seem to have obtained a FOS ruling on your case. Nobody will change any laws because you want them to...

Very strange attitude. FOS don't make laws, they just follow them.
So, even if the law is wrong, does everyone has to keep silence regardless?

Most our top politicians, including those who make laws, seem to live on some other planet. They are professional politicians and know very little about life of ordinary people (e.g. with one bank account). David Cameron has no idea of the bread price. Boris Jonson has no idea of the milk price. Etc, etc.