HELP!! Natwest are closing my accounts in 60 days!

BlasphemousRumours

Please can someone help me! I received a letter yesterday from Natwest saying that they were going to be closing all of my banking facilities with them in 60 days time. I've done a bit if reading this evening and I'm terrified that they've suspected my of money laundering and have added a CIFAS marker in my name.

I admit I have opened and closed a lot of accounts over the past 6 months (I've been trying to perfect the way I organise my savings and bills etc) but I had no idea it would have such a negative impact. I've been very stupid and now understand that this activity can look suspicious. What are the odds they've added a CIFAS marker? And if they have what the heck do I do about getting another bank account??!

I'm going to send off the CIFAS SAR on Monday to enquire if anything is in my name - how quickly do you think Natwest will have added a marker (the letter was sent on the 2nd April)?

I'm worrying so much now. How will I get paid if I can't open a bank account because I have a fraud flag??!

Please someone help!

andyfromotley

Have they given any reason?

If you have opened accounts can't you just use one of those? How many accounts have you opened and closed?

Very odd.

fatbelly

You can view a copy of your Equifax credit report online today - just a £2 statutory report should do.

http://www.equifax.co.uk/Products/credit/statutory-report.html

That should reassure you that nothing is showing. Then get a new bank account as soon as you can and transfer income and essential direct debits to that.

P.S. Noddle is often inaccurate and Experian will in practice take several days before you can access your file - that's why I suggest Equifax

PPS. If you can't see a CIFAS marker, neither will your prospective new bank. You just need a functioning bank account and Nat West have decided that they don't want you. They have been reviewing (and closing/downgrading) thousands of accounts recently.

BlasphemousRumours

Hi andyfromotley,

No, they've given no reason - just that they will no longer be providing me with banking facilities and all facilities will be closed in 60 days. I can't use any of the Natwest accounts I've opened as they will all be closed. I do have a Lloyds account which I have already organised a switch to but I'm really scared that Natwest have put a CIFAS marker in my name. If they've done this it won't be long before Lloyds tell me that they can't provide me with banking facilities too. And then what?!

I've opened and closed a lot in the past 6 months. About 20. Mainly savings accounts as I wanted to split all my money into pots and then I'd change my mind and close some. I've been stupid

Hi fatbelly,

I've checked Noddle and nothing is showing but from my reading only category 0 and 2 CIFAS markers show on your credit report. If Natwest have added a CIFAS marker (because they suspect fraud/money laundering) it will be a category 6. That's why I need to send off a CIFAS SAR on Monday but was wondering how long it would take for Natwest to add a marker.

Thanks for the replies. Just wondering if there's any one out there who has had this happen to them?

sourcrates

BlasphemousRumours wrote: »

Hi andyfromotley,

No, they've given no reason - just that they will no longer be providing me with banking facilities and all facilities will be closed in 60 days. I can't use any of the Natwest accounts I've opened as they will all be closed. I do have a Lloyds account which I have already organised a switch to but I'm really scared that Natwest have put a CIFAS marker in my name. If they've done this it won't be long before Lloyds tell me that they can't provide me with banking facilities too. And then what?!

I've opened and closed a lot in the past 6 months. About 20. Mainly savings accounts as I wanted to split all my money into pots and then I'd change my mind and close some. I've been stupid

Hi fatbelly,

I've checked Noddle and nothing is showing but from my reading only category 0 and 2 CIFAS markers show on your credit report. If Natwest have added a CIFAS marker (because they suspect fraud/money laundering) it will be a category 6. That's why I need to send off a CIFAS SAR on Monday but was wondering how long it would take for Natwest to add a marker.

Thanks for the replies. Just wondering if there's any one out there who has had this happen to them?

You could simply ring the bank and ask them this, if you are not guilty of anything, you have nothing to fear by doing so.

They should be able to give you this information if asked for it, explain you have been a silly boy, and you were only robbing peter, to pay paul.

BlasphemousRumours

sourcrates wrote: »

You could simply ring the bank and ask them this, if you are not guilty of anything, you have nothing to fear by doing so.

They should be able to give you this information if asked for it, explain you have been a silly boy, and you were only robbing peter, to pay paul.

I've been a silly girl

My letter says that they can't provide me with any further information so I didn't think there much point in phoning them! I will though, just to see what they say (if anything). I'm guilty of being an idiot that's for sure. If they suspected money laundering and they have added a CIFAS marker I'm pretty sure I could argue for it to be removed as the only money that comes into my account is my salary and then all I've been doing is moving it to different accounts. There's no suspicious deposits or anything.

I really thought I was getting a handle on things and now this. I think I might finally have had my LBM.

sourcrates

BlasphemousRumours wrote: »

I've been a silly girl

Oh, i`m sorry lol !!!!!

BlasphemousRumours

sourcrates wrote: »

Oh, i`m sorry lol !!!!!

No worries

andyfromotley

BlasphemousRumours wrote: »

I've been a silly girl

ahhh just ring them and tell them this, the man at the bank will understand;)

BlasphemousRumours

I've just been through Natwest's T&Cs and they state:

7.1.1 We can close your account immediately if:
(a) we reasonably suspect that you have given us false information;
(b) we reasonably suspect that your account is being used for an illegal purpose;
(c) you behave in a threatening or violent manner towards our staff; or
(d) you were not entitled to open your account.

7.1.2 We can also close your account by giving you not less than 60 days’ notice before we close your account.

To me this reads that if they don't suspect a, b, c, or d but feel that you are abusing their facilities in some other way (opening and closing too many) or don't want you as a customer anymore they'll give you 60 days notice. My gut says that they just don't want me as a customer anymore not that they reasonably suspect me of illegal activity.

Am I reading it correctly?

andyfromotley

Sounds like it.

Just wait and see what the SAR throws up. My reckoning is that the number of accounts you were opening and closing was flagged up, was looked at by someone who probably couldn't work out what was going on and thought best to be super safe, close accounts. Were these other accounts with Nat West