My Dads Halifax and Bank of Scotland accounts closed for the free £5 ?

MABLE

I have never had any Bank of Scotland Vantage accounts and these are the ones they seem to be targeting.

norm_

The people with 3+ reward accounts must be quaking in their boots. : )

keiran

Are bank staff going through every individual current account to see which ones are "misusing the incentives"?

I wonder what triggers an "inspection"?

Ed-1

keiran wrote: »

Are bank staff going through every individual current account to see which ones are "misusing the incentives"?

I wonder what triggers an "inspection"?

The Account Closure Unit have a dedicated team to do this. Imagine sitting there all day reviewing accounts that aren't making your business money and thinking "we'll have you".

7sefton

How do you know this? Do you work there?

Ed-1

7sefton wrote: »

How do you know this? Do you work there?

After speaking to a branch manager about why they're closing my accounts, he rang through and that's what he explained to me afterwards.

"We're a business and our monitoring team reviews accounts periodically."

MABLE

Ed-1 wrote: »

After speaking to a branch manager about why they're closing my accounts, he rang through and that's what he explained to me afterwards.

"We're a business and our monitoring team reviews accounts periodically."

Personally they can do what they like. I have 4 other bank accounts.

Ed-1

norm_ wrote: »

The people with 3+ reward accounts must be quaking in their boots. : )

The sooner they split the big banks up the better. It's always the big banks (notably LBG and RBS group) that put themselves before their customers with account closures. You wouldn't see the smaller banks and building societies taking this approach of setting up a department dedicated to closing accounts.

What really frustrates me is that decisions are taken across brands in a group so if you had a review of a 'Lloyds Bank' account then they share that decision with HBOS so those accounts are also affected by implication. That wouldn't happen if Lloyds and HBOS were completely separate entities (such as TSB is).

glider3560

People having accounts closed: do you have other products with Lloyds, Halifax or BoS? E.g. credit cards, share dealing, insurance, etc. If so, are these also being closed?

BMN

Ed-1 wrote: »

You wouldn't see the smaller banks and building societies taking this approach of setting up a department dedicated to closing accounts.

Except they do.

You're mis-informed about the LBG Account Closure Unit anyway. They are just a processing team and do not make the decisions.