Bank closing my account with no explanation

Steve_xx

Carnival789 wrote: »

Because there is a perception that LBG may go on to close down ALL of that person's accounts within the LBG and, even worse, bar them as a customer indefinitely (see other recent threads on this forum on the very same subject).

For some, that is not a risk worth taking just to gain a few extra quid in interest each month. Fair enough in my eyes. It's one of those situations where the individual just has to do what they feel is right for them. Each to their own and all that.

Let's hope that if/when interest rates rise that LBG haven't alientated too many customers or they could find themselves begging for depositors I guess.

Vortigern

joe134 wrote: »

I did not panic. I was not using the BOS a/cs...

Joe, although I quoted you to establish context, I hadn't intended to imply that you personally were panicking. I can see that you had your reasons for closing your BoS accounts. My apologies if this thread has caused you any bother.

My point was that this thread (and others like it) may cause some people to prematurely abandon their multiple current accounts.

Even if LBG is planning to change the terms and conditions I can't believe that they are closing the accounts of people who are in breach of those currently unpublished terms.

HHarry

But you don't have to be in breach of any of the current or future T&C's. They can close your account, without giving a reason, with 60 days notice.

And it seems that in some cases (although few) they are doing exactly that.

joe134

Vortigern wrote: »

Joe, although I quoted you to establish context, I hadn't intended to imply that you personally were panicking. I can see that you had your reasons for closing your BoS accounts. My apologies if this thread has caused you any bother.

My point was that this thread (and others like it) may cause some people to prematurely abandon their multiple current accounts.

Even if LBG is planning to change the terms and conditions I can't believe that they are closing the accounts of people who are in breach of those currently unpublished terms.

Ok.No Problem, this timing out was making my reply a problem. My concern was the OP, who's had his/her accounts" closed,also a reply to the other poster, who was considering closing, his/her 3 BOS a/cs. As I explained before, I wanted to reduce my risk at Hbos, and I knew I could have been targeted, and I know that they are doing it to others.I took that time, to cash in, and walk away, get my bit extra elsewhere;ie.65+ bonds. Even though, them closing my BOS a/cs wouldn't have been a problem for me, bank wise, like the OP, my Isas were at risk too, and that, could have been a problem, to me, a pain I could well do without.I did it as a bit of a test too, as the last thread regarding this. got way out of control, and I see it's back.I decided to see what LBG would do, if indeed they are targeting punters, like me, using my A.cs for saving, not as a current A/c, I wasn't surprised at BOS,slamming the door shut without even a reply letter,I did them a favour; but was at them offering me a Halifax at £200 , and LLoyds asking me to stay, hard to decide whether i was on their hit list from their actions. doesn't seem like it?.I did not know about lloyds at the time and Hbos being seperate licences. made no differnce anyway, to me, as my risk was with Hbos, not Lloyds, which I can now add too safely, thanks to eskbanker.
However, my actions should NOT be a cause for others to follow suit, I had my reasons,others, must make their own choice. The more information they have, the better.Hope mine helps others? I won't be posting again on this topic, 2 threads is enough. .I only hope, that, there are not, another run of letters dropping on people mats like the last time, only a month ago.:beer::beer:

MABLE

Steve xx.

I quote from one of your posts to me. Of course you are only stirring things up for debate purposes so the following does not apply to you.

Quote
You know Mable, sometimes it's best to do things quietly. That way things can go on for years and you have happy folk. Start asking too many questions and posting possibilities to skew a system and the folk who run the sytem will get agitated and want to take action to stop any abuse that's taking place en-masse. You effectively kill off the goose that's laying the golden egg.

Unquote.

colsten

MABLE wrote: »

Quote
You know Mable, sometimes it's best to do things quietly. That way things can go on for years and you have happy folk. Start asking too many questions and posting possibilities to skew a system and the folk who run the sytem will get agitated and want to take action to stop any abuse that's taking place en-masse. You effectively kill off the goose that's laying the golden egg.

Unquote.

This is so true and I would love it if people heeded that advice. It would be in everyone's interest.

joe134

MABLE wrote: »

Steve xx.

I quote from one of your posts to me. Of course you are only stirring things up for debate purposes so the following does not apply to you.

Quote
You know Mable, sometimes it's best to do things quietly. That way things can go on for years and you have happy folk. Start asking too many questions and posting possibilities to skew a system and the folk who run the sytem will get agitated and want to take action to stop any abuse that's taking place en-masse. You effectively kill off the goose that's laying the golden egg.

Unquote.

Tut Tut Mable.Naughty.:rotfl: ???
Your quote;
"so to sum it up careless talk costs money and we are not to even discuss this subject any further in case big brother Lloyds Group is watching us.

Nice one!"
Mortgage paid off 23 January 2015. Thank you Extra Energy.
Last edited by MABLE; 04-05-2015 at 11:05 AM.

SevenOfNine

Steve_xx wrote: »

I'm inclined to agree with you. However, post #138 here might be https://forums.moneysavingexpert.com/discussion/comment/68530852#Comment_68530852 a glance:

Thanks for that, an interesting read. I've got 2 BoS Vantage a/c's, max in both, bounce £1000 between the 2, no D/D's, never used D/C.....so maybe I should view leaving it all there as a 'risk' not worth taking, shut the a/c's immediately & run for the hills! :rotfl::rotfl:

Alternatively, I'll just sit & wait, earning a bit of extra interest (non-taxpayer so better there than savings/ISA), WHEN they slam the door is the time I'll get off my lazy behind & shift it. An inconvenience, yes marginally, definitely not a 'risk'. For us that was IceSave, when we were extremely lucky the Government (or should I say taxpayers) covered our losses.

Suppose I should start panicking over what might happen with TSB, got 3 a/c's there!

Ed-1

SevenOfNine wrote: »

Thanks for that, an interesting read. I've got 2 BoS Vantage a/c's, max in both, bounce £1000 between the 2, no D/D's, never used D/C.....so maybe I should view leaving it all there as a 'risk' not worth taking, shut the a/c's immediately & run for the hills! :rotfl::rotfl:

Alternatively, I'll just sit & wait, earning a bit of extra interest (non-taxpayer so better there than savings/ISA), WHEN they slam the door is the time I'll get off my lazy behind & shift it. An inconvenience, yes marginally, definitely not a 'risk'. For us that was IceSave, when we were extremely lucky the Government (or should I say taxpayers) covered our losses.

Suppose I should start panicking over what might happen with TSB, got 3 a/c's there!

The trouble with waiting is if and when they slam the door shut, it makes it hard to be approved for anything else with LBG and for some that is a risk not worth taking for a bit of extra interest in the short term from current accounts in the current environment (as opposed to using savings accounts). I had the same thoughts as you and the 60 day closure letter comes as bit of a shock to the system when you know you've kept to the terms and conditions. When LBG decide to close current accounts, they close any other products you hold with them that they can close at the same time which is a major inconvenience to some people.

In my experience, TSB, being separate from LBG, has been excellent. If you search the internet there are loads of account closures relating to LBG and you'll be hard pushed to find any relating to some other banks. Certainly LBG is the most common which says it all really.

Steve_xx

Ed-1 wrote: »

In my experience, TSB, being separate from LBG, has been excellent. If you search the internet there are loads of account closures relating to LBG and you'll be hard pushed to find any relating to some other banks. Certainly LBG is the most common which says it all really.

It might be the case that there seems fewer closures with TSB because cumulatively Halifax, BoS and Lloyds would be much larger than TSB.