Bank closing my account with no explanation

Ed-1

Steve_xx wrote: »

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

Searching the internet I can't find any closure decisions by TSB (note: without the Lloyds influence); fair enough TSB have only been around in their current form since 2013 but I do think their internal processes are better than Lloyds and certainly their customer service is better. Best not to give them any ideas .

Lloyds have a team called 'Credit Decisioning' which are, to put it bruntly, very uncustomer friendly. They are "indicator"-happy. There are many instances where an account application is approved only to be subsequently declined by this department who will place a 646 "blocking" indicator on the accounts you've applied for at that time blocking any transactions while the accounts are sent to the Account Closure Unit for central closure. They apply the decline decision to all accounts applied for at that time and the first you find out about is when you can't transfer in/out of your newly opened account. e.g. if you apply for a current account and cash ISA at the same time and the decision engine approves the current account but Credit Decisioning subsequently decline it, both your current account and cash ISA will be blocked and then closed and you'll be sent a letter with reference FD205 saying you've "failed final checks". This is an example of this happening: http://jargoned.com/random/lloyds-bank-just-closed-my-cash-isa-and-took-all-the-money and is what happened to me as well shortly before they sent another letter giving notice of closing my existing accounts with LBG. I've never known TSB do this.

adindas

Do not forget that by opening a new multiple current accounts even for saving purposes we have helped some people, the managers, directors, CEOs in the banks and BSs to meet their targets, to get bonus.

We are helping them to meet their target and harvest bonus from achieving the target of the number of people open the new accounts under their watch. Is not that true this is the way the people in financial industries get their their bonuses e.g from maximizing the short term gain.

They could then move to the other banks/ posts and highlighting the issues of people are not using the A/C properly that they themselves have created???

We are playing their own game ....

missile

joe134 wrote: »

1; Peace of mind they would not close them first, as the .OP.
2; I lost nothing, I put the money elsewhere at the same rate.
3. I was at the top of the £85k rule , too much in anyway.I did not panic, I thought long and hard about it.
Having to type this one line at a time, bloody timing out.
Sorry

Timing out?

joe134

missile wrote: »

Timing out?

tech glitch on the site.sorted now.

james_37_2

Hi Myself and my partner have just experienced the same thing and we feel like we have been treated like criminals even though we have done nothing wrong.

no explanantion nothing so we have had no choice but to switch everything to our Barclays account and contacted the FOS.

Have you heard anything at all from them since this post with regards to the accounts?

we just dont understand what is going on.

terrible exoperince.

maninthestreet

james_37 wrote: »

Hi Myself and my partner have just experienced the same thing and we feel like we have been treated like criminals even though we have done nothing wrong.

no explanantion nothing so we have had no choice but to switch everything to our Barclays account and contacted the FOS.

Have you heard anything at all from them since this post with regards to the accounts?

we just dont understand what is going on.

terrible exoperince.

Was there any recent activity in your account that could make
the bank suspect the account was being used for illegal purposes?
Activity such as numerous siginficant cash deposits over a short period of time??

adindas

maninthestreet wrote: »

Was there any recent activity in your account that could make
the bank suspect the account was being used for illegal purposes?
Activity such as numerous siginficant cash deposits over a short period of time??

What is the approximate amount to be considered significant cash deposits? In the past I have around £30,000 (?) money movement in a month in LBG. I am currently doing weekly movement from LBG + TSB to another UK banks worth more than £50.000 a month to maximise interest and some short of stoozing. All of that in a very short period, a few second up to 2-3 days.

I have personal experience dealing with the incompetent staff when tried to open a new bank account in LBG. They keep asking me why you have so much money come in and out in your bank accounts every month. I kept telling her to maximize interest, but she still could not understand might be due to her lack of experience or intelligent. Only with the intervention of her supervisor I could escape. The senior staff only asked one question to me how much money do you have in total in UK bank account ?? When they know I have more than £50, 000,- spread among UK banks he said I could not see any problem at all.

Sometimes it is a matter of luck as you get picked up, investigated by either of a picky staff, an inexperience staff, a lazy staff who does not want to investigate further and you are out of luck. You could call them an idiot who should never be working in the finance industry in the first instance. The problem here is that it is not in your control who you will be dealing with.

eskbanker

adindas wrote: »

What is the approximate amount to be considered significant cash deposits? In the past I have around £30,000 (?) money movement in a month in LBG. I am currently doing weekly movement from LBG + TSB to another UK banks worth more than £50.000 a month to maximise interest and some short of stoozing. All of that in a very short period, a few second up to 2-3 days.

Unless you're making these movements by withdrawing large bundles of banknotes and paying them in again over the counter then they're not significant cash deposits in the sense meant by that poster from last year....

Ed-1

eskbanker wrote: »

Unless you're making these movements by withdrawing large bundles of banknotes and paying them in again over the counter then they're not significant cash deposits in the sense meant by that poster from last year....

However doing this can still trigger account closures on an AML risk assessment - the bank still can't see the source of the money. Particularly if you are doing large amounts of transfers as well as paying in smaller amounts.

adindas

Ed-1 wrote: »

However doing this can still trigger account closures on an AML risk assessment - the bank still can't see the source of the money. Particularly if you are doing large amounts of transfers as well as paying in smaller amounts.

They defenitely could.

In many banks they provide code for type of transaction on your bank statement. LBG for instance will have a column called " Type" , where you could see the type of trasaction for instance FPI, FPO, DD, SO, CHK (?) all of these trasactions could only be done among UK Banks. For cash withdrawal from cash machines CPT (for cash withdrawal).