Nationwide closing my accounts with no explanation

bearcat16

It is very puzzling.

I wonder what would have happened if you'd had a mortgage with Nationwide?

I'd also be worrying that other banks may see this mystery piece of terrible info they found on you, and act similarly.

It just happens that you have other accounts you could use, but what if that hadn't been the case?

What do you do if you simply cannot open a bank account? I'd say it's become pretty much a vital part of life.

takman

colsten wrote: »

It is you who should go back and read what has been posted by the OP. For example: "After a review of your account and based on information available in the public domain we decided to close your account". If that is so, they should say what precisely the "information available in the public domain" is. If they can't say what this information is, they should withdraw this statement, and formally apologise for it. If they are unwilling to do so, they should be happy to explain their position in a Court Of Law.

That's not what the letter says at all. The relevant bit is
"For each account a detailed assessment is carried out using a variety of information sources available to us, including information available in the public domain". So actually this shows that it is not just once piece of information it is a combination of information that has lead to them closing the accounts. It doesn't necessarily say that it was actually closed due to information in the public domain, that is just where some of their information comes from. Like i have said previously the algorithms have to be kept secret otherwise fraudsters will be able to evade being caught.

I have seen this happen before on this forum and in the news and in all cases they are able to open accounts with other financial institutes fine. Which shows that it is not just one piece of adverse information otherwise they would not be able to open an account anywhere.

takman

CYPER wrote: »

I can assure you there are no such patterns. I wholeheartedly think that there is nothing associated with these 2 current accounts that can be considered fraud from where I stand.
The FlexAccount was opened summer of 2008 and was my main account for most of that time until recently.
The FlexPlus was opened January 2015 because it was a very good deal that I saw on HUKD and I just put the maximum amount allowed to generate interest.

So I checked Experian's CreditExpert, Equifax Clearscore and Callcredit's Noddle and all of them show excellent standing.

Most of the other posters seem to think there is one piece of adverse information in the public domain that has made them close the account. But actually if you look at the wording of the letter it points to it being an algorithm that has analysed information which has decided that the account has been closed. If there is nothing obvious on the credit reports then its nothing to worry about.

It may even be something along the lines of that you have used your debit card in places abroad that they have deemed have a high risk of people reporting fraudulent transactions. So they decided to close the accounts because it is safer for them. It may not be fraudulent activity but it could be that you are likely to be an unprofitable customer.

YorkshireBoy

takman wrote: »

That's not what the letter says at all. The relevant bit is
"For each account a detailed assessment is carried out using a variety of information sources available to us, including information available in the public domain". So actually this shows that it is not just once piece of information it is a combination of information that has lead to them closing the accounts. It doesn't necessarily say that it was actually closed due to information in the public domain, that is just where some of their information comes from.

Whilst the letter doesn't, a subsequent secure message confirms it was. From the OP...

Nationwide_secure_message wrote:

I can confirm that this is due to adverse information within the public domain.

Maybe that's where the confusion/disagreement is coming from with some posters?

CYPER

So, this is what happened lately:

Nationwide last response was on 23/12/15
After that date I have sent them 2 messages on 02/01/16 and 10/01/16 and just got ignored.

My accounts are not closed or at least I have full access to Online Banking and everything looks OK.
They told me that I need to go to a branch to get my money, but I managed to transfer them out online.
They keep charging me £10 a month with the last fee taken on 31 Jan 2016, so my balance is currently -£10 but I am not paying that. Not after they told me they are closing my account on 18th January.

I just complained through the Financial Ombudsman.

Rich2808

Here's hoping it was all a mistake then. I would be mortified if this happened to me.

I notice the team dealing with this case is called the HRC. Those are the initials of Hillary Rodham Clinton.

Perhaps they found out about some classified emails on your private server?!!

Thrugelmir

CYPER wrote: »

I just complained through the Financial Ombudsman.

On what grounds?

The FlexAccount was opened summer of 2008 and was my main account for most of that time until recently.
The FlexPlus was opened January 2015 because it was a very good deal that I saw on HUKD and I just put the maximum amount allowed to generate interest.

So it's not your main bank account and therefore don't pay your salary in. What do you use the account for.

planteria

interesting thread. glad you are handling it so well CYPER..

bearcat16 wrote: »

I wonder what would have happened if you'd had a mortgage with Nationwide?

good question. if the closures are anything to do with 'being a profitable customer' then having the mortgage would have prevented the decision to close, i assume.. but pulling a mortgage would be a major problem.

CYPER says "no debt". does that include having no mortgage?

bearcat16 wrote: »

I'd also be worrying that other banks may see this mystery piece of terrible info they found on you, and act similarly.

so would i. if there really is something wrong then that could happen.. in which case you really need to get to the bottom of it all.

Nationwide are a mutual, of course. do you have a savings account with them too CYPER? would be interesting to know whether they will allow you to open a Passbook account. this would not allow any online transactions, and would purely allow you to deposit and withdraw your own funds, and provide you with membership of the society.

and agreed, good that you have other accounts in place. 'not holding all of your eggs in one basket' springs to mind. fwiw i always plan to have at least 1 account with each of HSBC, Barclays and Lloyds.

CYPER

Thrugelmir wrote: »

On what grounds?

On the grounds of paying them £10 monthly for an account I was told twice (in writing and over the phone) that it will be closed on 18th January.

Thrugelmir wrote: »

So it's not your main bank account and therefore don't pay your salary in. What do you use the account for.

For keeping £2500 for 3% interest for which I pay them £10 monthly.

planteria wrote: »

interesting thread. glad you are handling it so well CYPER..



good question. if the closures are anything to do with 'being a profitable customer' then having the mortgage would have prevented the decision to close, i assume.. but pulling a mortgage would be a major problem.

CYPER says "no debt". does that include having no mortgage?



so would i. if there really is something wrong then that could happen.. in which case you really need to get to the bottom of it all.

Nationwide are a mutual, of course. do you have a savings account with them too CYPER? would be interesting to know whether they will allow you to open a Passbook account. this would not allow any online transactions, and would purely allow you to deposit and withdraw your own funds, and provide you with membership of the society.

and agreed, good that you have other accounts in place. 'not holding all of your eggs in one basket' springs to mind. fwiw i always plan to have at least 1 account with each of HSBC, Barclays and Lloyds.

No savings accounts with them. Just normal + premium current accounts.

CKhalvashi

minorsqueeze wrote: »

You done anything dodgy on Facebook or Twitter? That's in the public domain.

Probably not something that can be used though. I've had a number of Twitter spats recently, mainly with one organisation and one individual (the two are linked, and to an extent have got quite personal), and my bank hasn't withdrawn my banking facilities.

Regarding the 'what if OP has/had a mortgage with Nationwide' question, I can't see a judge willing to allow a reposession in these circumstances, so it's very likely that as long as the mortgage is paid from another bank account with another bank that it will be allowed to continue its course. Getting a decent rate at the end of any fixed period may be a lot more of a nightmare, especially under the new EU rules.