Halifax and BOS closing my accounts

badger09

ceredigion wrote: »

In just prier to 10pm and out around 8pm

etienneg wrote: »

Please explain to us why you do regular transfers at those particular times.

I suspect ceredigion was making reference to the practice of exploiting the different times of day which various banks use to calculate your daily balance for interest purposes.

However, I don't think ceredigion, or many of the other regular posters here, actually do try to exploit those different times.

There is anecdotal evidence that this will almost certainly lead to the closure of your accounts with those banks;)

ceredigion

badger09 wrote: »

I suspect ceredigion was making reference to the practice of exploiting the different times of day which various banks use to calculate your daily balance for interest purposes.

However, I don't think ceredigion, or many of the other regular posters here, actually do try to exploit those different times.

There is anecdotal evidence that this will almost certainly lead to the closure of your accounts with those banks;)

:shhh: I am A :A
:rotfl:

Anthorn

etienneg wrote: »

I'm not at all sure I understand this suggestion that banks close accounts because they deem them unprofitable. If current accounts don't contribute to the banks making a profit, why do they offer them? Why are they so keen to get new current account customers that they offer £100+ switching bonuses and other incentives?

The implication in your post is that banks are not in it for the profit and in contrast give away bank services for free. The reality can be seen quite graphically from credit card issuers such as Aqua which increase APRs in those accounts which are always paid off in full every month and don't generate profit. Increasing the APR means that when the time comes to make a profit they will make more of it to compensate for the lack of proft in the past.

But personally I think it's foolhardy to put all eggs in a single basket by having all bank accounts with the same banking group and moreover using those accounts to play the system for all it's worth: Sooner or later the bank is going to cotton on and take steps to reduce their losses.

bigadaj

Anthorn wrote: »

The implication in your post is that banks are not in it for the profit and in contrast give away bank services for free. The reality can be seen quite graphically from credit card issuers such as Aqua which increase APRs in those accounts which are always paid off in full every month and don't generate profit. Increasing the APR means that when the time comes to make a profit they will make more of it to compensate for the lack of proft in the past.

But personally I think it's foolhardy to put all eggs in a single basket by having all bank accounts with the same banking group and moreover using those accounts to play the system for all it's worth: Sooner or later the bank is going to cotton on and take steps to reduce their losses.

Yes, the bank makes loads of money by increasing that Apr from 20% to 35% on the balance of 0.

I don't have an aqua card but have a range of others and have never been subjected to a rate increase, so it seems odd that one provider would do this, particularly given that the outcome is more to annoy customers than actually generate any more money.

tg99

So, went into both Lloyds and Halifax branches a week or two ago and with staff having no information on why my accounts were being closed they had to email the department responsible to try and find out more including the answers to my questions noted above and how to go about appealing the decision. Finally heard back today from both branches and unsurprisingly they have told me that all they have been told is that my accounts will be closed and I cannot appeal the decision. So no further insight other than the guy from Halifax when he first phoned up the closure unit (the ones who told him to email the department responsible for the decision) did say they had stated that there were no CIFAS markers being put against my name or anything that would affect my credit file / getting accounts elsewhere. Have also checked latest versions of Equifax, Experian and Noddle and all fine so looks like just a business decision with their 'review' possibly triggered by my account switch though they claim that would have just been a coincidence. Not far off a month has elapsed since I received the closure letters and not heard anything from Birmingham Midshires re my savings account with them so perhaps that is not included in the scope of 'banking relationship' despite them being part of BOS.

Anyhow, both Lloyds and Halifax confirmed only option now is for me to make a complaint to one of them covering all my accounts under LBG. And then presuming that fails then go to FOS. So will go down that route and also do a SAR not that I anticipate it getting anywhere or changing the decision but given will only take me 10 mins to write the complaint then may as well.

System

The 3rd party information (e.g. CIFAS) is the most important thing.
Personally, if LBG decided to give me the boot, I wouldn't lose any sleep over it.

tg99 wrote: »

So no further insight other than the guy from Halifax when he first phoned up the closure unit (the ones who told him to email the department responsible for the decision) did say they had stated that there were no CIFAS markers being put against my name or anything that would affect my credit file / getting accounts elsewhere.

Doctor_Duke

I tend to agree. I've always had fun with the LBG lot. Lloyds and Halifax always give me credit cards but never an overdraft and Lloyds not even a contactless card for my Club Account. BoS always offer me an overdraft! They have never rejected me from applying for current accounts though. Go figure!

pmduk

tg99 wrote: »

Anyhow, both Lloyds and Halifax confirmed only option now is for me to make a complaint to one of them covering all my accounts under LBG. And then presuming that fails then go to FOS.

The FOS won't investigate your claim as they can't review business decisions.

enterprising2016

Hi TG99, wondering if there is any update on your Halifax / BOS accounts? Thank you

enterprising2016

Hi TG99, wondering if there is any update on your Halifax / BOS accounts? Hope your complaint went through?