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Should a bank be able to close an account based on spending habits?
Comments
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How much do you pay your bank for them to pay your bills and manage your payments? (not including overdraft/packaged account fees where you have chosen for that service)
A bank is a business, there is choice out there as to who you bank with and if you want to. You don't like their attitude or T&C you go elsewhere. But apart from the product offers you will find they are all in principle the same and adhere to strict guidelines enforced on them.
I don't know. It's difficult to know. One thing is for sure - I do pay them. They have permanent, unfettered access to the balance of my current account, and pay p 1 ss poor rates on my savings. What do you reckon £200 pa, or maybe that's a bit on the low side. Obviously it depends on the average balance of my accounts, and varies between accounts, but there will be a value somewhere.0 -
Incorrect. You move to a new property and you are in a deemed contract with the incumbent utility provider. That provider cannot disconnect you and must supply you. If you move to a new supplier, the same rules apply to that supplier. They cannot disconnect you for arbitrary reasons. This is not so with the banks, but it's about bloody time it was.
Utility suppliers can choose not to supply you if you break the terms of your contract with them. Doesn't matter whether you've moved house or not, no pay, no electricity/gas. There is always a reason behind the closure of a bank account, banks can choose their reasons, why shouldn't they ? They're businesses just like utility suppliers.
If you're unhappy with your bank, choose another one.0 -
Utility suppliers can choose not to supply you if you break the terms of your contract with them. Doesn't matter whether you've moved house or not, no pay, no electricity/gas. There is always a reason behind the closure of a bank account, banks can choose their reasons, why shouldn't they ? They're businesses just like utility suppliers.
If you're unhappy with your bank, choose another one.
Wrong again. Yes, if you don't pay your bill, as a last resort they can cut you off (rarely nowadays), but they must reconnect you when you bring your account back to order. They cannot disown you like the banks can.0 -
Wrong again. Yes, if you don't pay your bill, as a last resort they can cut you off (rarely nowadays), but they must reconnect you when you bring your account back to order. They cannot disown you like the banks can.
Whats wrong with banks choosing to ask people to leave ? What makes them different to any other business ?0 -
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The only point that I would add to this thread is that NatWest/RBS are hardly a private bank. They are largely publicly owned. Whilst they are reliant on that taxpayer investment then I think that they should be expected to run the business with an acknowledgement that they are effectively a public service rather than a private bank able to choose their preferred clientele."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0
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MacMickster wrote: »The only point that I would add to this thread is that NatWest/RBS are hardly a private bank. They are largely publicly owned. Whilst they are reliant on that taxpayer investment then I think that they should be expected to run the business with an acknowledgement that they are effectively a public service rather than a private bank able to choose their preferred clientele.
The primary duty as far as I'm concerned is to stop losing taxpayers money.
This isn't a primary issue in this case as the OP seems to have effectively being processing gambling payments of a fairly large amount which the bank has determined it doesn't want any further involvement with.0 -
As someone who also dabbled in matched betting I can almost guarantee from your post it is not the depositing to casino's it is solely the moving of large amounts regulalrly between accounts, even if they are family. If you are anything like I was this could be 4 figure sums on a very regular basis. The bank don't like this as it looks suspicious from their end. In recent years my accounts have been flagged when transferring money to myself at another bank.It may sometimes seem like I can't spell, I can, I just can't type0
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anotheruser wrote: »Don't make me laugh!
Most people on those salaries aren't "busy" at all...
Well of the few top executives I know:
One has never actually managed a family holiday together with the family uninterrupted - always called back to the office for the next crisis.
The other - well his wife might well be a single mother as he is forever being dispatched by his company to sort this and that, or off on endless sales pitches ...all desperate to get in new business.
Then they often get seconded to work in some part of the world for 4 years at 6 months notice with no other option other than leave the job - and the wife and family get two options: divorce or move with them.
It seems a strange existence to me - effectively they have no "home" life.
Also known as Chief Executive pallor - from the amount of time they spend on planes.0
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