Bank closed my account without reason

Thom_azera

My new bank told me that they would look into it
Im going to be getting my old money back but i just wanted to know if i can get compensation

Browntoa

I'm assuming they think it's some sort of abuse of the bonus scheme or the discovery of wrong data supplied in the original application.

They have every right to refuse or close accounts as they wish

[Deleted User]

Thom_azera wrote: »

Im going to be getting my old money back but i just wanted to know if i can get compensation

Why would you get "compo"?

You won't get compensation if your application was somehow not valid.

This won't have happened for "no reason"

sourcrates

The bank has the ultimate right to refuse you as a customer, it does not have to give you a reason, it does not have to pay you any compensation.


Any money paid into the new account before closure, will be returned to you.
This is all covered in the terms and conditions that no one ever reads.

PRAISETHESUN

The CASS guarantee only covers for what happened during the switch process, so it should be entirely on the new bank to sort out getting your money back now that it has closed. As has been mentioned, it will likely have gone to some sort of holding account, which you will need to get them to transfer out of. Unfortunately, that may be easier said then done, so I'd be putting in a formal complaint to get the ball rolling on getting your money back.

A similar thing happened to me with Barclays in that they closed the account about 3 days after it was opened citing some mis-match of my application against my credit file - which I thought was silly since you'd think they should have satisfied all their credit checks BEFORE they opened the account. The money was stuck for a week before I got it back, and I had to go in person to the branch where they literally gave it all to me in cash and then asked me to leave... needless to say I wasn't happy and put in a complaint.

Ed-1

Thom_azera wrote: »

Hi
I switched my bank accounts for the switch bonus
After the switch was complete i tried to use my new card but it was not working so i asked my new bank what is the problem so they told me that they refused me.
Now i dont have any bank accounts anymore and my money what was in my account is lost
How much compensation can i ask from the new bank
H

What bank closed the account?

PixelPound

Was it closed after the switch, did you do it via the switching service.

As stated no one has a right to be accepted for an account, if the bank refuses you, then they can - no compensation.

Have you previously switched to this bank and hoping for a second bite?