What happens if I tell the bank I don't accept the account T&Cs

Ogre_De_Flamme

Has anyone told a financial institution who they have a product with that they no longer accept the T&Cs? What happened?

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

Thank your for responses from experience only.

Zanderman

It's not a legal matter - it's simply an agreement between the bank and you.

If you don't accept the T&C they'll surely simply close your account(s).

As the accounts are offered to you on the basis you accept the T&C.

No acceptance = no account.

I doubt you'll find many people speaking from experience!

[Deleted User]

Ogre_De_Flamme wrote: »

Has anyone told a financial institution who they have a product with that they no longer accept the T&Cs? What happened?

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

Thank your for responses from experience only.

It means you are leaving the contract, much as when a person gives notice to leave their job - the employment contract ceases to apply at the same time as their employment does. You can't have one without the other.

jonesMUFCforever

Perhaps you can tell us exactly which term or condition you don't like?

[Deleted User]

Ogre_De_Flamme wrote: »

Has anyone told a financial institution who they have a product with that they no longer accept the T&Cs? What happened?

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

Thank your for responses from experience only.

Yes, you are still bound by the contract. No, you can't get out of paying your debts. No, you won't get any compo. Yes, they will just close your account but you still have to pay. HTH

masonic

Ogre_De_Flamme wrote: »

Has anyone told a financial institution who they have a product with that they no longer accept the T&Cs? What happened?

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

Thank your for responses from experience only.

Yes, I've done this on a number of occasions. You simply tell the bank you wish to end the agreement (you can refer to the clause in the contract permitting this). The organisation will then end the contract according to the terms, your account would be closed, and any money would be returned to you, minus any chargeable fees or penalties if applicable. If you owe any money this would need to be repaid before the contract could be ended.

As this is the current bank accounts forum, presumably this is about a current bank account. Why not just use the 7 day switching service - it's quicker and has the benefit of transferring payments and redirecting any money sent to the old account after it is closed. I have experience of this also, before you call me out for suggesting something not from experience

agrinnall

masonic wrote: »

As this is the current accounts forum, presumably this is about a current account.

It isn't (it's the Bank Accounts board) so the OP may or may not be asking about a current account.

masonic

agrinnall wrote: »

It isn't (it's the Bank Accounts board) so the OP may or may not be asking about a current account.

"Bank account" is a synonym of "current account" isn't it

unforeseen

No. It could be a deposit account or even a savings account for example

masonic

unforeseen wrote: »

No. It could be a deposit account or even a savings account for example

But definitely not any type of account offered by a Building Society or fintech company.

BTW, good luck starting a thread about a savings account on this board rather than the Savings & Investments board.

d123

Ogre_De_Flamme wrote: »

Has anyone told a financial institution who they have a product with that they no longer accept the T&Cs? What happened?

What is my legal standing once I tell the bank this and does it mean I no longer bound by the contract?

Thank your for responses from experience only.

They’ll likely be quite happy to close the account for you, any money you owe them will likely also become immediately repayable in full as well...