Halifax Closing Current Account

Mnd

Ben8282 wrote: »

Most people would have their wages paid into a sole account and transfer an appropriate amount to the joint account to cover bills and shopping etc..

Do they? We certainly dont

StarShapedPeg

Ben8282 wrote: »

You say the Halifax account is the account that your wages are paid into, the account that your bills are paid from and now you say it is the account that you use for your shopping. Based on this, I don't think that Halifax have got fed up with you
I note that you have avoided the question of why your wages are paid into a joint account when all the other accounts are presumably sole accounts. Most people would have their wages paid into a sole account and transfer an appropriate amount to the joint account to cover bills and shopping etc. You have also avoided responding to the question of the possibility that this action on the part of Halifax is connected to the second account holder rather than you.

Sorry, I wasn't clear.

My salary is paid directly into my sole account and I transfer money across to our joint account to cover household spending and bills etc, my husband does the same. I looked thoroughly through both accounts and can't see anything in either which might explain the reasons. I've asked him to look into his credit score just in case!

I'd just like to know the reasons but I suspect I never will.

Takmon

StarShapedPeg wrote: »

Sorry, I wasn't clear.

My salary is paid directly into my sole account and I transfer money across to our joint account to cover household spending and bills etc, my husband does the same. I looked thoroughly through both accounts and can't see anything in either which might explain the reasons. I've asked him to look into his credit score just in case!

I'd just like to know the reasons but I suspect I never will.

Whether your salary is paid into your joint account or single account makes no difference, everyone manages their finances differently so this won't be the reason for the account closure.

But you will never find out the details, all they will say is the account is closed for "business reasons" or similar and that's all the explanation they need to give.

Ergates

StarShapedPeg wrote: »

It did occur to me that perhaps I do have too many accounts but use them to earn interest; tsb earns 3% on £1500 etc etc. My Halifax account feeds all these other accounts and the regular savers, and its the only account that I use to shop with.

But I’ve been doing this for years, perhaps Halifax just got fed up! I have an awful lot of untangling to do in the next two months.
Thanks again, all very helpful.

Shifting money around between multiple accounts like this is a typical money laundering activity. It could be that whilst they don't suspect you of doing that (otherwise they'd just freeze your account), it looks close enough to it to make them uncomfortable. Could be that your account keeps triggering some kind of automated money laundering check, which they then have to investigate, and they're fed up of it.

[Deleted User]

You could serve a Subject Access Request (SAR) on the bank. You never know, it might throw up something.

Ben8282

StarShapedPeg wrote: »

I've asked him to look into his credit score just in case!

That won't help. Ask him to check his credit files instead.

Thrugelmir

xylophone wrote: »

5%.......

I have Lloyds, BOS and Halifax accounts......will I be next on the list?:eek:

Over time the banking group is going to consolidate it's operations.

JGUK

Ergates wrote: »

Shifting money around between multiple accounts like this is a typical money laundering activity. It could be that whilst they don't suspect you of doing that (otherwise they'd just freeze your account), it looks close enough to it to make them uncomfortable. Could be that your account keeps triggering some kind of automated money laundering check, which they then have to investigate, and they're fed up of it.

It's also what 100,000s of people around the country do to meet pay in requirements of multiple bank rate conditions so I don't think that's the reason here.

If it was even remotely suspected they wouldn't have given him 65 days to find new facilities. LBG have form for closing accounts down if you transfer between the three companies in the group a lot - I don't know why, maybe they see you as unprofitable. Especially if you're moving it between LBG accounts and taking all the perks but not making them any money.

Just my take on it could be wrong.

Sea_Shell

JGUK wrote: »

It's also what 100,000s of people around the country do to meet pay in requirements of multiple bank rate conditions so I don't think that's the reason here.

If they started closing accounts with that being the reason, then many of us on these boards would be up the creek without the proverbial paddle!!!