Nat West

Zero_Sum

xlnc99 wrote: »

What i meant was If you don earn a high income then essential you need to move money around each five accounts. So for example you earn 1k per month, you send 1k to account 1 - then account 1 to 2 and so forth until it comes back to your original account

Also this comes with risk as i have read banks are catching on to this nowdays so there is a chance your accounts could be shut down if the spot this trend

Tbf its a couple of clicks on your phone app once a month. Which if you're getting cashback, its a few quid for 20 seconds 'work'

If its a standard account theres no need for regular activity. Probably get away with just setting a SO for £1 a month or something to keep active. But i think it needs to be dormant for a few years before banks just close them. So even then could just to £1 transfer once a year.
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northwalesd

xlnc99 wrote: »

whatever the reason - if you have 5 bank accounts you have to make 5 monthly payments to each account! If you dont have a big enough income to spread the payments then you have to transfer 5 separate payments to each account in and out each month

Hassle and annoyance for no reason

Have to? I have several accounts that I make no payment/transaction to, nor do I have to pay fees (don't get any 'incentives' on them though) and yes they are all active/accessible accounts.

born_again

xlnc99 wrote: »

Its so worrying how banks can just decide to shut your account with any warning even for customers using it fairly. There needs to be a law change.

How is one meant to live their life daily knowing at any point a bank can cut ties with you with any reason. A bank plays a huge role in a person everyday life.

In reality it takes a lot for a bank to decide to shut a account down. It's also not without warning. You get 60 days to sort it out.

Op's post in this thread is missing so much information and poses a lot of questions.
We never get the full story... Only "I'm not doing anything wrong"

To give you a example.
We had a customer that several times tried to dispute in store Pin trans for non reciept... They got a couple written off due to being small amounts.
They kept trying this stunt. Stores were contacted and they confirmed that they had walked out with goods. They had also tried other disputes which were rejected by retailers.

After knowing that customer was trying to scam both bank & retailers. Several of us reported the customer to the dept that deals with closing them down and it was rejected.
It was only after we then took it to our dept manager who took it forward up the management chain that it was decided to remove the customer on breech of trust..

Imagine that by someone here...
Disputed a item and now account is being closed.....:rotfl:

xlnc99

northwalesd wrote: »

Have to? I have several accounts that I make no payment/transaction to, nor do I have to pay fees (don't get any 'incentives' on them though) and yes they are all active/accessible accounts.

Interesting, so you have alot of dormant accounts then that you do not use. It will be a matter of time before they close it down then i assume if you are not using them or putting any money in them.

Why dont you transfer money in and out of them each month just to show the banks they are being used. Cycle money on the 1st of the month and then back to your main account the same day/next day.

xlnc99

born_again wrote: »

In reality it takes a lot for a bank to decide to shut a account down. It's also not without warning. You get 60 days to sort it out.

Op's post in this thread is missing so much information and poses a lot of questions.
We never get the full story... Only "I'm not doing anything wrong"

To give you a example.
We had a customer that several times tried to dispute in store Pin trans for non reciept... They got a couple written off due to being small amounts.
They kept trying this stunt. Stores were contacted and they confirmed that they had walked out with goods. They had also tried other disputes which were rejected by retailers.

After knowing that customer was trying to scam both bank & retailers. Several of us reported the customer to the dept that deals with closing them down and it was rejected.
It was only after we then took it to our dept manager who took it forward up the management chain that it was decided to remove the customer on breech of trust..

Imagine that by someone here...
Disputed a item and now account is being closed.....:rotfl:

Interesting - Well so for me ive never experienced anything like this in my life but i am basing my assumptions on all the stories from this forum where accounts have allegedly shut down for no reason. Sure, they may be some mismanagement of a few accounts or we maybe not getting the full picture but i remember reading various threads where it has come out the blue and on a few occasions the account has been reinstated after appeal

northwalesd

xlnc99 wrote: »

Interesting, so you have alot of dormant accounts then that you do not use. It will be a matter of time before they close it down then i assume if you are not using them or putting any money in them.

'A lot' might be stretching it a bit, two or three. They may close them down, but if they do, they do (though you're doing a lot of assuming on the behalf of banks).

Why dont you transfer money in and out of them each month just to show the banks they are being used. Cycle money on the 1st of the month and then back to your main account the same day/next day.

Because I don't have to.

ETA: I do log into the accounts at least once a month, so the banks will know I'm 'monitoring' them.

xlnc99

Of course you dont have too, but in the long run they may close them down. IF you are not bothered about them closing them down then why on earth have you got them in the first place? i assume its because of a back up account. If this is the case then why not transfer at least some small amounts, do some standing orders from the bank to show money coming in and out back to your main account.

In the long run it looks better for you and your relationship with the bank incase you ever need to use them! I mean it takes 5 mins to set up a few standing orders and you never have to log in again to the banks

Quite bizzare response from you in all honesty

YorkshireBoy

xlnc99 wrote: »

IF you are not bothered about them closing them down then why on earth have you got them in the first place?

Well they made me £1,650 a few years ago when YB/CB ran a lax switching promotion.

And then another £1,000 between the two of us when Santander ran a lax switching promotion in early 2019.

And then...well you (should) get the picture.

i assume...

There you go again.

Quite bizzare response from you in all honesty

Just because you don't get it, it doesn't mean it's bizarre. Incomprehensible (to you) perhaps, but not bizarre.

Eco_Miser

I too have a number of dormant accounts. I have them because at the time of opening they were market leading, or at least offered significant interest. I haven't closed them because it's too much hassle - can't be closed online.

An actual back-up account would have a significant amount of money in it, since it's purpose is to allow you access to money if your main account goes down.

YorkshireBoy

Back on topic...

The OP was online earlier today but hasn't commented or expanded on any questions subsequently raised. Maybe they will in time?